PI for risk and compliance consultants covers claims that your review, framework or advice cost a client money. Most buy $1m to $2m because a client contract asks for it.
Source: https://piinsurance.com.au/risk-and-compliance-consultants/, fetched from the preview https://pi-react-4ee768.pages.dev/risk-and-compliance-consultants/ on 10 Nov 2026; site dated 3 Nov 2026. Preview wording, not yet broker-reviewed. General information, not advice.
Site label: Usually asked for in client contracts.
Why you need it: your clients
No licence requires it. Clients do. They rely on your advice to meet their own obligations, and banks, super funds, government agencies and other regulated clients write a PI limit into the contract.
Typical limits
$1m to $2m for most work. Financial services and government clients often ask for $5m or more.
What can go wrong
Illustrative scenarios, not real claims.
A review that missed an obligation
Your review of a client's anti-money laundering program misses a reporting step. The regulator raises it and the client claims the legal costs and the cost of fixing the program.
A continuity plan that failed when tested
You write a business continuity plan. An outage hits, the plan does not work, and the client says the lost trading came from gaps in your plan.
Common exclusions to watch
- Fines and penalties
- Guarantees that a client will pass an audit or avoid regulator action
- Work for financial services clients you did not tell the insurer about
- Known circumstances you did not tell the insurer about
Wording differs between policies. Read the policy wording, or ask us to point out what it says.
Common questions
Do risk and compliance consultants need professional indemnity insurance?
No licence requires it. Clients do. They rely on your advice to meet their own obligations, and banks, super funds, government agencies and other regulated clients write a PI limit into the contract.
How much PI cover do risk and compliance consultants need?
$1m to $2m for most work. Financial services and government clients often ask for $5m or more.