What changes the price of PI insurance?

Six factors: profession (regulated professions pay more), annual fees/revenue, cover limit, claims history, retroactive date (how far back cover extends), and whether you need run-off cover for past work.

Why are claims-made policies cheaper to start with?

A claims-made policy with a narrow retroactive date covers only recent work, so the insurer's exposure is smaller and premium is lower. Each renewal extends the retroactive period, so premium typically rises year-on-year until 'mature pricing' settles around year 5–7.

All answers / PI cost

How much does professional indemnity insurance cost in New Zealand?

Q: How much does professional indemnity insurance cost in New Zealand?

Indicative cost is $25–$120/month for a NZ small business or sole practitioner. Accountants and bookkeepers $25–$60/month, IT consultants $35–$80, architects and engineers $80–$200, lawyers $100–$300. Premium depends on profession, revenue, cover limit ($500K–$10M), claims history, and the retroactive date.

Professional indemnity insurance in NZ costs $25–$120 per month indicative for a small business or sole practitioner. Accountants and bookkeepers sit at $25–$60, IT consultants at $35–$80, architects and engineers at $80–$200, lawyers at $100–$300. Final premium depends on your profession, revenue, cover limit, claims history, and the retroactive date on your policy.

Indicative monthly cost by profession

Profession	Indicative monthly	Typical limit
Bookkeepers	$25–$50	$500K–$1M
Accountants	$30–$60	$1M–$2M
Business / management consultants	$30–$70	$1M–$2M
IT consultants / software contractors	$35–$80	$1M–$2M
Architects / engineers	$80–$200	$2M–$5M
Lawyers (sole or small firm)	$100–$300	$2M+
Financial advisers (FSPR-registered)	$80–$200	$1M–$2M

Prices shown are indicative only. Final premium depends on your specific circumstances.

Six factors that drive the price

Profession and risk class: Lawyers and engineers carry higher PI than bookkeepers.
Fees / revenue: Insurer prices on annual fee income or revenue.
Cover limit: $1M → $2M typically adds 30–50%.
Claims history: Past circumstances notified, regardless of paid claim, push premium up.
Retroactive date: Cover for work done before policy inception costs more.
Run-off cover: Continued cover after you stop trading — separate single-premium product.

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