Yes. In some states, Building Inspectors must hold Professional Indemnity insurance to be registered or licensed. 

• In Victoria, the VBA requires registered Building Inspectors to hold a compliant Professional Indemnity policy that meets the prescribed standards under ministerial orders. This includes minimum limits and policy wording criteria.
• In Queensland, building inspectors are required to be licensed with QBCC and hold professional indemnity insurance.
• Some associations, such as the Master Inspectors Association of Australia, may also recommend or require members to hold Professional Indemnity insurance. 

Even if not mandated by law, most real estate professionals, legal advisers, and clients expect Building Inspectors to carry professional indemnity and public liability insurance as part of best practice.