Compare professional indemnity insurance

Compare professional indemnity insurance that can protect your business and give you peace of mind if your company offers advice.

  • Get quotes in under 5 minutes
  • Choose the level of cover you want
  • Find professional indemnity cover by comparing a range of policies

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How to compare professional indemnity policies

1

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Providing accurate details will ensure we can provide our best quotes for the professional indemnity insurance.

2

Compare your options

While a cheap professional indemnity policy might catch your eye it's important to ensure the conditions offered work for your business needs.

3

Apply and save

Monthly and annual payment options are available - paying for the policy upfront in some cases means cheaper professional indemnity insurance. Once you've reviewed the options simply apply with your chosen provider.

What is professional indemnity insurance?

Professional indemnity insurance provides essential financial protection if your business offers professional advice for a fee.

It covers claims made against you by clients who have lost money because of your work.

You may be required to have professional indemnity insurance if you are part of a trade body or subject to industry regulation. And the right policy can cover expensive claims that would otherwise cost your business thousands in legal fees.

What does it cover?

Professional indemnity insurance can cover claims made against you for:

  • Professional negligence, e.g. you make a mistake on work for a client

  • Lost documents or data

  • Accidental breach of copyright or confidentiality

  • Defamation and libel

  • Loss of goods or money (for which you are responsible)

This comparison includes insurers that offer varying limits of indemnity, which is the maximum the policy will pay for a claim.

You can take out stand-alone cover, or combine it with public and employers' liability insurance. This covers you if your staff are injured, ill or die at work.

What about work completed before you take out cover?

You will only be covered for claims made against you within the period of your policy. If you have been running your business without professional indemnity cover, ask your insurer about retroactive cover. This covers previous work, but usually costs more.

Who needs professional indemnity insurance?

If you offer your knowledge, skills or advice to paying customers, you should think about taking out a professional indemnity policy. The following professions need to have cover:

  • Solicitors

  • Accountants

  • Architects

  • Chartered surveyors

  • Financial advisers

  • Healthcare professionals

You may also want to take out cover if you work in:

  • PR or advertising

  • Consultancy

  • Graphic design

  • Journalism

Here is more on how to get the right insurance for your business

How much does professional indemnity insurance cost?

What you pay for professional indemnity insurance depends on a number of factors such as:

  • the size of your business

  • the type of business you run

  • your annual turnover

  • the limit of indemnity you need

  • the excess you're willing to pay

  • your claims history.

Remember that, as with most insurance policies, it's simply about price. Cheap professional indemnity insurance could end up costing you more if it doesn't provide the cover you need.

In order to get the best deal for your circumstances, always compare quotes from several different providers.

How to compare professional indemnity insurance

There are so many different indemnity cover options available in the insurance market, it's vital that businesses and sole traders compare several professional indemnity insurance quotes to make sure they get the amount of cover they need for a price they can afford.

Here are some things to look out for when comparing professional indemnity insurance:

  • Policy features: When comparing an indemnity policy it's important to know exactly what each policy will cover you for.

  • Amount of cover: This is the maximum cover the policy will offer.

  • Exclusions: Every insurer will have its own set of exclusions for when a claim will not be paid. It's important to be sure of exactly what your policy doesn't cover so you don't find out after you make a claim.

How to make a claim?

In the event that you need to make a claim, make sure you notify your insurance provider in writing. Most insurance companies will have a claim form available on their website and require you to provide certain information such as:

  • Details of your business

  • Details of your indemnity insurance policy details

  • Details of the claim or circumstance

  • List of relevant documents that have been attached to the claim form

Professional indemnity insurance FAQs

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Why get business insurance with money.co.uk?

By getting business insurance you could save money on the policy. The best value business insurance will offer you the cover you need, at a price you can afford. Choose a cover plan from the best UK insurance companies and see the online discounts they offer.

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Last updated: 3 March, 2022