Compare professional indemnity insurance

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:

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:

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

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:

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:

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: