Compare professional indemnity insurance that can protect your business and give you peace of mind if your company offers advice.
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Supplying accurate information ensures we can provide our best quotes for professional indemnity insurance.
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While a cheap policy might catch your eye, it’s important to ensure the conditions that are offered suit your business needs.
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Monthly and annual payment options are available – paying upfront sometimes costs less. Once you’ve reviewed the options, apply with your chosen provider.
Professional indemnity insurance provides essential financial protection if your business offers advice in return 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. The right policy can cover expensive claims that could otherwise cost your business thousands in legal fees.
Professional indemnity insurance can cover claims made against you for:
professional negligence – for example, if 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 pays for a claim.
You can take out standalone cover or combine it with public and employers’ liability insurance, which covers you if your staff are injured, ill or die at work.
You are only covered for claims made against you within the period of your policy. If you have already been running your business without professional indemnity cover, ask your insurer about retroactive cover. This covers previous work, but usually costs more.
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 cover:
You may also want to take out cover if you work in:
PR or advertising
There are so many different options available, it’s vital that you compare several quotes to make sure you get the amount of cover you need for a price you can afford. Here are some things to look out for:
Policy features: it’s important to know exactly what each policy covers
Amount of cover: the maximum cover the policy offers
Exclusions: every insurer has its own exclusions – make sure you know what your policy doesn’t cover
What you pay depends on several 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
As with most policies, price shouldn’t be your main priority. Cheap insurance could end up costing you more if it doesn’t provide the cover you need. To get the best deal for your circumstances, always compare quotes from several providers.
If you need to make a claim, notify your insurance provider in writing. Most insurance companies have a claim form on their website and require you to provide specific things, such as:
details of your business
your policy details
information about the claim or circumstances
relevant documents attached to the claim form
Yes, most insurers send a copy by email and by post. You can then forward your electronic copy to potential clients as proof of insurance.
Yes, even if you do not employ anyone or you work from home, you need professional indemnity to cover any advice you give to clients.
Most policies let you claim as many times as you need, as long as you do not go over the maximum indemnity limit (£1 million, for example).
Yes, you must pay to claim on a professional indemnity policy. This is usually around £250 per claim.
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: 18 May 2022