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

Looking for business insurance?

Rated 4.8 on Trustpilot (02/03/21)

Sponsored by

How to compare professional indemnity policies

1

Please enter your details

Supplying accurate information ensures we can provide our best quotes for professional indemnity insurance.

2

Compare your options

While a cheap policy might catch your eye, it’s important to ensure the conditions that are offered suit your business needs.

3

Apply and save

Monthly and annual payment options are available – paying upfront sometimes costs less. Once you’ve reviewed the options, apply with your chosen provider.

What is professional indemnity insurance?

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.

What does it cover?

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.

What about work completed before you take out cover?

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.

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 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

How to get the right insurance for your business

How to compare professional indemnity insurance

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 

How much does professional indemnity insurance cost?

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.

How to make a claim

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

Professional indemnity insurance FAQs

Compare another type of business insurance

Explore business insurance guides

See more guides

What is business insurance?

Business insurance is essential if you run your own company, and you could be breaking the law without it. Here is how business insurance works.

Read More

How to insure your business

Whether you are a sole trader or you own a large company, business insurance is a must. Here is why you need insurance and how to get the right cover.

Read More

How to claim on your business insurance

If your business suffers a financial loss, your insurance could cover the cost. Here is what you need to know about making a claim on your business insurance.

What you need to make a claim

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.

Proud to be award winning

We have always aimed to provide the best possible services to bridge the gap between our users and our clients. Over the years, we have been thrilled to be recognised by various prestigious bodies and organisations for those efforts.

stevie award
WMA 2021 Logo-768x632
nba logo
logo dma
ecommerce awards

Last updated: 18 May 2022