Compare professional indemnity insurance that can protect your business and give you peace of mind if your company offers advice.
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While a cheap professional indemnity policy might catch your eye it's important to ensure the conditions offered work for your business needs.
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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.
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.
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.
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.
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:
PR or advertising
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.
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.
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
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 to, as long as you do not go over the maximum indemnity limit (e.g. £1 million).
Yes, you have to 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: 3 March, 2022