Specialist policies available – for accountants and many more professions Choice of cover levels (up to £5 million – dependant on occupation
Professional indemnity insurance protects your business from claims made by clients who suffer financial losses as a result of following your advice or due to negligent services you've provided.While professional indemnity insurance isn’t legally required, not having it could leave your business liable for legal fees, expenses, compensation costs, and other defense-related expenses if something goes wrong for a client due to your advice.
Unlike employers' liability insurance, professional indemnity insurance is not legally required. However, many clients prefer to work with businesses that have this coverage and may choose not to engage with you if you don’t have it.Additionally, if you wish to join a professional body, they may require you to have a minimum level of insurance before you can become a member.
While professional indemnity insurance isn't a legal requirement, it’s highly beneficial for certain professions. Any occupation where clients could suffer financial losses due to faulty advice or errors should consider this coverage. Some of the most common professions that would benefit include:
Consultancy IT contractors Management consultancy Software developer Telecommunications consultancy Training consultancy insurance Web designer
No two insurance policies are identical, and neither are their quotes. Several factors influence the cost, including:
- The level of cover you choose
- The size and location of your business
- Your profession
As a general rule, businesses with higher risk levels will pay more for coverage. To find out how much professional indemnity insurance would cost with us, simply click the button below to get an online quote. Plus, you'll automatically receive a 10%** discount when you purchase online.
For example, if you're an architect and make a small but important error, such as an incorrect measurement, that causes a client to file a claim, professional indemnity insurance can help cover the legal costs and compensation claims that arise from the mistake.Depending on your profession, there are many different situations where professional indemnity insurance might be necessary.