How much professional indemnity cover do I need?
No two businesses are the same and there is no single amount of cover that suits all. Nobody knows your business and the exposure it faces better than you. Always buy as much professional indemnity cover as you can reasonably afford.
Often, your client will set a minimum limit of the indemnity they require. This can depend on the specific nature of the services you’ve been contracted to provide, or they could have a set limit for all their service providers. For example, many UK government departments will require their contractors and consultants to have at least £5 million of cover.
It’s also worth considering taking our retroactive cover for work that you’ve already completed before the policy commences. By doing this, you will have all bases covered. You will be asked whether you want retroactive cover when getting a quote on our website.
Compare professional indemnity insurance for solicitors
If you are a solicitor in private practice, you are required to take out and maintain PII in accordance with the Solicitors’ Indemnity Insurance Rules.
Who needs professional indemnity cover?
Professional indemnity insurance provides cover for any business or person providing a professional service. Professional indemnity insurance (PI insurance) helps to protect your business against the often extensive costs of defending and settling claims of professional negligence or dissatisfaction regarding a service you have provided.
Our PI Insurance will meet the cost of defending claims and any damages payable for liabilities that arise from negligence in the services you provide in a professional capacity to your clients causing a financial loss.
Any business looking to safeguard against claims of dissatisfaction or the cost of putting a mistake right should consider professional indemnity insurance.
Some professions such as architects and solicitors require professional indemnity by law. Other may be requested to hold it in order to obtain contracts with particular companies or organisations.
The trades that can be covered include Accountants, IT consultants, marketing agencies, insurance brokers, recruitment consultants, publishers, health and safety consultants, financial service providers, landscape architects, interior designers, travel agencies and many more.
Professional indemnity insurance quote
Professional indemnity insurance provides protection for businesses that offer services to third parties including both the general public and other businesses. If you are negligent in dealings with your client or damage their reputations you could be sued. Professional indemnity insurance will provide you with the cover you need should you need to pay out for damages.
Many professions are required to have indemnity insurance cover as a requirement or as a result of their professional authorisation. This includes solicitors, accountants, architects, mortgage, insurance, financial advisors and the media industry. Professional indemnity insurance provides you cover for the costs of damages and the legal costs.
Comparing professional indemnity insurance enables you to get quotes from some of the market leaders in business insurance bringing you competitive quotes in minutes that could save you money.
Have a look at how much you could save with your business insurance – get a quote today.