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Professional Indemnity Insurance FAQ's

What is professional indemnity insurance?
Professional Indemnity Insurance is primarily designed to offer insurance protection for claims made against your business due to negligent or incorrect advice being given. It can also be known as 'errors and omissions' cover.

Do I need Professional Indemnity Insurance?
Any business that provides advice may be at risk of a claim against it if that advice turns out to be incorrect or defective and a loss occurs because of that. The advice may be written or verbal. Written advice includes letters, emails, plans, formulae and technical drawings.

How much am I liable for?
Sole Traders and Partnerships may be liable to the full extent of their means including personal assets. Limited Companies may be slightly different although the Directors could still be held liable in certain circumstances.

My business doesn't give advice-do I still need it?
Think carefully about your business activities and what you do; are you sure your business does not provide any advice, designs or recommendations? For example, if you are a Domestic Energy Assessor, Dietician or Management Consultant then almost certainly you are providing advice. There are many other professions having a similar potential liability...

Is Professional Indemnity insurance compulsory?
Yes for some professions including Independent Financial Advisers, Solicitors and Architects (RICS). For many others it is optional.

How much does Professional Indemnity Insurance cost?
Annual premiums at Cover My Business start at only £125.00. What you pay will vary according to a number of factors including experience, amount of cover required and business turnover.

What Indemnity Limit do I need?
Again, we believe that you are best placed to know what potential risks are faced by your business. We are able to offer alternative limits of indemnity from £50,000 upwards to £2,000,000 or higher..  

How do I get a quote?
Simply complete the online enquiry form available by clicking here.  We aim to respond to all enquiries within 2 working days and can quote for many professions on a same day basis.

Can I get a Professional indemnity quote over the phone?
Unfortunately not. Our enquiry form is designed to give us an accurate understanding of your business activities, something that we might not get in a phone enquiry.

Cover my Business is a trading name of F & R Associates, authorised and regulated by the Financial Conduct Authority. FCA no. 450712

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