What is professional indemnity insurance?

Professional Indemnity Insurance refers to protection against incorrect or inadequate advice and services that you give. Unfortunately, any business can produce work resulting in both financial and reputational loss for their customer and this is sometimes only uncovered long after the contract is completed. In this instance, your company can be held responsible which is when Professional Indemnity Insurance supports your business.

Professional Indemnity is recommended for those who provide advice, consultancy or training and those that handle important client data.
It is a compulsory requirement for some trades and many potential customers won’t hire you if you don’t have adequate cover at the right level.

The following are some of the professions that require PI insurance:

  • Website & Application Developers
  • Software & Technology Companies
  • Consultants
  • PR Consultants & PR Agencies
  • Estate and Lettings Agents
  • Marketing, Advertising and Sales
  • Design and Branding
  • Media and Broadcasting
  • Education and Care
  • Architects
  • Solicitors
  • Barristers
  • Accountants
  • Insurance & Mortgage Brokers

Please contact us for further information on 03450 940 505

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.

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.

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.

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…

Yes for some professions including Independent Financial Advisers, Solicitors and Architects (RICS). For many others it is optional.

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.

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..

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.

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.