Professional indemnity insurance

What is professional indemnity insurance?

Professional indemnity insurance applies when a business advises clients, or helps them navigate complex financial or legal affairs. In these type of situations errors can cost thousands. Professional indemnity (PI for short) can protect you if a client makes a financial loss, because of your work. Trade associations and customers will often require a minimum level of PI insurance.

What does professional indemnity insurance cover?

Small business professional indemnity insurance can cover a range of risks. Most PI insurance policies are built to:

• Cover legal and compensation costs if a client makes a financial loss because of your work.
• From mistakes or bad advice provided by your business or employees.
• Copyright infringement that you or your business may have caused.
• The mishandling of confidential information.

How much does professional liability insurance cost?

Find out how much you’ll pay by comparing prices from a range of trusted insurers. You choose what goes into your policy, so you only pay for what you need.

How do claims work?

Unlike price comparison websites, we take the hassle out of claims for you. We know how important it is to get your business back on track quickly – and with a minimum of fuss. That’s why you get access to your dedicated claims any time, day or night. Call them on 0333 207 0560 or claim online. They’ll do their best to be fair and supportive.

Professional liabilities insurance FAQ

Whether you’re new to buying insurance or you’ve been operating your business for a while, here are the answers to some commonly asked questions about professional liabilities insurance.

You can also check out our business insurance FAQs.

• What is the difference between personal and professional liability insurance?

  Personal liability insurance is similar to public liability insurance and covers injury or damage compensation claims made against you by a third party. If you run an advisory business, professional liability covers things that could result in a financial loss for the people you work for.

• Is professional liability the same as professional indemnity?

  Yes. Professional liability cover is another way of referring to professional indemnity insurance. They’re both often known as PLI and PI for short, and are designed to cover professional and advisory businesses like lawyers, accountants, and consultants against specific claims.

• Can I add cover for a different trade or profession mid-way through my policy?

  Yes. You may start offering additional services that require you to use different skills or carry out different tasks. If you find yourself in this situation, it’s important to give us a call on 0333 0146 683 to update your policy before you take on this new work.

  If you don’t have the correct type of cover in place for the work you do, you may be unable to claim on your policy if something goes wrong.