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 against claims made by your clients if they lose money because they followed your advice or due to negligent services you’ve offered. Although professional indemnity insurance isn’t a legal requirement, not having it could mean that if something does go wrong for a client following your advice, your business could be responsible for the legal fees, expenses, compensation costs or other costs incurred in your defence.
Unlike employers’ liability insurance, professional indemnity insurance isn’t a legal requirement. However, many clients will prefer to deal with businesses that are protected by professional indemnity insurance and may not work with you if you don’t have it. Plus, if you wish to join a professional body, it’s likely they’ll require you to you have a certain level of insurance before you’re able to become a member.
Professional indemnity is not a legal requirement, but
there are several types of occupation that would benefit from this
cover. Any professional where a client could lose money if your advice
goes wrong should consider professional indemnity. Here are just a few
of the most common.
Consultancy IT contractors Management consultancy Software developer Telecommunications consultancy Training consultancy insurance Web designer
No two policies are the exact same, which means neither are their
quotes. There are several things to consider that all have an impact on
how much you’ll pay, such as:
The level of cover you choose
The size and location of your business
Your profession
As a rule of thumb, businesses that face higher levels of risk will pay more.
To find out how much you would pay to get professional indemnity
insurance with us, you can click the button below to get a quote online.
You’ll automatically save 10%** for buying online, too.
For example, if you’re an architect who makes an incorrect measurement – a small but significant mistake, that causes a client to make a claim against you – this type of insurance can cover any associated legal costs or compensation claims that may arise as a consequence. Depending on the line of work you’re in, there’s a whole host of potential situations that may create a need for professional indemnity insurance.
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