Professional Indemnity Insurance
Compare professional indemnity insurance quotes from the leading UK carriers
Compare business insurance quotes from the leading insurers
What is professional indemnity insurance?
Do you need professional indemnity insurance?
What does professional indemnity insurance cover?
What to consider when arranging professional indemnity cover?
Many businesses and professional need indemnity insurance as a regulatory requirement or to meet contractual conditions. However, the cover should be considered where advice, professional, or technical services are offered to a client. Professionals need to ensure they have sufficient protection to guard against demands for financial compensation in providing their services. Professional indemnity claims can be costly and time consuming, even if the allegations are without merit.
Small businesses should be aware that contractual conditions can offer valuable protection against civil liabilities, however it should be remembered that damages could be awarded by a court over and above what you have agreed under contract. A written description of services, limitations of liability, and consequential loss exclusions are standard approaches to contract risk management.
Why choose us for your professional indemnity insurance?
There are only a handful of professional indemnity providers that provide their solutions directly to the customer on a B2C basis. The vast majority of insurers will only offer their products through licenced intermediaries. At Get Indemnity we a specialist insurance broker that ensure you achieve value for money and are covered in the event you need to rely on your insurance protection. We work with a wide range of insurers to ensure we provide our clients with the most competitive terms from the market. Please give us a call to dicuss your requirements on 0345 625 0711.
Contractual needs
Helps clients to have the confidence engaging with your business with the knowledge that you have the correct insurance policies in place.
Professional body
Allows you to meet your regulatory and professional body requirements in offering financial protection when offering advice or a service to your clients.
Peace of mind
That legal defence costs and damages are covered for negligence, mistakes, omissions or breaches of client contracts, whilst providing advice or a service.
Compare professional indemnity cover from the leading UK insurers
Professional indemnity coverage can start from £332 annually for a limit of £1 millionWhy professional liability insurance is important?
Many businesses do not appreciate the need for professional indemnity insurance - this can occur when there is not a legal or regulatory body requirement. It's also important to remember you can be held vicariously liable for the actions of your employees and sub-contractors, which means you could be held responsible even if you wern't directly at fault. Underinsurance is common and that means businesses will face having to pay legal costs or put the company into insolvency.
How much professional indemnity insurance?
The amount of professional indemnity insurance you decide to take out will be determined by a number a factors, including whether you are required to meet any contractual or regulatory requirements. The second most important determining factors are the size of your business and the size of the contracts you undertake. We ask our clients to consider, if you fail to deliver your services or were negligent, how mow much could your client's lose financially, including consequential and indirect losses? It's then worth considering that defence costs can typically amount to half the damages awarded if the dispute is rebuffed through the courts.
Compare business insurance with Get Indemnity™
We can guide you through the process of buying business insurance to ensure you achieve value for money. As with any purchase you should consider your options to ensure you purchase the necessary and appropriate cover for your business at a cost-effective premium. Speak to one of our account executives on 0345 625 0711
Discounted PI insurance premiums available to SME's and mid-sized corporations
Talk to one of our professional indemnity experts by booking a video callHow to compare professional indemnity cover?
1. Representation - to access the market you'll need to use an insurance broker, we are experts that can help you decide what type of insurance and level of cover you need, and recommend a suitable policy that meets your needs.
2. Right approach - quotes can be provided on a 'Statement of Fact' basis, or we will ask you to complete a proposal form depending upon the industry you work and the size of your business.
3. Correct disclosures - all statements disclosed, statement of facts, should be full, true and accurate and given after undertaking a reasonable search. Deliberate or reckless failures to present the risk fairly could mean part or all of your claim is declined.
4. Professional definition - all PI insurance policies will refer to a definition of professional service. It's important this definition is broad enough to capture your activities and sufficient information has been disclosed to ensure you are covered.
5. Terms and conditions - cover offered from the market can vary - the triggers of a policy, the insuring clauses, definitions, conditions and exclusions can be different. Unless you are an expert it can be hard to distinguish between the different policies.
6. Rated security - the insurers reputation for paying claims is an important consideration. If you need to reply on your insurance policy, you don't want the uncertainty that cover hasn't been granted to protect your interests.
How much does professional indemnity insurance cost?
Professional indemnity insurance premiums can start from £332 annually for a limit of £1 million. However your insurance costs will be dependant upon a number of different rating factors. It is not unusual for annual premiums to be +£10,000 if you opperate with a higher degree of risk. Understanding the rating factors that influence insurance premium is important to effectively managing your ongoing costs.
How do insurers calculate your professional indemnity cost?
All the insurers we work with are overseen by the Prudential Regulation Authority and have an AM Best rating of A+.
Frequently asked questions
Can you provide negligence and claim for compensation examples?
1) An architect specifies inadequate materials for a construction project and a client seeks a claim for compensation for £250,000 to rebuild.
2) A software developer accidentally corrupts files on a client’s system and seeks to claim for a financial loss of £700,000.
3) An advertising agency releases on online campaign with incorrect information and the client claims £2,000,000 for damage to reputation.
Is there a difference between a 'negligence' and 'civil liability' policy?
Typically, there are commonly two types of professional indemnity policies available: (1) A 'Professional Negligence' policy which provides cover for breach of professional duty of care by way of negligent act, error or omission - there is no coverage for claims based on breach of contract or statute law; and (2) 'Civil Liability Insurance' policy which does not limit cover as to the nature of the wrongdoing - the cover may include breach of duty of trust, conflicts of interest, breach of statute law and defamation. These may not necessarily arise from negligence and therefore may not be covered under a professional negligence indemnity policy.
What is the difference between public liability insurance and professional indemnity cover?
Both covers will pay legal defence costs and damages to compensate another party, however the circumstances covered by the different policies are different. Public liability insurance, will protect against claims arising from injury or property damage of persons other than your employees in the course of your business activities. Whereas, professional indemnity insurance will help protect your company against the failure to exercise reasonable skill and care when providing a service to a client.
Related articles and guides
Indemnity insurance is an important concept, providing a safeguard against financial loss or liability. Its primary purpose is to provide indemnification, or compensate, an insured party for losses or damages they have suffered, under specific terms and conditions of the insurance contract.
The Financial Conduct Authority (FCA) regulates the financial services industry in the UK. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers.
Directors and Officers (D&O) insurance is a form of liability insurance tailored to protect the personal assets of directors and officers from civil, criminal, and regulatory actions that can arise from the actions or decisions taken within the scope of their managerial duties.
Cyber insurance, also known as cyber liability insurance, is a type of business insurance designed to help companies or organisations manage the risk of cyber-related security breaches and events.