Professional Indemnity Insurance
Compare professional indemnity insurance quotes from the leading UK carriers
If you provide advice or a service to your clients, in most cases you'll need professional indemnity insurance to cover the liability risks arising from breach of professional duty by way of negligent act, error or omission. UK professional indemnity insurance quotes can start from as little as £332 annually for a limit of £1 million.
What is professional indemnity insurance?
Professional indemnity insurance, also known as errors and omissions insurance or PI insurance, is a liability policy that provides businesses and professionals protection from financial losses whilst providing a service or advice. A policy will provide coverage for the legal costs associated with defending claims and provide for damages awarded by the courts. If you provide a service to your customers, this will be the most important protection available to your business to guard against claims for compensation.
What is professional indemnity insurance?
What does professional indemnity insurance cover?
Professional indemnity cover can extend protect against a range of civil liabilities including negligence, breach of professional duty, breach of contract, defamation, breach of privacy, employee dishonesty and intellectual property infringement. Each insurers policy can provide different cover, conditions, extensions and exclusions, so its important you understand what your coverage includes and excludes.
Business indemnity insurance for professionals
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.
Managing your professional risk from compensation claims
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 needs
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.
Buy professional indemnity cover from the leading UK insurers
Professional indemnity coverage can start from £332 annually for a limit of £1 millionContact us on 0345 625 0711 (Mon-Fri, 9am-5pm, excluding bank holidays)
Why professional indemnity insurance is important?
Many businesses do not appreciate the need for professional indemnity insurance - this can occur when there is not a legal requirement, or the offering of services only forms part of the business offering. Underinsurance isn't uncommon and then businesses will unfortunately face having to pay costly legal fees and compensation claims to put their customers back into the same financial position as they were before.
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
Directors and officers
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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 insurance quotes from the market?
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.
Find out more: How do insurers calculate your professional indemnity insurance premium cost?
Professional indemnity insurers we work with:
Frequently asked questions
What associations and regulatory bodies require professional indemnity insurance?
Below are some associations, regulatory and industry bodies based in the UK, that requires the cover:
- ACAA Chartered Accountants
- Architects Registration Board
- Chartered Institute of Tax
- CIMA Management Accountants
- Financial Conduct Authority
- ICAEW Chartered Accountants
- Institute of Financial Accountants
- Royal Institute of Chartered Surveyors
- The Law Society
If we work in healthcare do we need medical indemnity insurance?
Any healthcare practioner, such as a nurse or pharmacist, will need to consider medical indemnity insurance, also known as medical malpractice. The cover will protect against compensation claims for a failure to exercise reasonable skill and care.
Is professional indemnity insurance tax deductible?
Business insurance is considered an ‘allowable expense’ which you don't pay tax on. Therefore, when calculating your taxable profits for your tax return you can deduct allowable expenses from your income.
Can you provide example professional indemnity insurance claims?
An architect specifies inadequate materials for a construction project and a client claims £250,000 to rebuild. A software developer accidentally corrupts files on a client’s system and claims for £550,000 for loss of intellectual property. 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 steps to take when buying professional indemnity insurance?
- Assess your coverage needs: Evaluate the specific risks associated with your profession and determine the appropriate coverage limits and deductibles.
- Seek advice from insurance professionals: Consult with insurance brokers or professionals who specialise in professional indemnity insurance to understand the available options and select the most suitable policy.
- Compare insurance providers: Research and compare different insurance providers, considering their reputation, coverage options, premiums, and customer reviews.
- Review policy exclusions and limitations: Carefully review the policy's exclusions and limitations to understand what is covered and what is not. Seek clarification from the insurer if needed.
- Renew and review periodically: Regularly review your insurance coverage to ensure it aligns with your evolving needs. Renew your policy promptly to maintain uninterrupted protection.
What is the difference between public liability insurance and professional indemnity?
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.
What is a retroactive date on professional indemnity insurance?
A professional indemnity retroactive date will exclude services provided or work undertaken that occurred before the date specified on the policy schedule. If you have not purchased professional indemnity insurance before, the retroactive date will be when the policy first incepts. To maintain contious cover for prior acts you will need to renew the policy, typically on an annual basis. However, it's worth noting you do not need to renew the policy with the same insurer because your retroactive date can be transferred from one policy to another.
Should we employ a risk management process?
Every business should consider a risk management process to identify and manage risks that can prevent the business from meeting its strategic objectives. The process goes to the centre of the business and will impact how you deal with customers, employees, regulators and shareholders.
What is the excess on professional indemnity insurance?
Insurance excess is the amount you have to pay towards the overall cost of an insurance claim. This will be identifed in your policy schedule and you will need to contribute that amount towards each and every seperate claim.
Can you provide some specific guides about different professions?
What additional cover can you add to your professional indemnity policy?
It is common practice to include additional covers under your professional indemnity policy, these might include:
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