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Compare professional indemnity insurance quotes

Professional indemnity insurance is for businesses who provide professional services or handle the data and intellectual property of others. As a business owner, you’ll know that mistakes can happen, regardless of the ability of your staff and any risk management processes you have in place. As you can’t keep a watchful eye over every action made in the name of your business, you need to have an indemnity policy in place for instances where clients are unhappy with your service, or your advice has caused them to lose money.

3 min read

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What is professional indemnity insurance?

Also known as PI insurance, professional indemnity cover relates to any legal action or compensation claim that is brought against your business for losses caused by poor advice, services or designs. This legal action can often be expensive – which makes it incredibly important to be covered for every eventuality.

Professional indemnity insurance will cover the costs of such claims made against your business. If you don’t currently have cover, it’s important to get some in place as soon as possible, as you won’t be protected against claims made before you took out insurance.

What does professional indemnity insurance cover?

Business indemnity insurance covers a wide range of scenarios, granting you the peace of mind to know you’re covered, without having to over-think the nuances of each service and the type of advice you offer clients.

The most common claims are related to mistakes made in your work or from advice that results in a client losing business or money. Other instances where PI insurance is used is where reputational damage is incurred by a client because of your work. This can include anything you have publicised about them.

Finally, you’ll also be covered if a client loses out to a third party due to incorrectly used copyright-protected material.

Do I need professional indemnity insurance?

There are a number of situations where you may need professional liability insurance. At its most simple level, you’ll need it if you provide designs, advice, or professional services to clients. You may also need professional liability insurance if your industry body or client requires it.

You should consider taking out PI insurance if any of the following relates to your business:

  • It provides clients with advice or professional services, including consulting and contracting
  • It provide designs to clients, such as architectural or engineering designs
  • You might need to protect your business against allegations of mistakes or negligence in work you have undertaken for a client
  • A client has requested you take out cover before offering you a contract. This is usually the case for contractors, consultants, freelancers or self-employed professionals
  • An industry association or regulatory body requires you to have it.

When considering the business landscape, there aren’t many businesses which don’t provide a service or advice to their clients – making PI insurance incredibly important. For example, it’s highly recommended for those who work in business management, IT, technology and engineering, education, and even creative industries such as architecture, design, marketing and more.

That’s because a client could open legal proceedings based on any professional negligence on your behalf. This might include breaches of copyright and confidentiality, defamation and libel, loss of data, and loss of money or goods.

How much is professional indemnity insurance?

As with all insurance, the level of cover you need will depend on information directly related to your business. This will include anything from the size of your business and turnover to the number of employees you have. PI insurance providers will also take into account any claims you’ve been involved with in the past.

Because no two businesses are exactly the same, there’s no such thing as a standard indemnity insurance cost. Instead, providers will base their indemnity insurance quote on your business specifics.

Typically PI insurance policies will provide £2 million in cover for damages and legal fees but it is recommended to seek advice from a professional or industry body related to your business.

How to compare professional indemnity insurance quotes

At Uswitch for Business, we understand how important your business is to you, and how important it is to get the right cover at the right price – not only do you not want to overpay for insurance, you don’t want to be left without adequate cover should the worst happen where you have to make a claim.

The simplest way to run a professional indemnity insurance quote is to tell us what you’re looking for and we’ll compare business indemnity insurance for you, taking on the hassle of dealing with insurers, so you can get back to the day-to-day running of your business – saving you both time and money. To get started, give us a call on 0800 188 4930, or leave a few details at the top of the page and we’ll call you back.

What is professional indemnity insurance?
What does professional indemnity insurance cover?
Do I need professional indemnity insurance?
How much is professional indemnity insurance?
How to compare professional indemnity insurance quotes

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