Consultants' insurance / professional indemnity insurance

As a professional, you need business insurance for consultants that protects both your interests and those of your clients. This means buying a specialist consultants’ insurance policy which includes several types of business cover.

Professional indemnity insurance is particularly important as it protects you from the cost of any mistakes or negligence made in your work which have a negative financial impact on your clients. This cover also protects the client, and so they will usually expect any consultant they hire to have a minimum level of professional indemnity cover.

It may sound complex, but our expert team has made buying insurance for your type of consultancy simple.

Buying your consultants' insurance

• Build a tailored policy using our simple form
• Compare quotes from a range of trusted insurers
• Choose a quote and buy it online
• Speak to our UK insurance team if you get stuck
• Receive your documents online instantly

Building your consultants' insurance policy

These covers will help you get started with your tailored consultants’ insurance policy:

Professional indemnity insurance is an absolute necessity for consultants. If you make a mistake or provide faulty advice, you will likely be held liable for any resulting loss incurred by your client. Professional indemnity insurance can cover you against the cost of such a claim. Many firms will only deal with consultants that can prove they have sufficient professional indemnity insurance.

Business interruption insurance can help protect your business if you are forced to temporarily stop trading due to damage to your business premises or equipment. Revenue protection can offset your lost income, while additional trading expenses cover can give you the financial help you need to get your business back on its feet.

Details to look out for on your policy

• If you employ staff, you must take out employers’ liability insurance. Failure to do so could land you with a fine of £2,500 for every day you are uninsured.
• Consider asking potential clients what level of professional indemnity cover they expect, and buy your cover accordingly.
• Make sure you understand any exclusions on your policy. Simply Business offers you the chance to read the policy documents online before you buy.