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‘What does professional indemnity insurance mean?’ we hear you ask. In a nutshell, professional indemnity insurance – known for short as PI insurance or, in some cases, just indemnity insurance – can provide you with cover for claims made against you due to a problem with your work, advice or process. For example, it could protect you against a compensation claim from a client for negligence or mistakes, covering the potentially expensive legal costs.
Using one simple form, Simply Business will help you arrange this cover as part of your full business insurance policy, or coupled with public liability insurance – whatever suits you. To get started, click below to compare a range of tailored professional indemnity insurance quotes and put a policy in place today.Compare quotes
If your business gives advice, offers a professional service, or handles data or intellectual property belonging to a client or business, you could at some point need professional indemnity insurance. This cover is there to protect you against the cost of a claim for negligence, or a mistake that leaves the client out of pocket.
Even if you’ve done nothing wrong, the cost of defending yourself against these claims can be very high. Professional indemnity cover can help protect you and your business against this risk.
One of your employees has accidentally sent an email containing confidential client information to the wrong person. Your client is now suing you for breach of confidentiality.
The professional indemnity claim cost of £35,000, including legal costs.
The £250 excess (this is the part of the claim you pay), plus any costs for damaged reputation or loss of future contracts.
At Simply Business, our professional indemnity cover levels start at £50,000 and stretch into the millions – but how do you choose the right figure for you and your contracts?
Your clients will often tell you the level of cover they need you to have in place. If they haven’t, it’s always worth asking them before you take on the work, so you’re both prepared, and any changes can be checked with your professional indemnity insurance provider. Other smart details to check are the exclusions on your policy, and whether it includes legal expenses cover. As with most things, it’s best to do this before you buy.
From professional indemnity insurance for accountants to architects, surveyors and consultants, our panel can provide options for a range of professions.