You can usually choose between £50,000 and £5 million of professional indemnity insurance. Your regulator, professional body or client contracts may tell you the minimum amount you need. Think too about the scope of your projects and the potential compensation demand if something went wrong.
At Simply Business we insure all kinds of trades like:
Is your profession not listed? When you run a quote you can select your trade from over 1,000 options.
When you’re deciding how much professional indemnity insurance you need, it’s a good idea to check whether your professional body or regulator specifies a minimum level of cover. The Architects Registration Board (ARB) recommends at least £250,000 for its members, for example, while some businesses regulated by the Financial Conduct Authority (FCA) are required to hold more than £1 million of cover.
Also, find out whether your client contracts specify a particular level of professional indemnity insurance, and/or whether potential clients expect a certain level of cover from their suppliers.
Remember though, that these are minimum requirements: you may decide that your business needs a higher level of insurance. When you’re deciding how much to buy, think about the potential for things to go wrong with the work you do and the size of your contracts, and consider the possible cost of a compensation claim if you made a mistake in your work.
Simply Business offers minimum professional indemnity cover of £50,000 and a maximum of £5 million. Fill in a few details and choose your level of professional indemnity insurance and we’ll find you some quotes that fit.
With more than 800,000 business insurance policies in our care, professional indemnity insurance is one of our most popular covers.
Start your quoteKeep up to date with Simply Business. Subscribe to our monthly newsletter and follow us on social media.
Subscribe to our newsletter6th Floor99 Gresham StreetLondonEC2V 7NG
Sol House29 St Katherine's StreetNorthamptonNN1 2QZ
© Copyright 2023 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.