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Everybody makes mistakes, but unfortunately even small errors can lead to big claims. Professional indemnity insurance – or PI insurance – is there to protect you if your client suffers a financial loss because of your work for them.
At Simply Business we offer between £50,000 and £5 million in professional indemnity cover. Compare professional indemnity insurance quotes from our panel of top UK insurers and find the policy that best suits your needs in minutes.
Professional indemnity insurance is an important cover for businesses that give advice, provide a professional service to clients, or handle data or intellectual property belonging to others. It can pay for compensation claims and legal fees that may arise if a client suffers a financial or professional loss because of your work.
For more detail, check out our FAQ pages:
Let’s look at an example: you accidentally sent an email containing confidential client information to the wrong person. Your client is now suing you for breach of confidentiality.
In the case above, we paid out £35,000, which included compensation costs and legal fees.
Our customer paid the £250 excess (your excess will vary depending on your particular policy), plus any potential costs for damaged reputation or loss of future contracts.
Professional indemnity insurance can cover you in the event that a client loses money as a result of negligence in your advice, services or designs. It can cover legal fees and compensation payments, with the compensation often taking into account the financial loss that the client has suffered.
More specifically, professional indemnity insurance covers you for mistakes such as:
Read more on what professional indemnity insurance covers.
Professional indemnity insurance can be an important cover for a range of businesses, from accountants and architects to surveyors and consultants.
Even if you’ve done nothing wrong, the cost of defending yourself against claims for negligence or mistakes that leave your client out of pocket can be very high. Find out more about who needs professional indemnity insurance.
The cost of a professional indemnity insurance policy depends on factors such as the level of cover you choose and the type of work you do. The easiest way to find a price is to run a quick online quote.
Read more on our FAQ page: How much does professional indemnity insurance cost?
Your clients will often tell you the level of cover they need you to have in place. If they don’t, it’s always worth asking them before you take on the work.
If you need to change your cover level, make sure you let your insurance provider know. Underestimating the amount of cover you need can mean that any claims you make won’t be paid.
When the time comes to take out your PI insurance, make sure you check what exclusions are on your policy, and whether it includes legal expenses cover. With Simply Business, you can check the details of your policy wording before you commit to purchase.