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Even small mistakes can cause big problems. Protect your work, reputation and bank balance with professional indemnity insurance for professional people.
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Professional indemnity insurance (PI) protects people and businesses that provide specialist services for paying clients. So...design, numbers, words, ideas, tuition, advice or anything else.
Professional indemnity insurance is your friend if one of those clients says you've done something wrong that's cost them money, and they sue you.
Your PI policy pays for a specialist solicitor to defend you, and also picks up the tab for any compensation or damages you have to pay.
That means it offers not only solid business protection, but valuable peace of mind.
Want to know more? Watch this video.
Anyone providing a service who wants to protect their business from the financial and reputational risks of being sued by a client needs PI insurance.
We all make mistakes and if the outcome of yours is a claim against you, you’ll have to deal with it – whether it’s justified or not.
That means a good deal of time and expertise if you reckon on handling the legal legwork yourself…or money if you want to buy it in. More money, too, if you have to pay compensation and costs.
Professional indemnity insurance is your secret weapon. Having it means you get the might of an expert insurer in your back pocket, ready to fight your corner and protect your finances.
Meanwhile you’re free to run your business, safe in the knowledge you’ll still have one when it’s all over.
Read more about who needs professional indemnity insurance.
Generally, but depending on the exact wording of your PI policy, it pays to defend you against claims of:
Read more about what PI insurance covers.
How much professional indemnity insurance you need depends on what you do and on what scale. That said, working out a precise amount isn’t an exact science.
As a rule of thumb, think about the worst mistake you could make, how much it could cost to put right, how much compensation you might have to pay your client and what the legal costs might be. Big numbers, right?
Also remember that if a project goes horribly wrong because of something you did, a client may sue you for the entire cost of the failure, not just your part in it.
Buying as much professional indemnity as you can afford is a good place to start. You can never have too much.
Other things to consider are that some professional associations require members to have PI cover at a minimum level. Plus, clients may make having a certain amount of professional indemnity a condition of their contracts.
Read more about what level of PI cover you need.
How much your PI policy costs depends on what you do and how much of it you do.
Some professions are ‘riskier’ than others. For example, the stakes can be high if an architect or engineer gets things wrong, and the numbers involved in a claim can be large.
Also, a business that does, erm, a lot of business with a lot of clients is more likely to be sued than one that doesn’t - simply by the laws of probability.
Where professional indemnity insurance is worth its weight in gold is in helping to protect any type of business from the potentially crippling financial repercussions of a claim.
And the good news is, prices start from around £6.50 a month for £50,000 worth of cover. When you get a quote you’ll be able to select your occupation from among the hundreds we cover.
Read more about how much professional indemnity insurance policies costs.
How long have you got? Professional indemnity claims come in all shapes and sizes. That’s because there are a lot of different professions, a lot can go wrong, and Murphy’s law says it will if it can.
Here are a few we’ve come across, some of which ran into the £tens of thousands and more:
We could go on...and on, because there’s a story for every profession. So that’s just a flavour of the kind of professional indemnity claims insurers deal with.
Because we’re a specialist business insurance broker with the know-how to get you a professional indemnity insurance policy that’s the right fit for your business, quickly and easily.
Our simple online quote process makes the whole thing painless, plus we’ve got friendly expert advisers waiting to take your call if you need them. Oh, and we’re a Lloyds broker, too.
Here’s some more reasons to buy your professional indemnity insurance from us:
But it’s customer feedback that really counts, so take a look at ours. We think it speaks for itself.
There’s plenty of ways to protect your business with insurance. Here’s some other cover you might want to add alongside your professional indemnity.
Public liability – covers claims for injuries or damage to people and their property on your premises or elsewhere, including trips, slips and falls.
Employers’ liability – covers claims that your employees were injured or made ill at work. It’s a legal requirement if you have staff.
Cyber – covers hacking and cybercrime. Provides the financial, legal and tech support you need to keep going if you’re hit by a cyber-attack.
Office – covers repair or replacement of your office equipment if it’s damaged or stolen, including IT kit and computers.
Portable equipment – covers the things you take out and about with you, like laptops, phones and cameras.
Business interruption – covers lost revenue and pays for you to set up elsewhere temporarily if something like a fire or flood stops you operating normally.
Directors’ & officers’ – covers directors’ and officers’ personal liability if there’s an accusation of wrongdoing like financial mismanagement or health and safety failure.