What is a sensible amount of cover for professional indemnity insurance?

The recommended amount of cover (often referred to as a 'limit of indemnity') varies according to the business involved. It depends upon the type of work undertaken, typical contract values, and a host of other factors. If you want guidance on a suitable professional indemnity limit, either contact us or speak to your professional or industry body.

What types of businesses take out professional indemnity insurance?

Generally, any business involved in providing advice, designs, specifications, or knowledge, should consider taking out a policy. We arrange professional indemnity insurance for a whole range of businesses and professions, from engineers to teachers.

Can I get professional indemnity insurance instead of public/product liability insurance?

This may be possible and advisable, but depends on your business activities. There is cross-over between professional indemnity and public/product liability, but they are two different policies providing different cover.

I provide a service within the medical industry. Do I need professional indemnity or medical malpractice insurance?

This depends on the type of service you provide, because in some instances you may require both. A care home, for example, may need both if it is providing advice and practising medicine. For peace of mind, get in touch with us. We will understand your requirements and offer a package that suits.

What do I need to take into account when searching for professional indemnity insurance?

You need to think about the implications of any service or advice you provide failing. You should also consider the value of your contracts and any specific obligations you have. Professional indemnity insurance can help you protect these contracts.

What is the difference between professional indemnity insurance and errors and omissions?

Professional indemnity insurance and errors and omissions insurance are different names for the same type of insurance product. It is an insurance that provides protection for your business from the cost of a compensation claim when a client believes you’ve been negligent or made a mistake in your work.

Professional Indemnity Insurance | Understand the cover you need

Name: Professional Indemnity Insurance
Brand: Alan Boswell Group
Rating: 4.8 (13381 reviews)

Professional Indemnity Insurance

Protects you and your business if a client says your advice or work cost them money.

Cover from £50,000 up to £25 million

Prices from £100 a year

Optional extras to suit your work

Professional indemnity insurance, also known as PI insurance or errors and omissions insurance, protects you if a client claims your advice or work was wrong and has cost the money. It pays your legal costs and any compensation, even if you gave the advice for free. If your business gives advice, undertakes design work, or provides a professional service, it's cover you shouldn't be without.

Find the right cover for your profession

Every profession comes with its own risks. Select your profession to explore the insurance cover available and any additional protection you may need.

Professional Indemnity Insurance for Architectural Services

Find out more about specialist professional indemnity insurance for architectural services providers.

Professional Indemnity Insurance for IT Consultants

Protects you against claims of inadequate workmanship, design errors, or project delays.

an accountant with professional indemnity insurance

Professional Indemnity Insurance for Accountants

Protects you if a client says a mistake in their accounts, tax return, or financial advice left them out of pocket.

Professional Indemnity Insurance for Contractors

Protects you if a client says your work, a design mistake, or a delay to their project cost them money.

Professional Indemnity Insurance for Counsellors

Supporting clients through difficult times comes with responsibility. This cover protects you if a client makes a claim or complaint.

Professional Indemnity Insurance for Engineers

From structural designs to site advice, you're covered if a client says an error in your work cost them money.

Professional Indemnity Insurance for Surveyors

Buyers and lenders rely on your reports. This cover protects you if they say something was missed or valued wrongly.

Professional Indemnity Insurance for Estate Agents

Protects you if a buyer or seller comes back to you over a valuation, a property description, or something that was missed.

Get in touch

We can arrange professional indemnity insurance for a wide range of professions and business activities. Tell us a little about what you do, and our team will be happy to discuss your requirements and help you find suitable cover.

Speak to us: 01603 216387

How our customers rate us

Alan Boswell Group have consistently demonstrated everything I have ever wanted for insurance - professionalism, expertise, attention to detail, courtesy, whole of market cover and value for money.

Mr Lawson - Professional Indemnity Insurance

4.8/5 13381 reviews

Professional indemnity insurance in detail

Professional indemnity insurance provides cover for legal costs and compensation claims from third parties. These may arise if you provide negligent advice or services that result in financial loss.

Civil liability

If a client or end user suffers financial losses because of any advice, information, or designs you provided, PI will cover legal costs, awards, and settlements for your business and your employees.

Breach of confidentiality

If your client has entrusted your business with personal information or confidential details and these are unintentionally shared without their permission.

Defamation

You may accidentally damage someone’s reputation in the process of conducting your business, resulting in legal action and compensation being awarded. PI will cover these costs up to the value of your cover limit.

Copyright/trademark infringement

If your advice unintentionally suggests your client should copy or produce a derivative of another work, you may be pursued by the copyright holder or your client for loss of income.

Loss of documents

Covers the cost of replacing or restoring documents left in your company's care.

Formal investigation

If you are investigated by your professional or regulatory body, PI will help defend any legal action brought against you.

Employee dishonesty

Provides cover if your customers suffer a loss caused by a dishonest or fraudulent act by a member of your team.

Disputed fees

Legal cover if you seek unpaid fees and your client threatens to counter-sue if you pursue them.

Pollution

This can be added to your policy to provide cover if advice or designs result in environmental damage.

You can still face compensation claims even if you provided a service or advice for free.

Some professional bodies will require their members to hold professional indemnity insurance. These bodies cover solicitors, accountants, architects, chartered surveyors, financial advisers, and also insurance brokers like us.

How much PI cover do I need?

It depends on the size of your contracts, what your clients require, and any rules set by your professional body. Many contracts state a minimum amount, so check your paperwork first. Our guide to choosing the right level of cover explains more, or we can talk it through with you.

How much does professional indemnity insurance cost?

The cost of professional indemnity (PI) insurance varies depending on your profession, the nature of your work, and the level of risk involved.

For example, a building engineer with an annual turnover of £10 million will have very different insurance requirements from a counsellor with a smaller client base and an annual turnover of £50,000. It's not just your profession or turnover that determines the cost. Insurers will also consider the specific services you provide, the type of clients you work with, the potential financial impact of a mistake, and the level of cover you need.

Even two businesses operating within the same profession can have very different premiums, depending on the work they undertake and the risks involved.

That's why professional indemnity insurance is typically priced around your individual business activities and circumstances, rather than your job title alone.

Get in touch

Speak to us: 01603 216387

FAQs

Emma Cope

Commercial Account Handler

David Baker

Manager - Commercial Handler Team

Fraser Confrey

Account Executive

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