Professional Indemnity insurance

Q: Is Professional Indemnity (PI) insurance necessary?

This type of insurance protects you if advice you give in a professional capacity causes a client financial loss, or if a claim is made against you for negligence, dishonesty, defamation, infringement of intellectual property rights, or loss of data. So, if your business or trade consists of giving advice, you could consider professional indemnity insurance.

Q: Which professions should invest in Professional Indemnity (PI) insurance?

If you provide advice and consultancy, handle people’s information, or provide an expert service, then you could consider investing in a professional indemnity insurance policy. This could include the below, or similar, professions: - Accountants (both ICA and Non-ICA) - Architects - Engineers - Computer consultants - Surveyors and Property Managers - RICS Surveyors Take a look at our professional indemnity insurance page for more information.

Q: What if I’ve had continuous Professional Indemnity (PI) insurance in the past?

If you have had continuous PI insurance in the years prior to taking out a policy with us, we can help to ensure you have Retroactive Cover in place. This can protect you against any claims that may be made against you for previously completed work, when insured by a different provider. (To keep your eligibility for Retroactive Cover, make sure you don’t let your professional indemnity insurance lapse).

Q: How much Professional Indemnity (PI) cover do I need?

This depends on the risk profile and nature of your business, the total income of your business, the required limit of indemnity, and the level of excess you’d like in place – including any optional extras you decide to add to your policy. Get in touch with us to discuss your specific requirements.

Q: Why do I need to notify Clear Business of a potential claim?

If you think a client may make a claim against your business, tell your insurer and us as soon as possible as it could help to minimise legal costs and distress. This includes if you: - Receive a complaint from a client - Realise you have made an error and can’t easily resolve the problem - Receive a series of escalating complaints on a project - Notice a client withholds payment to you after a complaint - Become aware of a shortcoming in your work that you can’t put right easily It’s important to check the terms and conditions of your current professional indemnity policy for information on your notification requirements, as a late notification or failure to notify may invalidate your policy.

Protect your business and compare prices from £4.74 a month*

Compare quotes from leading insurers, all in one place
Buy online in minutes, with same day protection
In partnership with Simply Business

*10% of customers paid the equivalent of £4.74 a month or less between
1st Jan - 31st May 2024 for up to £2 million of public liability insurance.

Compare prices from leading business insurance providers:

What is professional indemnity insurance?

If you offer professional services, advice, or consultancy, professional indemnity insurance (also known as PI insurance or PInd insurance) can help protect your business. It may cover claims made by clients if they believe your work caused them financial loss. Whether you run a small business or a larger firm, this type of insurance can safeguard you against the risks of professional negligence, breach of confidentiality, or intellectual property disputes.

Professional indemnity insurance is designed to protect businesses that provide advice or specialist services. If your work results in loss or damage to a client, this insurance may help cover the costs of legal action and compensation. Even though it isn't a legal requirement, many businesses and clients insist on having it in place before starting a project.

business owner wearing glasses a body warmer with a shirt and jumper holding a tablet

We’ve partnered with Simply Business, one of the UK’s biggest business insurance brokers. They can help protect your business with tailored online quotes from leading providers, including Axa, Churchill and Hiscox.

How it works

3 simple steps to protect your business with the right insurance for you

Choose your
cover options

Only pay for the
cover you need

Compare from
multiple insurers

Instantly compare prices
from a range of insurers

Buy online
in minutes

Get your documents
on the same day

What does professional indemnity insurance cover?

This cover can help with compensation claims and legal fees, ensuring your business is protected in case something goes wrong. Professional indemnity insurance covers a range of risks, including:

Professional negligence

Covers you if the business you work with suffers a loss due to your negligence.

Breach of copyright cover

Covers claims for accidental use of someone else's work without their permission.

Breaches of confidentiality

Covers you for claims you have divulged information which you shouldn't have.

Defamation, libel & slander

Covers claims that content you have written or posted is libellous, slanderous or defamatory.

Due diligence cover

If you’ve given bad advice or lost files containing sensitive information, due diligence cover can pay for legal proceedings that may ensue.

Join nearly

1,000,000

Businesses

Simply Business have helped nearly 1 million businesses like yours get the right insurance cover.

Get protected today, start your quote, compare and buy online

business owner standing in server room and smiling after purchasing professional indemnity insurance

Who may need professional indemnity insurance?

Businesses and professionals offering services or advice can benefit from this cover. For example, industries such as:

Accountants & Financial Advisors
Architects & Engineers
IT Consultants & Designers
Marketing Specialists & Agencies
Project Managers & Business Consultants
Plus many more...

These professions may face claims for professional negligence or poor advice. Without insurance, the costs of defending these claims could be substantial, especially for a small business.

Professional Indemnity insurance FAQ's

If you have a question about professional indemnity insurance, you might find the answer here in our FAQs.

Is Professional Indemnity (PI) insurance necessary?

Which professions should invest in Professional Indemnity (PI) insurance?

What if I’ve had continuous Professional Indemnity (PI) insurance in the past?

How much Professional Indemnity (PI) cover do I need?

Why do I need to notify Clear Business of a potential claim?

For more information on protecting your business, check out our FAQ's Hub

More information on professional indemnity insurance

How much does professional indemnity cost?

The cost of professional indemnity insurance can vary based on the business size, level of risk, and industry you're in. Higher-risk professions, like those offering legal or financial advice, may see higher premiums.

Why you might need Professional Indemnity

Professional indemnity insurance can help protect small businesses from costly claims related to negligent services, advice errors, or breach of confidentiality. While not legally required, it can cover the cost of compensating clients for financial losses.

Liability insurance and legal costs

In addition to professional indemnity insurance, there are other types of liability insurance like public liability insurance for third-party injury or property damage, and employers' liability insurance if you have staff. These policies may help protect your business further.

Compare prices from leading providers

Safeguard your business from claims including negligence, dishonesty, defamation and more

Select your cover options
Compare from leading insurers
Buy online in minutes

What is professional indemnity insurance?