Professional Indemnity Insurance Broker

Professional Indemnity Insurance provides essential financial protection for a wide range of professional advisers including accountants, engineers and computer consultants. In the event that a client suffers financial loss as a result of alleged neglect, error or omission professional indemnity insurance will meet the cost of defending claims and any damages payable.

Any person who gives advice, designs, or offers similar services in a professional capacity is seen by clients as an expert and in these times of high consumer awareness, clients will not hesitate to pursue a claim if they feel that they have received sub-standard service. The need for professional indemnity insurance has never been greater.

Instant online quotes

Using our online quote and buy system you can obtain instant quotations to cater for the business insurance needs of your company, including Professional Indemnity Insurance, Public Liability Insurance, Employers Liability Insurance and Office Contents Insurance from a number of leading insurers including Aviva, Hiscox, Catlin, Brit and W. R. Berkley.

What cover does a Professional Indemnity Insurance policy provide?

Professional indemnity insurance works in a number of ways. It will cover you if you make a mistake in the professional services you have provided should this lead to a dispute with a client. If the dispute becomes complicated, your insurer can defend your claim - right through to the High Court, if necessary. Even if you lose, the policy will still cover you for any damages you then become liable for, subject to the level of cover for which your business is insured.

Professional Indemnity will also cover the cost of fixing any mistake on your part, which will potentially help you avoid a larger claim.

You are also protected by your pi insurance policy if you lose or damage any clients' documents or if one of your employees is involved in the theft of a client's money.

It is of critical importance that you maintain continuous PI insurance if this is a coverage you need, as the indemnity is on a 'claims made' basis and any gaps in time could result in an exposure.

How much professional indemnity cover will my business need?

The amount of cover your small business needs depends entirely on the type of services it provides, so there is no general rule of thumb for how much cover your business will need. You know your business best and the sort of exposure it faces.

When deciding on the amount of professional indemnity cover to have you should consider the value of the work you are doing for your clients and the potential financial impact on them should it go wrong. Other than that, it's advisable to buy as much cover as you can afford.

Sometimes your client will set a minimum limit of the indemnity they require before you can work with them. This can depend on the specific nature of the services you've been contracted to provide, or they could have a set limit for all their service providers. Many UK government departments, for example, will require their contractors and consultants to have at least £5 million of cover.

It is also worth considering taking retroactive cover for work that you've already completed before the policy commences. This means that your professional indemnity insurance policy will cover you for any claims arising out of work you completed in the past. You will be given the option of taking out retroactive cover when you get your professional indemnity insurance quote.

You may also wish to consider the following insurances :-

Public Liability Insurance
Employers Liability Insurance
Directors and Officers Insurance
Tradesman Insurance
Medical Malpractice Insurance
Charities and Trustees Insurance
Event Insurance
Residents Associations Insurance
Office Contents Insurance

ProfessionalIndemnityInsuranceBroker.co.uk is part of Professional Insurance Agents who are authorised and regulated by the Financial Services Authority