What is Professional Indemnity Insurance?
Professional Indemnity insurance is designed for businesses that provide professional advice or services. It helps to protect you against potential negligence claims by clients or customers. It is always advisable to take out Professional Indemnity (PI) insurance if you give professional advice to customers or deal with sensitive or confidential data.
How does it work?
Professional Indemnity insurance, or PI insurance, will cover financial loss to a third party resulting from a negligent act, error or omission on your behalf. There are different levels of cover to choose from.
Do I need Professional Indemnity insurance?
Professional Indemnity insurance isn’t mandatory for all businesses, apart from those in certain professions such as solicitors, accountants, architects, chartered surveyors, financial advisors and some healthcare professionals. This is because the professional associations or regulators in these sectors require it. Even if PI cover isn’t mandatory for your business, it’s worth bearing in mind that – regardless of how careful you are with accuracy and security – there is always the possibility that a mistake can be made. After all, you and your employees are only human.
How much does it cost?
As with all insurance products, Professional Indemnity prices will vary significantly between different providers. A key factor will be the level of cover you opt for. A lot will also depend on the size of your business and the industry or sector that you operate in – insurers will use this as a guide to determine the perceived level of risk of a claim against your business. Our advice would be to shop around and compare products to ensure your find the best deal.
What are the benefits of comparing with us?
It is designed for those who provide professional advice and service to others
Comparing Professional Indemnity insurance with BusinessComparison.com offers many benefits, including:
- Competitive Premiums
- Exclusive deals
- Compare top insurers
- Cheapest deals available
- Insurance available with monthly instalments
- Cover up to £5 million
- Free Collateral Warrant checking service available from selected insurers (Design and Construct trades only)