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Professional indemnity insurance, often referred to as PI insurance, is a type of business insurance that covers your costs if you make a mistake when working for a client. If the client suffers financial or reputational loss, this insurance will cover legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded to the client.
Professional indemnity insurance can cover many types of businesses. It may be useful for self-employed workers like accountants, or companies doing certain types of business like designers. If you are offering any of the following services: giving advice to clients, offering a professional service or handling data, you should have professional indemnity insurance.
Many careers need to have professional indemnity insurance as part of their industry body’s regulatory conditions. Even if you are not required to have PI insurance, without it, you could be accountable for thousands of pounds worth of legal fees and compensation payments, and loss of earnings from time spent in the legal case against you.
Using or producing written or spoken statements or materials that damage a client’s reputation.
When you fail to live up to your duty of care, e.g. giving incorrect advice or making a mistake in your work.
When confidential data is accidentally disclosed to a third party without the client's consent, such as sensitive data being unintentionally sent to the wrong person.
This includes employees lying, stealing or withholding information from your clients as well as revealing confidential information.
This includes documents that are lost in the post or even stolen while in your care. It also covers the cost of recovering the documents, where possible.
For example, accidentally violating intellectual property, copyrights and trademarks, including imitation or passing another’s products or services off as your own.
The cost of professional indemnity insurance depends on a few factors listed here:
Larger businesses generally have more risks involved when it comes to financial and reputational losses, so you’ll generally need higher levels of cover if your client is a large company.
If your company faces high levels of risk, then insurers are also likely to charge more in premiums for a professional indemnity policy.
You should use a comparison tool to compare professional indemnity insurance quotes. By using Quidco to compare insurers, you could save money and get up ro £28 cashback.
‘Any one claim’ cover provides cover up to the full limit for each individual claim made in the period of insurance. An 'aggregate' policy provides cover up to the full limit for all claims made in the period of insurance. Although an any one claim policy is generally considered the more comprehensive option, the basis of cover varies from insurer to insurer depending on your business activity.
Run off cover insures against claims of professional negligence brought against you after your business has ceased trading. For example, if you have sold your business or closed it down. It is particularly important for retired business owners to consider run off cover, as they would have to pay for the defence of the claim out of their own pocket.
By comparing different policies and insurance companies, Quidco can provide access to cheap professional indemnity insurance quotes. Work out the type of cover you need, then use the comparison tool to get instant quotes and find the ideal professional indemnity insurance, what’s more, receive up to £28 cashback on your savings!
Even if you are working from home, you need professional indemnity insurance if you provide advice, services or designs which clients depend on, for example accountants, medical professionals, financial advisors, architects and property surveyors.
Please note: by clicking the “Get a quote” button, you consent to your details being transferred to up to five insurance providers. The insurance providers will contact you via telephone to discuss your policy.
When using the Compare service, you must take reasonable care to answer insurers questions fully and accurately and if you volunteer other information, you must take reasonable care to ensure that the information is not misleading. If any information that you have provided changes before you take out your insurance, during the life of the policy or at renewal you must inform the insurer or broker of the change. If you deliberately or carelessly misrepresent any information in relation to this insurance, then your policy may not pay all, or part, of a claim and could in certain circumstances be avoided altogether.
*Cashback rates - £3 per valid professional indemnity insurance purchase.