What Is Professional Indemnity Insurance?
No-one is perfect, and we all make mistakes. However, some mistakes can cause massive fallout, and end up costing your business in the thousands. Whether you’re a consultant, IT professional, technical engineer or website designer – your service may accidentally result in professional negligence, data loss or confidentiality breaches, and your clients may sue for compensation. Don’t let your craft take the fall. With The Insurance Octopus, we can protect your talents and skills, and create a bespoke policy that covers unfortunate errors. We understand the importance of a good service, which our Feefo Platinum awarded status attest to, as do the array of positive testimonials from our clients.With flexible payment methods and an expert team to boot, you get the professional indemnity insurance policy that’s right for you.
We know you haven’t got time to waste, and with The Insurance Octopus, you can get a quote in a matter of minutes. Just fill in our quote form, or request a call back, and we’ll get back to you in no time at all. We’ll take care of everything, taking you through our range of options, and make recommendations based on your specific needs.
What may be included in a professional indemnity insurance package?
From making questionable claims about competitors through to accidentally creating similar work, this policy will cover costs of pay outs.
Due Diligence Cover
Gave bad advice? Lost key files containing sensitive information? Legal proceedings may ensure, and this policy will cover you.
Professional Negligence Cover
Data loss can be serious, especially when it contains customer information. We can help to restore this, and cover any damages sought.
Breaches Of Confidentiality Cover
Paying compensation to clients, stakeholders and key employees, this policy helps to repair the damages done.
Quotes for Professional Indemnity Cover
A wide range of covers designed to protect professionals in their trade
Professional Indemnity insurance, or PI insurance, is an important cover and will protect you and your business against any financial loss that may be caused as a result of bad advice or a mistake made in your work. Our PI cover will ensure you are able to defend yourself should a claim for negligence, dishonesty or defamation, among others be made. The policy would also protect you against unfounded allegations that may arise as a result of your business conduct or consultations.
Additionally, if you have had continuous Professional Indemnity insurance in the years previous to taking out a policy, we can also ensure you have retroactive cover in place. This will protect you against any claims that may be made against you for previously completed work when insured by a different provider.
Types of Professionals We Cover
We provide professional indemnity insurance for various industries including Project Managers, Business Consultants, Consulting Engineers, Management Consultants and Marketing Media Consultants among many others.
Comparing PI Insurance Quotes
The Insurance Octopus compares quotes from a range of insurers ensuring we deliver the right cover for your business at a price that’s right for you. In addition, we have the ability to bolt on extra covers that you won’t necessarily be able to get from other Professional Indemnity insurance providers.
Don’t Overpay on Your Professional Indemnity Cover, Get the Right Cover for the Right Price Today
We are Professional Indemnity Insurance brokers
Which gives us access to the most competitive premiums, allowing us to save your business money. We have also worked with a leading insurer to develop our own Professional Indemnity Package to cater for the specific needs of each and every one of our clients.
Finding the right level of cover
Our team of PI experts are able to provide the appropriate level of cover at an affordable premium with flexible payment options including 0% installments and Direct Debit. We’re also able to provide business insurance and documentation within timescales to suits your business, often on the same day you take out a policy.
Why Choose Us for Your Professional Indemnity Insurance?
We proudly make buying insurance different and our cover comes with a range of benefits.
Up to £5 million of cover
We can’t stop accidents from happening but our Professional Indemnity insurance will give you up to £5m worth of cover – with up £5 million worth of public liability insurance cover also included.
Fast specific cover
To help save you both time and money. We compare prices from a range of different insurers so you don’t have to.
Specialists who understand your profession
Connecting you with agents who specialise in your field. They understand many of the challenges you face, & can tailor a policy to your needs.
Easy claims process
Accidents can happen, so when something does go wrong you can rest easy knowing our team is on hand to make the claims process as quick and stress free as possible.
No mid term fees, ever
We don’t charge any mid-term fees at all during the life of your policy – so there are no hidden fees following any changes you might need to make.
Professional Indemnity Insurance FAQs
Why is Professional Indemnity Insurance necessary?
Essentially, if your business or trade consists of giving advice and the advice given affects your client to the extent that they make a financial loss, they could make a claim against you. Professional Indemnity helps to protect you if this happens.
Which professions should invest in PI Insurance?
If you provide advice and consultancy, handle people’s information or provide an expert service, then you should invest in a indemnity insurance policy.
The Insurance Octopus provides specialist policies for:
- Accountants (both ICA and Non-ICA)
- Computer Consultants
- Surveyors and Property Managers
- RICS Surveyors
Can’t see your profession listed? Search for it when you get a quote – visit our business insurance by trade page.
What optional covers should I combine with my PI policy?
Do you have employees?
If you employ anyone outside of your immediate family, including casual workers, part-time workers and temporary staff, then the law requires you to have Employers’ Liability cover for injury or sickness claims from employees to minimum of at least £5 million. You should check carefully if you need it, because you can be fined £2,500 for each day you do not have suitable cover in place.
Do you have contact with third parties?
Any business which involves contact with customers – whether having people visit you, or you visiting them – should consider Public Liability cover. If you or your business ends up being responsible for injuring someone or causing damage or destruction to their property, then public liability insurance can cover the cost related to someone making a claim against you.
What would happen if you couldn’t work?
If you had an accident or received a serious injury, leaving you unable to work, then you can get Personal Accident cover which would pay a weekly or lump sum to help you while you recover. It provides financial help if you have a serious accident or injury, or if you suffer a fatal accident.
If something happened to your business premises that meant you had to re-locate or an unforeseen even interrupted the operations of your business leaving you at risk of losing income what would you do? You may want to consider taking out Business Interruption insurance to help you to maintain the turnover of your business during indemnity period following an insured incident so that you can resume trading at its anticipated pre loss trading level.
Do you have business premises and business equipment?
Computers, laptops and mobile phones and other equipment, and any other contents you have in your office can be covered with Contents Cover or Laptop and Mobile Phone Cover.
Both help to replace items in the event that they are damaged maliciously or by a storm, fire or other severe weather event, if they are stolen or robbed and a number of other types of qualifying conditions.
Have you had continuous PI Insurance in the past?
If you have had continuous Professional Indemnity insurance in the years previous to taking out a policy with The Insurance Octopus, we can help to ensure you have Retroactive Cover in place. This will protect you against any claims that may be made against you for previously completed work when insured by a different provider. It is important to make sure you do not let your Professional Indemnity insurance lapse to ensure you are eligible for Retroactive Cover.
What level of professional indemnity cover do I need?
We would discuss with you the risk profile and nature of your business, the total income of your business, and the required limit of indemnity and the level of excess in order to help work out the right level of cover for your business. This can include optional extras you decide to add to your policy.
Our PI Insurance specialists can help to discuss your specific requirements over the phone should you need some help and guidance, or you can get a quote easily online.
When do I need to notify The Insurance Octopus of a potential claim?
You should let us know at the earliest opportunity if a client has a problem with your work which you think is likely to give rise to a claim against your business for compensation. In order to try and minimise the problem and avoid unnecessary legal costs and distress, it is important to take prompt action.
You should also let us know if you receive a complaint from a client or realise you have erred somewhere and can’t easily resolve the problem; if you receive a series of escalating complaints on a project; if a client withholds payment to you after a complaint, or if you 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 industry-specific indemnity policy for information on your notification requirements – take special note of if a late notification or failure to notify will cause adverse repercussions for your business such as withdrawal of insurance cover.
How it Works
Examples of Professional indemnity insurance in action
A Breach of Duty of Care
A contract between a letting agent and a landlord stipulates that the clients’ property will be inspected monthly. Due to a lack of staff an inspection was missed. A major water leak occurs during this time, with the entire ground floor of the property more or less submerged in water, causing £20,000 worth of damage. The letting agent’s client is now looking to be reimbursed for their losses. With adequate professional indemnity cover in place the lettings agents are protected.
A Case of Defamation
A professional IT consultant who offers web hosting as part of their package of services is sued by a client following a cyber attack on the client’s website on Cyber Monday. The client subsequently put in a £50,000 claim for a loss of potential earnings due to the website being offline for a sustained period following the cyber attack. The IT consultant has indemnity cover up to £250,000 and in this case professional indemnity insurance is able to cover legal and court costs, as well as the £50,000 claim for loss of earnings.
Types of Professionals We Can Cover
Get Professional Indemnity Insurance Off Your To Do List
Help protect and grow your business with tailor made Professional Indemnity insurance from The Insurance Octopus
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