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Professional Indemnity For Business:

Professional indemnity insurance, PI insurance, professional liability insurance, errors and omissions. It covers professional people or businesses providing a specialist service – design, advice, words, numbers, ideas or other expertise – to paying clients.

It protects you if one of those paying clients (or a third party) alleges you’ve made a mistake and it’s cost them money. And they sue you for their losses.
Your policy pays for a specialist solicitor to defend you and, if it turns out you’re culpable, picks up the tab for compensation or damages you have to pay your client.

How Much Professional Indemnity Cover Do I Need?

To work out how much you’ll need, it’s worth thinking about the risks your business could face and the maximum amount you’d need to pay out in legal fees and compensation in a worst-case scenario. Hiscox professional indemnity insurance lets you choose from a range of cover limits so you can get protection suited to your business.You can choose from different levels of cover to ensure you get the right protection for your business. When working out the amount of cover you need, you should consider:

  • the amount and type of confidential, personal or sensitive data you hold
  • the size of your business
  • your dependence on computer systems
  • your security infrastructure
  • New data Regulations such as ‘GDPR’

How Much Does Professional Indemnity Insurance Cost?

Our professional indemnity cover can be tailored to a wide range of professions, so it’s likely we’ll already understand the most common risks your business could face. But we’ll still need you to tell us a bit about your business, like when you started trading, how many employees you have and what your turnover is. By filling out a few simple details you can get a quote specific to your business requirements in a matter of minutes.

Our Experience & Relationships

We have over 50 years collective experience and relationships with underwriting specialists which have the capacity and understanding of the industry to write and place any risk. Money Corner Shop is a proud member of the Purple Partnership – Who have been voted the Best Broker Network in the UK – 3 times in the last 4 years – Which means many insurers provide exclusive deals for us, with competitive pricing and enhanced policy cover.When this is combined with the great service our team provides, you can see why people choose to let us arrange their insurance.

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What Is Professional Indemnity Insurance?

Professional indemnity insurance can help protect your business if a client claims there’s a problem with the work you’ve done for them. It can cover your costs if you need to pay compensation to correct a mistake or settle a claim, and can also cover your legal defence.
You’re good at what you do and have confidence in the quality of your work. So why do you need professional indemnity insurance? The reality is that any small business providing a professional service that can be challenged is vulnerable to a claim of negligence when the advice or service fails to meet a client’s expectations – Even though you may strive to deliver an impeccable service, mistakes do happen. A PI insurance policy is designed to protect you against the cost of dealing with a claim from a disgruntled customer. Whether that’s due to a project overrunning or strategic advice that ends up losing a client money, it’s important to ensure you’re covered should an error occur.

For example, you may be faced with paying compensation to a client if they make a claim of:

  • negligence – being careless in your work, such as giving bad advice or making a mistake
  • infringement of intellectual property rights – for example re-using content from a website without permission
  • defamation – making false or damaging claims about a person or organisation
  • breach of confidence – sharing confidential or commercially sensitive information without consent.

Find the right professional indemnity insurance policy for your profession to make sure you’re covered against the risks your business is most likely to face.

How Does It Work?

Here are some examples of how you might make a claim and what your insurance may cover:

  • A client made some business changes based on advice you gave them. The changes didn’t bring the benefits they expected and cost them money. So they make a claim against you for compensation. Professional indemnity insurance would cover the claim for compensation plus the costs of defending or settling the claim.
  • You included a case study about a former client in a presentation at a conference. Afterwards that former client makes a claim against you for defamation, alleging that you made a false statement about them, and demands you pay compensation. Professional indemnity insurance would cover the compensation payable plus your legal defence costs.

The amount paid out by the insurer will be dependent on the level of cover you select.

You May Need Professional Indemnity Insurance If You:

  • provide expertise, skills or advice to clients
  • have access to clients’ confidential information
  • produce materials that could infringe intellectual property rights
  • provide a professional service and could be challenged on your work.

From allegations of a breach of copyright to accusations of defamation, these kinds of claims can be costly and disruptive regardless of whether they’re fair or not.

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