What is a sensible amount of cover for professional indemnity insurance?

The recommended amount of cover (often referred to as a 'limit of indemnity') varies according to the business involved. It depends upon the type of work undertaken, typical contract values, and a host of other factors. If you want guidance on a suitable professional indemnity limit, either contact us or speak to your professional or industry body.

What types of businesses take out professional indemnity insurance?

Generally, any business involved in providing advice, designs, specifications, or knowledge, should consider taking out a policy. We arrange professional indemnity insurance for a whole range of businesses and professions, from engineers to teachers.

Can I get professional indemnity insurance instead of public/product liability insurance?

This may be possible and advisable, but depends on your business activities. There is cross-over between professional indemnity and public/product liability, but they are two different policies providing different cover.

I provide a service within the medical industry. Do I need professional indemnity or medical malpractice insurance?

This depends on the type of service you provide, because in some instances you may require both. A care home, for example, may need both if it is providing advice and practising medicine. For peace of mind, get in touch with us. We will understand your requirements and offer a package that suits.

What do I need to take into account when searching for professional indemnity insurance?

You need to think about the implications of any service or advice you provide failing. You should also consider the value of your contracts and any specific obligations you have. Professional indemnity insurance can help you protect these contracts.

What is the difference between professional indemnity insurance and errors and omissions?

Professional indemnity insurance and errors and omissions insurance are different names for the same type of insurance product. It is an insurance that provides protection for your business from the cost of a compensation claim when a client believes you’ve been negligent or made a mistake in your work.

Professional Indemnity Insurance | Understand the cover you need

Name: Professional Indemnity Insurance
Brand: Alan Boswell Group
Rating: 4.9 (1420 reviews)

Professional Indemnity Insurance

Professional indemnity safeguards professionals against financial losses due to negligence, errors, or omissions while providing services.

Cover limits from £50,000 to £25million

Available from £100 per year

An array of policy add-ons available

Professional indemnity insurance, also known as errors and omissions insurance or PI insurance, covers damages and costs in relation to claims for professional negligence or incorrect advice – even if this is provided for free. It is vital protection for any business that provides advice or services in a professional capacity.

The Alan Boswell Group Difference

We’ve worked with businesses of all shapes and sizes across the UK for more than 40 years, so we understand the challenges you face and the importance of providing independent, impartial, and practical insurance advice. Our professional indemnity insurance specialists work with a select panel of insurers to ensure you have the right level of cover for your business – and provide expert advice – at a competitive price.

As a business insurance broker we have access to a wide range of products, so we can provide you with the best solution for your business. Add to this service our outstanding in-house claims team and risk management solutions and you have your ideal insurance partner.

Professional indemnity insurance adviser at Alan Boswell Group

How our customers rate us

Alan Boswell Group have consistently demonstrated everything I have ever wanted for insurance - professionalism, expertise, attention to detail, courtesy, whole of market coverage and value for money.

Mr Lawson - Professional Indemnity Insurance

4.9/5 1420 reviews

Professional indemnity insurance in detail

Professional indemnity insurance provides cover for legal costs and compensation claims from third parties. These may arise if you provide negligent advice or services that results in financial loss.

Civil liability

If a client or end user suffers financial losses because of any advice, information, or designs you provided, PI will cover legal costs, awards, and settlements for your business and your employees.

Breach of confidentiality

If your client has entrusted your business with personal information or confidential details and these are unintentionally shared without their permission.

Defamation

You may accidentally damage someone’s reputation in the process of conducting your business, resulting in legal action and compensation being awarded. PI will cover these costs up to the value of your cover limit.

Copyright/trademark infringement

If your advice unintentionally suggests your client should copy or produce a derivative of another work, you may be pursued by the copyright holder or your client for loss of income.

Loss of documents

Covers the cost of the replacement or restoration of documents that were left in the care of your company.

Formal investigation

If you are investigated by your professional or regulatory body, PI will help defend any legal action brought against you.

Employee dishonesty

Provides cover if your customers suffer a loss caused by a dishonest or fraudulent act by a member of your team.

Disputed fees

Legal cover if you seek unpaid fees and your client threatens to counter-sue if you pursue them.

Pollution

This can be added to your policy to provide cover if advice or designs result in environmental damage.

Compensation claims can still be brought against you even if you provided a service or your advice for free.

Some professional bodies will require their members to hold professional indemnity insurance. These bodies cover solicitors, accountants, architects, chartered surveyors, financial advisers, and also insurance brokers like us.

FAQs

Get in touch

Whether you need a quote, have a general enquiry, want to register a claim, or want to talk it through over the phone, we're here to help.

Speak to us: 01603 216387

Ben Howes

Account Executive

Telephone

01284 787840

bhowes@alanboswell.com

John Ramsden

Account Executive

Telephone

01472 875077

jramsden@alanboswell.com

Michael Young

Account Executive

Telephone

01603 967931

myoung@alanboswell.com

Professional Indemnity Insurance

Thank you for your enquiry, we will be in touch shortly.

Contact details

The Alan Boswell Group Difference

How our customers rate us