Professional Indemnity Insurance
Professional indemnity insurance is designed for businesses, consultants, contractors and professionals who provide advice, designs, expertise, reports or specialist services to clients.
If a client alleges negligence, errors, omissions, breach of professional duty or poor advice, a suitable PI policy may help with legal defence costs, settlements and compensation, subject to the policy wording.
Referral enquiries may be reviewed by a specialist insurance broker, subject to underwriting criteria, insurer acceptance, terms and conditions.
Specialist Referral Support for Professional Indemnity Insurance
Professional indemnity cover can be important for any business where clients rely on your knowledge, recommendations, calculations, plans, specifications, reports, designs, or professional judgement.
Quote Monkey may be able to refer your enquiry to a specialist insurance broker who can review the nature of your work and discuss suitable PI insurance options.
What Can Professional Indemnity Insurance Cover?
Professional Negligence
Professional indemnity insurance may help protect against claims alleging that advice, services, recommendations, reports, designs, or professional work caused a client financial loss.
Errors and Omissions
PI cover may respond where a mistake, oversight, missed detail, incorrect recommendation, or failure to act leads to a claim from a client or third party.
Legal Defence Costs
A policy may help cover solicitor fees, court costs, expert witness fees, and other legal expenses involved in defending an insured professional indemnity claim.
Breach of Professional Duty
Cover may apply where a client alleges that professional duties, agreed standards, or contractual service obligations were not met.
Financial Protection
Professional indemnity insurance can help protect the business from the cost and disruption of professional disputes, subject to the policy wording, exclusions, and limits.
Who May Need Professional Indemnity Insurance?
Professional indemnity insurance may be suitable for:
Consultants
Freelancers
Contractors
Designers
Marketing agencies
IT contractors and software specialists
Accountants and bookkeepers
Surveyors
Architects
Engineers
Business advisers
Management consultants
Trainers and coaches
Recruitment firms
Project managers
Professional service providers
Businesses that give advice, designs, reports, or specialist recommendations
Some clients, trade bodies, regulators, and contract terms may require a business to hold professional indemnity insurance before work begins.
Common Business Insurance Sections to Consider
Public Liability Insurance
Public liability insurance may help protect against third-party injury or property damage claims linked to your business activities.
Employers' Liability Insurance
Employers' liability insurance is usually required if you employ staff, including certain part-time, temporary, casual, or volunteer workers.
Cyber Insurance
Cyber insurance may help with risks involving data breaches, cyber incidents, system compromise, client data exposure, ransomware, or digital disruption.
Office and Equipment Cover
Office and equipment cover may protect business equipment, laptops, tools, documents, office contents, and other items used to provide professional services.
Directors and Officers Insurance
Directors and officers insurance may protect company directors and senior decision-makers against certain management liability claims.
Information a Specialist Broker May Ask For
To review a professional indemnity insurance referral, a broker may ask for:
Your profession or business trade
Services provided
Annual turnover and fee income
Largest contract value
Client types and industries served
Qualifications and experience
Professional memberships or regulatory requirements
Previous claims or complaints
Any known circumstances that could lead to a claim
Required limit of indemnity
Whether cover is needed for past work
Retroactive date requirements
Whether you work overseas
Whether you subcontract work
Whether you sign client contracts or accept contractual liabilities
Whether public liability, employers' liability, cyber, office, or equipment cover is also required
What May Not Be Covered
Professional indemnity insurance cover depends on the insurer, profession, policy wording, retroactive date, exclusions, endorsements, and claim circumstances. Common restricted or excluded areas may include:
Deliberate wrongdoing or fraud
Known circumstances not declared before cover starts
Claims outside the insured profession or business activities
Unpaid fees or commercial disputes with no professional negligence element
Contractual penalties or guarantees
Bodily injury or property damage, unless specifically included
Trading losses or insolvency
Claims before the retroactive date
Claims notified late or outside policy conditions
Work carried out in territories not covered by the policy
Always check the full policy wording, schedule, exclusions, endorsements, and conditions before relying on cover.
Request a Specialist Broker Referral
If you need professional indemnity insurance reviewed by a specialist broker, you can submit details of your profession, services, turnover, contracts, client requirements, and required cover.
Referral enquiries may be reviewed by a specialist insurance broker, subject to underwriting criteria, insurer acceptance, terms and conditions.