What is Professional Indemnity insurance?

If your business provides advice or consultancy, there's a legal responsibility to your clients - and a breach could put you in court with hefty bills to pay. Examples are giving wrong advice or making mistakes in reports, resulting in a financial loss for your client, as well as slander, libel and breach of copyright.

Even if you are not negligent, you can claim on your professional indemnity insurance for legal costs to defend yourself. In many cases, the cost of solicitors, barristers and court time can greatly exceed any amount of compensation.

There are 2 basics types of cover – civil liability (this is the widest cover) and "errors & omissions." As a rough comparison, civil liability covers everything except what is excluded in the policy, and errors & omissions only covers what is specifically mentioned in the policy.

We always recommend civil liability cover, unless you are under a very tight budget.

Public Liability insurance can be added to a professional indemnity insurance policy for as little as just £30.74. Other optional covers are Employer's Liability insurance and office insurance.

Our insurance website compares most professions for professional indemnity insurance from a wide range of leading insurers including Aviva, Brit, Catlin, Dual, HCC, Hiscox, ITIC, Manchester Underwriting Management and WR Berkley. Office insurance is underwritten by Catlin and Legal Expenses insurance is underwritten by ARAG plc.

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