Compare Professional Indemnity Insurance

What Is Professional Indemnity Insurance?

Professional indemnity insurance, often called PI insurance, can help protect businesses if a client claims they suffered a loss because of advice, errors, omissions or negligence.

Types of Professional Indemnity Insurance Cover

• Consultants and advisers — Businesses that give advice, strategy, reports or recommendations.
• Design and creative professionals — Designers, developers, marketers and agencies may need cover.
• Freelancers and contractors — Clients may require PI insurance before awarding contracts.
• Regulated professions — Some industries may require specific levels of PI cover.

What Can Affect Professional Indemnity Insurance Prices?

Providers can consider different details when calculating quotes. The most relevant factors often include:

• Profession — The nature of your work affects risk.
• Turnover and contract size — Larger projects may require higher cover limits.
• Claims history — Previous claims or disputes can affect quotes.
• Cover limit — Clients may specify minimum cover levels.
• Jurisdiction — Overseas clients can change cover requirements.

Tips for Comparing Professional Indemnity Insurance

• Check client contracts for minimum PI limits.
• Keep records of advice, approvals and client instructions.
• Review whether cover includes legal defence costs.
• Make sure the policy matches your actual services.

Professional Indemnity Insurance FAQs

Is it legally required?

It is not legally required for every business, but it may be required by professional bodies, regulators or client contracts.

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What does it cover?

It can cover claims linked to professional mistakes, negligence, errors or omissions, subject to policy terms.

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Do freelancers need it?

Many freelancers consider it, especially if clients rely on their advice or require it contractually.

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Related Insurance Pages

• Public Liability Insurance
• Office Insurance
• Tradesman Insurance