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Professional Indemnity Insurance
Compare professional indemnity quotes
Protect against legal claims from clients or third parties
Get cover for professional errors, advice, disputes and negligence
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What is...
professional indemnity insurance?
Professional indemnity insurance - or PI insurance - is a type of business insurance that helps protect you if you need to pay compensation to your clients as a result of a professional mistake or negligent advice. It is typically taken out by businesses that provide professional services like accountants, contractors or consultants.
Businesses like these, such as law firms, may be sued by clients who lose money because of what they think was bad advice or poor service. In these instances, PI insurance can cover your costs and could save you from financial difficulties.
Professional Indemnity insurance can provide a financial safety net in the event of a claim and gives you peace of mind, so you focus on what’s most important - helping clients.
Who needs professional indemnity insurance?
If work in the following professions you should consider PI insurance:
- Accountants
- Consultants
- Contractors
- Engineers
- Creatives (for example, agencies or designers)
In some cases, PI may be required by your regulator – for example, architects and solicitors.
What does product liability insurance cover?
Coverage varies per provider and package. Always check your policy details to see what is covered in your policy. PI can help cover the following:
Professional mistakes
Protects against claims for professional negligence, incorrect advice, and contract disputes
Legal costs & compensation
Defending your business in court can be costly, PI can help with paying a solicitor and compensation you need to pay.
Loss of documents
If you’ve lost important client documents like contracts, then this can help costs if the client decides to sue you.
Why do you need professional indemnity insurance?
It can help cover the following costs:
Legal costs & compensation - Defending your business in court can be costly, PI can help with paying a solicitor and any compensation you need to pay out.
Loss of documents - If you’ve lost important client documents like contracts, then this can help costs if the client decides to sue you.
Coverage varies per provider and package. Always check your policy details to see what is covered in your policy.
Professional indemnity insurance is not just a policy — it’s peace of mind. It may help cover legal costs and potential compensation if a client alleges financial loss due to your professional advice or services.
James Barwell - Insurance Director
How much is professional indemnity insurance?
How much you pay for PI cover will vary depending on several factors unique to your business, including:
- Business Industry – Some industries are riskier than others which may cost you more, like financial services.
- Business size – Larger businesses with more turnover may need more cover.
- Claims history – If you have previous claims, this can affect your quote price.
- Policy coverage level - The higher the level of cover, the more expensive your premium is likely to be.
To find out exactly what it’ll cost to insure your business, speak to a member of our insurance team today.
Find out why your business needs insurance from Les, our Business Comparison Expert.
How Bionic business Insurance comparison works
Compare business insurance quotes in three simple steps
1
Start your quote online
Speed up the process by submitting basic business details online – whenever you have time.
2
Speak to our UK-based team
Schedule a call with one of our insurance brokers to discuss the details to ensure they’re correct.
3
Compare tailored quotes
Get your quotes from our panel of trusted insurers and talk any questions through with our team.
What do I need to get started?
You only need a few details to get started with getting a quote online, so it’s best to have the following information ready to go:
Your business name and trade
Your policy start date
Your name and contact details to receive your quote options
You may be asked additional questions about business activities
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