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Hiscox  >  Business insurance  >  Professional indemnity insurance
What is professional indemnity?

What is professional indemnity?

It is an insurance product that will protect you in the event that your business is sued by a client.

Professional indemnity insurance

Get a professional indemnity insurance quote

Why choose Hiscox professional indemnity insurance?

  • Specialist knowledge: We offer industry-specific policies to suit the risks you face.
  • Flexible policies: Select from a range of cover levels to get the protection you need.
  • Interest free: Pay your premium annually or by monthly interest free Direct Debits.
  • No administration fees: Amend your policy as your needs change.
  • Get a quote in minutes: Online or by phone.

Find the right professional indemnity insurance policy for your profession to make sure you’re covered against the risks your business is most likely to face.

You may need professional indemnity insurance if you...

  • provide expertise, skills or advice to clients

  • have access to clients’ confidential information

  • produce materials that could infringe intellectual property rights

  • provide a professional service and could be challenged on your work

You’re good at what you do and have confidence in the quality of your work. So why do you need professional indemnity insurance? The reality is that any small business providing a professional service that can be challenged is vulnerable to a claim of negligence when the advice or service fails to meet a client’s expectations. From allegations of a breach of copyright to accusations of defamation, these kinds of claims can be costly and disruptive regardless of whether they’re fair or not.

Get a quote for your business in minutes

Need more help? Speak to our UK-based experts.
Call us on 0800 2800 351

Get a professional indemnity insurance quote

Professional indemnity insurance explained

Professional indemnity insurance, also known as PI insurance or indemnity insurance, can help protect your business if a client claims that there is a problem with the work you’ve done for them. It can offer cover if you need to pay compensation to correct a mistake or settle a claim, and can also cover your legal defence costs.

This can include claims of:

  • negligence – being careless in your work, such as giving bad advice or making a mistake
  • infringement of intellectual property rights – for example re-using content from a website without permission
  • defamation – making false or damaging claims about a person or organisation
  • breach of confidence – sharing confidential or commercially sensitive information without consent

How it works

Here are some examples of how you might make a claim and what your insurance may cover:

  • A client made some business changes based on advice you gave them. The changes didn’t bring the benefits they expected and cost them money. So they make a claim against you for compensation. Professional indemnity insurance would cover the claim for compensation plus the costs of defending or settling the claim.
  • You included a case study about a former client in a presentation at a conference. Afterwards that former client makes a claim against you for defamation, alleging that you made a false statement about them, and demands you pay compensation. Professional indemnity insurance would cover the compensation payable plus your legal defence costs.

The amount paid out by Hiscox will be dependent on the level of cover you select.

How much does professional indemnity insurance cost?

Our professional indemnity cover is tailored to a wide range professions, so it’s likely we’ll already understand the most common risks your business could face. But we’ll still need you to tell us a bit about your business, like when you started trading, how many employees you have and what your turnover is. By filling out a few simple details you can get a quote specific to your business requirements in a matter of minutes.

How much professional indemnity cover do I need?

To work out how much you’ll need, it’s worth thinking about the risks your business could face and the maximum amount you’d need to pay out in legal fees and compensation in a worst case scenario. Hiscox professional indemnity insurance lets you choose from a range of cover limits so you can get protection suited to your business.

Get a quote for your business in minutes

Need more help? Speak to our UK-based experts.
Call us on 0800 2800 351

Get a professional indemnity insurance quote

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