The cost of professional indemnity insurance will vary from business to business. Hiscox professional indemnity quotes start from £100 a year (based from at least 10% of our customers), with some higher policies covering up to £10,000,000. Cover can be tailored to a wide range of professions to protect from the most common risks your business could face.
Influencing factors include how much cover you wish to buy, the number of employees your business hires, your business’s annual turnover and the risks associated with your industry and the nature of work you do.
Calculating your professional indemnity cost
The best way to decide how much you will be spending on a PI policy is to find out what level of cover you need. Think about the worst-case scenario and what the maximum amount you’d need to pay out in legal fees and compensation is. The larger the size of your clients and higher the risk, the more cover you will need.
Often, the cost of different levels of cover is only fractional in comparison to the amount of money each will cover you for, and it may be worth opting for the best cover you can afford as a business. For example, cover for £250,000 could cost £400, while cover for £1,000,000 could cost £600, a mere £200 jump for an additional £750,000 of cover.
If you want to know how much you’d pay for a comprehensive indemnity policy for your business, apply for an online quote today. Simply fill out a few details and get a quote back in the matter of minutes.
Our professional indemnity cover can be tailored to suit a multitude of different professions and the unique risks most commonly faced by each. Choose a standalone product or get covered as part of a comprehensive business insurance package.
Get your professional indemnity quote online with Hiscox.
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Need more help? Speak to our UK-based experts. Call us on 0800 2800 351
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