How much does professional indemnity insurance cost?
The cost of professional indemnity insurance will vary from business to business. Hiscox professional indemnity quotes start from £8.00 a month*, with some higher policies covering up to £10,000,000. As the level of cover, number of employees, annual turnover and risks associated with your industry are all factored in, there is no average professional indemnity cost.
Professional indemnity insurance is designed to cover your business in the event legal action is undertaken against you. It will cover any legal costs that may arise, as well as damages and court fees awarded to the defendant. It will also cover any work you have previously carried out in the event a client claims your work was sub-par.
*Figures based on an average of all professional indemnity policies sold to at least 10% of our customer base between October 2022 and September 2023
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Calculating your professional indemnity cost
The cost of professional indemnity insurance depends on the level of cover you choose. The best way to decide how much you will be spending on a professional indemnity 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 could be. The larger the size of your clients and the 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. You can also contact us directly to receive your quote.
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.
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