How much professional indemnity insurance do I need?

The amount of PI cover your business needs will depend on the nature of your work and the type of clients you service. If you work with large organisations in heavily regulated industries, then your professional indemnity requirements are likely to be higher.

The first step to gauging how much PI cover is necessary for your business is to ask your clients how much they would expect. After all, this type of policy brings confidence to them as well as you. A minimum threshold may also be specified by a governing body you belong to.

Otherwise, consider how much it might cost to rectify a worst-case scenario disagreement, including legal fees and losses incurred. This number can provide a guideline for how much professional indemnity insurance you need. You should also ask questions such as ‘do I have sufficient staffing capacity and cash flow to rectify big mistakes?’ If the answer is no, then your business could benefit from higher-value PI cover.

The cost of professional indemnity insurance depends on several factors, including the value of the cover you take out and the nature of your work. Hiscox professional indemnity quotes start from £8.00 a month* and cover can be tailored to a wide range of professions. This means our quotes take note of the common risks in your line of work.

It is often cost-effective to consider the cover you’ll need first and foremost, since this is the best way to ensure you’re protected for any eventuality. The cost difference between meeting the upper estimate of necessary cover and a smaller sum is often fractional – as our guide to the cost of professional indemnity insurance explains.

*Figures based on an average of all professional indemnity policies sold to at least 10% of our customer base between April 2023 and April 2024


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Our FAQ pages provide general information and background around the topic covered. FAQ pages are reviewed and monitored periodically by our insurance experts. But the content is not intended to be read as advice and any material is for general information purposes only. If you would like advice for any content, please seek professional assistance.