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 January 2023 and January 2024


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What is professional indemnity insurance?

Calculating how much insurance you require depends on the specifics of your business, so it might benefit you to understand what it covers. Discover what professional indemnity is.

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Who needs professional indemnity insurance?

For some businesses, clients may require you to have PI cover in place before they sign a contract. Find out more about who needs professional indemnity with this article.

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Building a tailored package of insurance specifically for your business can provide invaluable reassurance. Learn what business insurance you need with Hiscox.