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Professional Indemnity

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Need a professional indemnity insurance quote?  Let the independent specialists at your local Coversure compare their markets to find you quality PI insurance protection. Your local Coversure can offer a simple solution to even complex professional indemnity problems, so start your quote today.

Professional Indemnity

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What Is Professional Indemnity Insurance?

Professional indemnity insurance (or PI insurance) offers financial protection should a client sue you or your business if you give poor advice or do something that results in financial or reputational losses. This is now regarded as a business-critical cover for many companies and individuals. Thanks to our close relationships with a range of leading insurers – household names including Aviva, RSA, and Axa – your local Coversure office can offer you quality PI protection.

What Are The Benefits of PI Insurance?

PI insurance is all about peace of mind.  Thanks to the rise of no-win, no-fee cases, accessing legal action is more accessible, and more and more SMEs are taking policies out, according to Legal Eye.

Who Needs Professional Indemnity Insurance?

If your business gives advice, it would be wise to have a PI policy.  According to the Association of British Insurers, the number of small and medium-sized enterprises (SMEs) and consultants that have taken out professional indemnity cover has surged in the last few years.  As the business world becomes more litigious and no-win, no-fee cases rise, so more people are seeking this specialist form of cover.  Some of the more common types of businesses that have a professional indemnity insurance policy include:

  • Lawyers and solicitors – as lawyers and solicitors spend their day providing advice, they are privy to confidential, often sensitive information and work under civil or contractual liability
  • Estate agents – advising on valuations and handling sensitive information means PI cover is worthwhile
  • Accountants – as well as reviewing confidential reporting, accountants often give management advice and so need professional indemnity protection
  • Architects – clients depend on your expertise to get their building projects off the ground. If there’s a problem, then the client could sue
  • Private tutors – negligence and contractual liability will be the biggest worries for private tutors, who could be held responsible for not meeting targets or providing a service that is not professional or carried out without due care
  • Financial advisors – this is an advice-based business, and if your clients lose money or feel that your advice has led their investments to underperform, you could face compensation claims
  • Recruitment consultants
  • Marketing agencies and consultants – clients will look to you to tell them how to spend their marketing budgets, craft their messages, and potentially manage their brand and social media profiles. These responsibilities all come with potential issues over the advice you give and the work you deliver
  • IT service providers – if your clients’ systems don’t perform, are compromised, or you lose data, then your business could face claims for compensation
  • Consultants – be it a building consultant whose advice could cause injury to the public and may need civil liability, or financial and business planning, which will be more likely to need negligence cover, if you’re in a consultancy role, the likelihood is, you’ll need protecting

What protection does Professional Indemnity Insurance cover?

PI insurance offers a package of protection that allows you to cover multiple risks on a single policy*.  A PI policy can protect you against a range of risks, including:


If you make false or defamatory statements about a person or organisation, you could be liable for damages.  It’s beneficial for those in the journalism industry or anyone that regularly makes statements via a public platform such as social media, PR, or print journalism

Contractual liability

Contractual liability could be helpful if you sign a contract with another company and assume liability on their behalf.  It protects you if you’re held liable for failing to uphold the terms of an agreement.  It affects service-based and advice-based businesses, and it could be vital to protecting you

Civil liability

This specifically looks at the effects of the advice or instructions rather than assigning fault with the initial advice.  You’ll need civil liability cover if your advice leads to injury or illness instead of financial loss.  If you complete consultancy work, then this will be more relevant to you than, say, for a financial advisor or a lawyer

Loss of documents or data

Losing documents and data or sharing data or sensitive information without prior consent. Whether you’re a solicitor, an accountant, or a data controller – such as a marketing consultant – you could be held personally liable for losing documents or data and face hefty penalties.  In a digital world where threats from cyber-attacks are real and rising, this is well worth protecting yourself against

Breach of duty

A breach of duty is when you or your company fails to fulfil the duty you promised the client, either by delivering below-par advice or not providing a service you’d agreed to.  In some cases, you can be left personally liable for the costs and damages if a claim is brought.  Professional indemnity insurance protects you against these costs, providing great peace of mind


Every professional has a duty of care to their client.  This means they must act and deliver their services to a high standard, taking reasonable care.  The Supply of Goods Act 1982 states there doesn’t need to be a breach of a specific contractual agreement for you to be liable for negligence, i.e., you can do as the contract says you will but still be found liable.  If you are working independently – say as an accountant – this liability would fall on you and could leave you with high legal costs and compensation claims to pay

How Much Does A Professional Indemnity Insurance Policy Cost?

How much you pay will depend on factors such as:

  • The size of your business
  • How many risks do you wish to be insured against
  • What you do, the clients you have, and the sectors you operate in
  • The level of risk you face.  For example, if you are advising large clients who are paying you substantial sums, then you will need higher levels of cover which will cost more
  • Your claims history
  • The number of employees you have

The best way to find out how much protection you need is to contact your local Coversure. They’ll be able to advise you as to what you need and create a package of Professional Indemnity cover for you.

Professional Indemnity Insurance FAQ

PI insurance can be complicated, so to help you get the protection you need, here are a selection of frequently asked questions about professional indemnity cover:

No, but given the risks you may face without it, it’s well worth considering

If your business offers advice or enters into contracts with clients or another company, then PI is probably something you should consider

Many professions and companies can benefit from PI insurance.  While the most common are solicitors, financial advisors, and accountants, everyone from private tutors to fitness trainers can be protected.


If you’d like to know if professional indemnity insurance is suitable for you, contact Coversure, and they’ll be happy to give you the benefit of their independent advice.

How much you pay will depend on factors such as:

  • The size of your business
  • How many risks do you wish to be insured against
  • What you do, the clients you have, and the sectors you operate in
  • The level of risk you face.  For example, if you are advising large clients who are paying you substantial sums, then you will need higher levels of cover which will cost more
  • Your claims history
  • The number of employees you have

The amount of PI insurance your business needs will depend on your work and the type of clients you serve.  Your professional indemnity requirements are likely to be higher if you work with large organisations in heavily regulated industries, such as solicitors or accountants.  A good way to gauge how much cover you need is to talk to your clients and ask them how much they would expect you to have in place.  Some may have a minimum threshold specified by their industry’s governing body.

Definitely.  This is a policy with lots of moving parts, and to get the full benefit, you’re best off speaking to an independent insurance broker who can ensure you get the cover you need.  If you’d like to discuss your requirements, contact your local Coversure office, and they’ll be happy to give you the benefit of their independent advice.

Need a Professional Indemnity Insurance quote?

If you’d like a Professional Indemnity Insurance quote from Coversure, please contact your local Coversure office or start your quote here. Our independent brokers will search their markets to find you the right policy at the right price to keep your business protected.

Employers’ Liability

Public Liability

* Policy information is correct at the time of writing. Policy details, limits, and exclusions are subject to insurer’ changes. When taking out a policy, your local Coversure office will be able to advise you of the specifics of your cover.

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