Professional Liability Insurance
Compare tailored professional indemnity insurance quotes
Cover can start from £332 annually or £26.83 monthly for a limit of £1 million PI insurance with a company turnover of less than £150,000
Why choose us for your professional indemnity insurance?
Directors' and officers' insurance is recommended for every business no matter whether you are a small private company or large public company. A policy will provide financial protection from legal liabilities, regulatory investigations, and claims made against the individuals.
What is directors' and officers' insurance?
Directors' and officers' insurance, also known as D&O insurance, is a liability policy that provides financial protection to the company's executives and board members against allegations of wrongful acts. It's important to understand that company directors have a personal liability when undertaking their statutory and fiduciary duties, such as those under the Companies Act 2006. Directors' and officers' insurance is commonly purchased by companies of all sizes to protect the senior individuals against compensation claims and regulatory investigations.
What does directors' and officers' insurance cover?
A D&O policy will protect against civil liabilities, regulatory proceedings, and criminal allegations. A policy provides a safety net against legal actions, protecting the personal assets of the leadership team against claims for financial loss. Claims made against directors can arise from a wide range of different interested parties, such as shareholders, customers, employees, competitors, suppliers, administrators and regulators. Directors' and officers' insurance will cover your legal costs, in addition to covering any damages awarded by a court, or insurable fines levied by regulatory bodies.
Annual D&O premiums can start at £345 for a £1 million limit for a small private company but can cost tens of thousands for a large public company. We work with a wide range of insurance companies to provide competitive solutions.
What is professional indemnity insurance?
Professional indemnity (otherwise known as professional liability insurance) provides financial protection and support to guard against legal disputes, damages and settlements when offering a service, advice, design or specification to your clients.
As a specialist in your subject matter, clients rely on your skill, knowledge and due diligence. If you fail to deliver upon the agreed services, your client may have the right to claim compensation for the loss or damage caused.
Why professional indemnity insurance is important?
In an increasingly litigious society, if a client feels you haven’t delivered under the terms of your contract or have been negligent, they are more likely to seek financial compensation through the courts. Policies seek to help protect professionals against mistakes, incorrect advice, design, specification, and negligence.
1. Legal defence
Timely access to the insurers panel of solicitors can make all the difference, whether the case is settled or fought through the courts
2. Contractual requirements
Gives your clients the confidence to engage with your business in the knowledge that you have the correct insurance policies in place
3. Regulatory requirements
Allows you to meet your industry or regulatory requirements in offering financial protection when offering a service to your clients
Looking for professional indemnity insurance? Talk to one of our experts about your business needs
PI insurance starts at £332 annually or £26.83 monthly for a limit of £1 millionHow to compare professional indemnity insurance quotes from the market?
1. Representation
To access the market you'll need to use an insurance broker, we are experts that can help you decide what type of insurance and level of cover you need, and recommend a suitable policy that meets your needs.
2. Right approach
Quotes can be provided on a 'Statement of Fact' basis, or we will ask you to complete a proposal form depending upon the industry you work and the size of your business.
3. Correct disclosures
All statements disclosed, statement of facts, should be full, true and accurate and given after undertaking a reasonable search. Deliberate or reckless failures to present the risk fairly could mean part or all of your claim is declined.
4. Professional definition
All PI insurance policies will refer to a definition of professional service. It's important this definition is broad enough to capture your activities and sufficient information has been disclosed to ensure you are covered.
5. Terms and conditions
Cover offered from the market can vary - the triggers of a policy, the insuring clauses, definitions, conditions and exclusions can be different. Unless you are an expert it can be hard to distinguish between the different policies.
6. Rated security
The insurers reputation for paying claims is an important consideration. If you need to reply on your insurance policy, you don't want the uncertainty that cover hasn't been granted to protect your interests.
Public liability and professional indemnity insurance
Public liability insurance
Otherwise known as general liability insurance, will protect against claims arising from injury or property damage of persons other than your employees in the course of your business activities.
Professional indemnity insurance
Otherwise known as professional liability insurance, will help protect your company against the failure to exercise reasonable skill and care. If you provide a service to your clients, the coverage is important to cover a breach of professional duty.
Calculating your professional indemnity insurance cost
There are numerous factors that insurers will consider when calculating your PI insurance premium, including the amount of cover, size of turnover, territorial exposure, the services you offer to your clients, and the size of your contracts.
At get indemnity™ cover starts at £332 annually for a £1 million limit. However, there are numerous factors that insurers will consider when calculating your professional indemnity insurance cost, including turnover, territorial exposure and the services.
What professional indemnity insurance doesn't cover?
There are a number of other business insurances you should consider to ensure you are fully protected. If you would like to talk to an expert, give us a call on 0345 625 0711 or request a call back at your convenience.