Professional indemnity insurance

from £7.42 / month

There to protect you and your business if you make a mistake in the course of your work, say something wrong about a client, or are accused of being negligent and your client says it has cost them money.

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Torn contract.
Torn contract.
Red spare change.
cover Up to £2m
Red silhouette of cartoon woman lawyer.
with legal expenses
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Zero excess
Overview

What is professional indemnity insurance?

If you're self employed, working either through a limited company or as a sole trader, professional indemnity (PI) is a useful legal cover. Every business has customers and, no matter how good your services are, sometimes customer relationships can sour. PI will assist you legally and financially if your business is accused of negligence or a professional mistake by an unhappy client demanding a compensation.

Imagine a client is making financial demands and threatening you with legal action. With Suited professional indemnity cover in place, your legal costs associated with the claim (early advice or defence) and any possible compensation are covered.

Suited PI insurance also offers 'retroactive cover'. In other words it can extend to cover your past work. For example your client contract says you must have PI insurance but you simply forgot to arrange it. It is possible to buy Suited PI insurance with a retroactive date provided you're not facing a claim situation when you're arranging cover. Another situation when you might need Suited PI to cover your past work is when you're switching insurers.

What's covered

What does professional indemnity insurance cover?

The main purpose of professional indemnity insurance (PI) is to offer legal protection and, where due, compensation payouts when you face a claim from an unhappy client accusing you of making a professional mistake, negligence or breach of contract. Legal disputes are complex which is why Suited PI comes with the addition of Business Legal Protect as standard.

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Suited professional indemnity

The PI section provides you with a dedicated law firm specialising in commercial disputes. The cover is backed up by an insurer with a superior rating and a reputation for paying claims.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Red silhouette of cartoon woman lawyer.

Includes Business Legal Protect

Business Legal Protect is an additional legal protection for tax and other legal issues you or your business may face: unpaid invoices, IR35 investigation, HMRC disputes, reputational damage, and more.

£100,000 legal expenses cover

Free tax & legal advice

Negative PR assistance

Help with unpaid invoices

Professions

Who needs professional indemnity insurance?

If you are in the business of giving advice, providing consultancy or expertise, you should protect yourself with PI cover whether or not required by the contract with your client.

From time to time everyone has to deal with an upset client and while most conflicts get resolved amicably, you don’t want to leave yourself exposed to the costs of a possible claim.

Many self-employed and freelancers cancel their PI cover as soon as a client contract is fulfilled to save on the insurance premium. However, this could be a false economy. Sometimes it takes time to discover mistakes and a client may come after you years after you finished your contract with them.

Professional indemnity insurance works on a claims made basis. What that means is that if you don’t have PI insurance in place when the claim is made, you are not protected even if you had PI cover during the contract with the client.

Cartoon of man sitting at a desk typing on a laptop.Cartoon of man sitting at a desk typing on a laptop.
Limits

How much professional indemnity insurance do I need?

When selecting a PI limit you should consider whether the contract with your client asks that you have PI cover in place. If so, the contract usually states the required limit.

However, you should also take into account the level of responsibility you had or will have for the work delivered and any possible financial consequences as a result of your mistake.

For example if you are an IT contractor who works under the supervision of someone else and you only deliver precisely scoped tasks signed off by your supervisor then the risk of being sued, unless you are negligent, is quite low. On the other hand an IT architect responsible for designing a complex solution for a financial institution is facing a much higher risk of a legal action if something doesn’t go to plan.

Wording

Review the policy wording

Before purchasing any insurance product, you should always view the policy documents. Understand what's covered, excluded and the claims conditions.

Professional Indemnity
Policy Wording
Price

Prices start from

£7.42 / month

Suited professional indemnity insurance can be purchased on its own or with other insurances added on. Limits start at £250,000 and our price includes Business Legal Protect cover as standard.

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the suited way

Insurance simplified

Our mission is to see small business insurance done fast, clear, upfront and painless.  

4 step quote

Save time by getting a price after four questions.

Buy online

Get insured anytime. Manage cover from your DIY portal.

Top insurers

Sleep well knowing your cover is backed by trusted UK insurers.

Pay as you go

Keep money in your pocket. Pay monthly, no APR or fees.

Holiday mode

Pay less when not working by hibernating your PI cover.

UK call centre

Get help when you need it from our Bristol based team.

FAQs

Common questions

Is professional indemnity insurance compulsory?

Professional indemnity insurance isn't required by law but certain professional bodies and regulators insist that their members hold PI cover. And then there are client contracts which often include a condition that the supplier (you) has PI cover in place.

Is professional indemnity insurance tax deductible?

Yes. The whole professional indemnity insurance premium including IPT (12%) is an expense to your business and can be deducted from your revenue. However, Insurance Premium Tax (IPT) is not the same as VAT.

Does professional indemnity insurance cover employees' work?

Yes if they are bonafide employees of your business.

Is professional indemnity insurance the same as errors and omissions?

Errors and omissions insurance is another name for professional indemnity insurance. The two cover similar risks but remember exact conditions vary from policy to policy.

Is professional indemnity insurance the same as directors and officers?

No. Professional indemnity protects you against claims by dissatisfied clients. Directors & officers insurance (D&O) is a legal expense cover to fund the defence costs for a director who is accused of mismanaging a company.

Does professional indemnity insurance cover subcontractors?

SUITED professional indemnity does cover your subcontractors. You should always have a written contract in place with the scope of the work clearly defined and check the subcontractor is also insured for the type of work that they’re taking on.

How is professional indemnity insurance premium calculated?

Suited looks at your profession category and the total business turnover.

What professions typically need PI?

The list of professions is wide across a number of industries but what they all have in common is they provide professional advice or services. Examples are bookkeepers, counsellors, IT contractors, and graphic designers among others.

insurance

Other covers we offer

Our insurance starts with professional indemnity, a must have for professionals who give advice or provide a service as part of their business activity. You can add to your policy other useful covers as needed.

Incldued

Business legal protect

Supports you during tax and legal disputes.

Add on

Public liability

Protects against claims from thrid parties.

Add on

Electronic business equipment

Covers your portable business equipment.

Add on

Business owner protect

Reimburses expenses if you become ill.

Testimonials

Professional service and a peace of mind

My work contract requires professional indemnity insurance. Suited were quick to call back and very helpful explaining the product to me. Suited offers a trustworthy, professional service and a peace of mind.

Evie Jarecki

Suited was super efficient

Suited was easy to use, to the point, concise, I found everything I was looking for , was covered. The process was efficient and quick. Fast forms to fill in. I think the price was pretty competitive too.

Justin Leo

I was looking for business insurance…

I was looking for business insurance this easy to use and very well explained web site made the process simple and painless. Had a quote in minutes.

Piers Field

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The fast and hassle free way to get business insurance for small professional outfits.

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