Professional indemnity insurance

Cover from £7.67 / month

Up to £2,000,000 cover

No excess

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Defence costs & compensation costs covered

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In detail

What is professional indemnity insurance?

Professional indemnity insurance, often referred to as PI insurance or professional liability insurance, is a specialised form of coverage designed to protect professionals and businesses that lend their skill and expertise to solve their clients' problems.

Definition: Professional indemnity insurance is a policy that safeguards individuals and companies against claims of professional negligence, errors, or omissions in their work. It covers legal costs and compensation claims made by clients or third parties.
Who Needs It: Professionals who provide advice, consultancy, or specialized services should consider professional indemnity insurance. This includes doctors, lawyers, architects, consultants, and IT professionals, among others.

Why it's important: PI insurance is vital because it provides financial protection in case a client alleges that your work caused them financial harm. It can cover the costs of legal defense, settlements, or judgments, preventing significant financial losses.

Legal requirements: Professional indemnity insurance isn't a legal requirement. However, in some industries it may be a requirement or a condition of professional licensing.

How does professional indemnity insurance work?

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.

Professional indemnity insurance 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 the policy can extend to cover your past work.

For example your client contract says you must have professional indemnity 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 arranging cover.

Another situation when you might need Suited PI to cover your past work is when you're switching insurers. Customers often think that they don't need cover for past work because they were previously insured. That is not how professional indemnity works. If you wish to stay insured for the past, your current professional indemnity policy must include retroactive cover.

What does professional indemnity insurance cover?

The main purpose of professional indemnity insurance for self employed professionals is to cover financial losses suffered by your client due to professional negligence, errors, or omissions made by you during the provision of your professional services.

In addition the cover also provides legal defence. In other words you won't have to hire your own solicitor or pay for it. Your professional indemnity insurance will do that for you and pay for all the costs.

Customers often cancel their professional indemnity insurance when the costs are rising. This could be a very costly mistake.

If the cost of professional indemnity insurance goes up, it is because there have been more claims. This is typical during tough economic times and evermore important that you protect yourself.

Who needs professional indemnity insurance?

If you are in the business of providing your expertise and skill to solve your clients' problems, you should protect yourself with PI cover whether or not required by the contract.

Often self employed individuals ask: "Do I need professional indemnity insurance? Is it worth the spend?".

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.

Who can get professional indemnity insurance?

Any individual who provides advice or expertise to a third party should protect themselves with professional indemnity insurance.

Often it is mistakingly believed that this cover is only available to businesses or the self-employed. In fact anyone can buy PI cover for a specific range of professional activities.

For example a retired accountant who volunteers with a charity can buy professional indemnity insurance even though their services are unpaid.

Equally a freshly qualified graphic or interior designer who is offering services for free in order to build a portfolio can secure professional indemnity cover.

How much professional indemnity insurance do I need?

Usually the contract with your client is a good guide.

If you are receiving a contract from a client or an agency representing the client, check the liability/insurance section. Ask the other side if you can't find it. It is important that you understand what your liabilities would be, should something go wrong.

If you're presenting a contract to client, ensure you insert a limitation of liability clause. This is a basic approach to protect yourself from unlimited liability under the contract.

Certain professions do not insist on client contracts—counsellors, physiotherapists, software developers, and other 'solo' professionals.

In those situation you will need to take into account the level of responsibility you will have for the work delivered and any possible financial consequences as a result of your mistake.

For example if you are an a software developer 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.

How much is professional indemnity insurance?

The cost of professional indemnity insurance can vary significantly depending on several key factors:

Business type: Different industries have varying levels of risk, which can impact the cost of coverage. High-risk professions may pay more for professional indemnity insurance.

Business size: The size of your business, including revenue and number of employees, can influence the cost of insurance.

Policy limit: The extent of coverage you require will affect the premium. Higher coverage limits typically result in higher costs.

Claims history: Your past claims history plays a role. A history of claims tends to lead to higher premiums.

Professional indemnity insurance in the UK can start from as little as £30–40 but that's generally for single operators in a low risk profession. Other business can easily look at several thousand pounds.

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

Professional Indemnity
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Suited professional indemnity insurance can be purchased on its own or with other insurances added on. Limits start at £100,000 and our price includes Business Legal Protect cover as standard.

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Legal Expenses
Included as standard

With every policy subscription we also include Business Legal Protect. This means from the moment you sign up you gain immediate access to extra support services.

Commercial legal expenses insurance.
Business legal protect

Cover of £100,000 commercial legal expenses included with your policy subscription.

Protects you and your business against a range of issues not typically covered by professional indemnity or public liability.

IR35 & HMRC investigations

Legal matters concerning your business

Negative PR (£25,000 cover)

Criminal prosecution

Compliance & regulation issues

Unpaid invoices (over £200)

Also includes free telephone advice & help from qualified professionals.

Tax and commercial legal advice

Counselling for you and your staff

Access to a legal template library

Identity theft assistance


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.

Where can I get self-employed professional indemnity insurance?

Small businesses and self-employed professionals based in the UK can usually buy professional indemnity insurance online provided you have had no claims and your profession isn't considered highly risky - e.g. surgeon, financial adviser or builder. If you fall in a more complex category, you'll benefit from approaching a professional indemnity broker.

Is professional indemnity insurance the same as employers liability?

Professional indemnity insurance isn't the same as employers liability. PI cover does not cover your liability as an employer, in fact it specifically excludes employers' liability.

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 public liability?

Typically professional indemnity insurance does not cover public liability. Public liability insurance covers different circumstances and is usually sold separately.

How much does professional indemnity insurance cost?

Prices with Suited start at a few pounds a month. In order work out your price Suited looks at your profession category and the total business turnover.

Do I need self employed professional indemnity insurance?

You may need professional indemnity insurance if you provide expertise and skill to solve your clients' problems. If your advice or recommendation could lead to a financial loss for your client then you are likely to benefit from having this legal cover.

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