Consultant insurance

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Professional Indemnity Insurance for Consultants UK
Professional Indemnity Insurance for Consultants UK
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The problem

Consultants face many risks

Accusations of making a professional mistake

A mistake can lead to loss of earnings, extra costs to put things right or damaged reputation. If a client believes your work is the cause, they may take legal action against you.

Blame for causing a financial loss

A legal action against you could end up in a financial compensation. Without adequate insurance protection, everything you own could be on the line.

Contract disputes

Unmet or poorly defined expectations are a common cause of contract disputes, often resulting in extra unpaid work or an unpaid invoice.

Unpaid invoices

More often than not sole traders have to deal with bad debt. Customers either unduly delay payments or try to wriggle out of paying altogether.

Insurance for consultants UK

You need business insurance for consultants that effectively protects you from accusations of wrongdoing

the suited way
Insurance made better

Self-employed insurance done fast, clear and upfront.

Consultant professional indemnity insurance
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More flexible

Make changes instantly, easily and for free.

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No extra fees

We give you one price, no APR or hidden extras.

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Go retroactive

Include retroactive cover to insure previous work.

Holiday umbrella.
Holiday mode

Pay less when not working by hibernating your PI cover.

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Top insurers

Be confident knowing your cover is backed by trusted UK insurers.

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UK support

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

Covers to consider

How much does consultant insurance cost?

Choosing the right insurance for you depends on the size and nature of your business. Key insurance covers business consultants should consider include:

Self employed professional indemnity insurance
Professional indemnity

from £7.41 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Self employed professional indemnity insurance

Professional indemnity

from £8.63 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Self employed public liability insurance.
Public liability

from +£4.76 per month

Protects your business against claims of causing an accidental injury or property damage to either your clients or a third party.

Up to £2,000,000 cover including products liability

No excess

Expert legal team

A+ specialist insurers

Covers claims against your client caused by your business

Business equipment insurance.
Electronic business equipment

from +£9.24 per month

Pays for repair or replacement if your portable electronic equipment (and accessories) get damaged or lost.

Equipment up to £10,000 cover (£3,500 per item)

Accessories are included (£500 per item)

Hired equipment is covered

Worldwide - your devices are covered anywhere you are

Personal accident insurance.
Business owner protect

from +£10.07 per month

Reimburses your taxable business expenses while you’re recovering from a serious illness or injury.

Up to £2,000 a month

Up to 6 months following the first 30 days of illness

Any tax deductible expenses included

Receive a lump sump payout if you suffer an accident leaving you with partial or total disablement:

£5,000 lump sum

Fast customer service

Quick payout

Answer 4 questions then select the policies and limits you need.
Answer 4 questions then select the policies and limits you need.
What people say
2 March
Extremely impressed

Extremely impressed with the professional and supportive service I received.

Kellie Williams
on Google
16 February
Very efficient

After shopping around for business liability cover, I found suited, I had a few questions and Jana from suited was very efficient...

on Trustpilot
14 February

The website is easy to use and the process is intuitive, clear and easy to follow.

Matt M
on Trustpilot
11 February

I was recommended Suited, because I’d been stalling. Simple to use website, offered clear, concise information and selection...

on Trustpilot
12 December

Really fantastic service by the suited insure team! Always found the insurance side to be a bit confusing but the team took me...

Michael Ryan
on Google
15 September

A simple and flexible service for what I required. Great communication from start to finish.

Matthew Allen
on Google
1 August

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...

Piers Field
on Trustpilot
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

In detail

Why is business insurance for independent consultants important?

When a client brief doesn't go according to plan and the result of your work has not yielded the expected results, your client is likely to want answers. These discussions get very quickly heated and lead to disputes over money or become compensation claims.

Professional indemnity insurance for consultants

Therefore the first element of insurance for consultants has to be professional indemnity. It is a legal cover that provides legal assistance and it covers the associated expenses during the defence of your case. It will also pay any compensation if you become liable.

You should consider this key cover whether you work as a contractor or run your own business. The work you do is relied upon by your clients and with that come certain risks.

Why do consultants need professional indemnity insurance?

When things are going well, it’s easy to cast aside any worries and just get on with the job. So far we have been quite general about the kind of scenarios a consultant should be worried about and though they are still reasonably rare, they do happen and they can be very costly.

Jason is a consultant in the healthcare industry and until a few years ago he’d never experienced a serious problem with his clients. Therefore he’d never really worried about his business liability insurance.

However, all that changed one day when he received an email from his regulatory body informing him that a client made serious allegations against Jason regarding inappropriate racial comments. Jason knew that while the accusation was completely unfounded, he could lose his career over this complaint. Luckily for Jason his regulatory body membership included professional indemnity insurance for business consultants. Somewhat hesitant he contacted his insurer to find out whether he could receive assistance. The insurer accepted his claim and arranged legal representation during the disciplinary hearing.

As a result of covid the proceedings were delayed and what should have been a matter of weeks became a saga of two years costing some £150,000 in legal fees. Jason was grateful to his insurers for a number of reasons.

Firstly, knowing that he had an experienced solicitor on his case reduced the stress induced by fear of losing his livelihood. The fact he didn’t have to pay any of the costs saved his bank balance. And because the solicitors successfully rebuffed the accusation and cleared Jason’s name, Jason’s business reputation has stayed intact.

“The best professional liability insurance for consultants isn’t one with the cheapest price but best claims service.”

Professional errors come in many forms and this is only one example. In essence Jason wasn’t negligent or made a mistake in his work. However, we could say Jason may have made a professional error in his communication style which consequently prompted his client to retaliate.

How much professional indemnity insurance do consultants need?

When it comes to professional indemnity insurance for consultants UK insurance providers offer a variety of policy limits starting from £50,000 going up to millions.

The appropriate limit very much depends on the nature of the consultant’s work, the size of client accounts and related contracts as well as any kind of contractual obligation.

Firstly, every contract you ever form with your client should state what the limitation of liability is for both parties. Leaving this issue unaddressed will leave you exponentially exposed if something goes wrong.

Once the clause is agreed and inserted in the contract, the amount in the clause provides a good indication of what your professional indemnity and public liability limits should be. However, you should always account for legal costs. For example if the limitation of liability clause says up to £1,000,000, it means that you could be potentially asked to pay £1,000,000 in compensation to your client if found liable.

Public liability insurance for consultants

If, as a consultant, you visit your clients, work at their premises or in any way physically engage with their property, you should also have in your legal arsenal public liability insurance to protect you against accusations of causing an accident leading to an injury or property damage.

Business equipment insurance

As an independent consultant you probably rely on your equipment to help you deliver your client work.

Sometimes the cost of repair or replacement may not be affordable which could bring about unwanted delays in your work.

Having equipment insurance can be very helpful getting your equipment back in shape or getting a good replacement quickly.

Income protection insurance for consultants

As an independent consultant, it would probably be difficult to continue to earn if you were struck by a critical illness.

Income protection insurance is a good backup plan for such a situation. The cover will provide a financial lifeline for several months until you get well enough to get back to work.

Personal accident insurance

This is particularly useful insurance to those in riskier areas of work such as construction.

A serious accident might mean that going back to the same profession is no longer an option. Personal accident cover provides a one off quick payment to bridge over the worst.

It is usually a very inexpensive cover, costing monthly less than a cup of coffee. The cost will depend on what you do and how much cover you need.

Life and relevant life insurance for consultants

Independent consultants don’t receive any employee benefits including any kind of payout to those who are left behind should the worst happen.

As a self-employed consultant or consultancy business you have a number of ways to protect your loved ones against that kind of life changing situation - key person insurance, relevant life insurance and others. The one that is most suitable to you will depend on your professional and personal circumstances. It often helps to take advice from a specialist life insurance provider.

In this section

Common questions

Do I need insurance for a consulting business?

All businesses, no matter how small, have liabilities. This also applies to self employed professionals. Even when you provide your services on a pro bono basis, you should still protect yourself with some insurance.

Where can I get business insurance for independent consultants?

These days there are several online providers such as Suited but if your industry is complex or niche, you may need to contact a broker.

Do consultants need employers’ liability insurance?

If you work alone, you don’t need this cover. However, if you use volunteers, contractors or have friends and family helping out, check your obligations.

Do consultants need professional indemnity insurance?

Not by law but you may find that your client contractor or the industry regulator might insist that you have this cover.

Contact us
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Call us with any questions or queries. Our Bristol based team is available from Monday to Friday and answers straightaway.

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If your plans change

No problem, Suited uses a simple subscription model making it easy to walk away.

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14 day promise *

If you call to cancel within the first 2 weeks we’ll give you a full refund.

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No longer need us? Cancel anytime, no more to pay.

* 14 day promise is not available online, please speak to a member of staff. Not available if you have reported a claim.

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