Why Should You Get Professional Indemnity Insurance?
- You Give Advice and Consultancy: It helps protect your business from claims or pays out compensation if things don’t go as planned.
- It’s Required by Your Professional Body: Joining many professional organisations in the UK means you’ll need this insurance as part of the deal.
- Clients Will Expect It: Many clients in your industry will ask for proof of coverage before they work with you.
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What is Professional Indemnity Insurance?
Professional indemnity insurance has your back against claims from clients over mistakes or negligent advice that lead to financial losses. If a client feels you’ve dropped the ball, this insurance helps cover legal fees and any compensation you might owe. It’s your safety net for managing the risks that come with providing professional services.
How Much Does Professional Indemnity Insurance Cost?
Every business is unique, so the price varies based on your specific needs. Here’s a quick look at typical costs:
* 10% of our customers paid this or less between April and June 2025.
** 10% of our customers paid from £6 for ten months between April and June 2025 after an initial deposit. Interest applicable. For more details see our terms & conditions..
What Does It Cover?
Professional indemnity insurance covers a range of situations, including:
- Breach of confidentiality: If you accidentally share sensitive info, you’re protected from legal costs and compensation.
- Breach of copyright: Covers you if someone claims you used their intellectual property without permission.
- Bodily injury: If your advice or design leads to injury to someone who isn’t your employee.
- Defamation: Protection against claims of libel or slander related to your business.
- Loss of documents: If important documents get lost or damaged, we’ll help cover the costs to replace or restore them.
- Dishonesty of employees: We’ll assist if your business faces a claim due to fraud or dishonesty from your staff.
Who Needs Professional Indemnity Insurance?
While it’s not legally required in the UK, many professions benefit from having this coverage, especially if something goes wrong with your services. This includes:
- Consultancy
- IT contractors
- Management consultants
- Software developers
- Telecommunications consultants
- Training consultants
- Web designers
Is It Tax-Deductible?
Absolutely! Professional indemnity insurance qualifies as a tax-deductible expense for your business. You can deduct it when calculating your taxable profit.
Ready to Get Protected?
If you’re ready to take the plunge and get covered, it’s super simple! Just click the button below, it’s quick1, easy, and only takes a few minutes!
Qualifiers
1 The average time taken for customers to complete an AXA Business Insurance quote online is approximately 4 minutes and 25 seconds.