Professional indemnity insurance (PII) is a must-have for professionals and companies in different industries ranging from construction to IT, because it provides a shield against claims for damage or loss.

We will also show you why Compariqo is the best insurance broker for PII in the UK in 2024, thanks to their team of seasoned specialists, advanced tech, fast quotes and unbeatable prices for all industries including construction and design.

Get your quote for Professional Indemnity Insurance now

Compariqo is a reputable insurance broker with a team of seasoned experts and the latest technology, ready to provide you the ideal type of professional indemnity insurance your profession or trade requires.

As such, Compariqo can bring you a quote in less than 2 minutes. Simply fill it out with the required information, click on “Submit” and you’ll get a quote in record time.

You send your quote right now to get the best price for professional indemnity insurance regardless of your industry:

>>> Get Your Professional Indemnity Insurance Quote Now <<<

If you want to learn more about professional indemnity insurance, below you will find all the information you need.

What is Professional Indemnity Insurance (PII)?

Professional indemnity insurance safeguards your business from potential financial repercussions resulting from claims made by clients. If a client incurs losses due to your advice or negligent services, this insurance steps in to cover legal expenses, compensation, and other related costs.

In essence, this type of insurance is designed for any professional who provides the following: advice, design, specifications or instructions. Based on this definition, we can find that architects, advisors and construction professionals should get PII, because their activities might expose them to claims.

This type of insurance is not required by law, although the majority of professions and trades will benefit from it. Because deciding to go ahead without acquiring this policy will leave you or your company exposed to several risks.

For instance, if a client files a claim against you for your advice, it could result in significant financial consequences, potentially harming your business severely. However, you can avoid this scenario by obtaining PII.

Getting professional indemnity insurance (PII) is particularly crucial for self-employed individuals or small business owners. Without it, covering the expenses of a costly claim might become unmanageable.

By partnering with an insurance broker like Compariqo, you actively safeguard your business and profession. With PII, you receive comprehensive coverage for legal fees and defense, efficient claims handling, and financial safeguard.

If you are ready to obtain professional indemnity insurance because you want to protect your company, you can get a quote in 2 minutes by clicking the link below:

>>> Get Your Professional Indemnity Insurance Quote Now <<<


Benefits of Getting Professional Indemnity Insurance by Compariqo

Since there are several companies in the UK that can help you get PII, it’s important to understand the unique benefits that can make Compariqo your best choice.

Tailored Coverage

Compariqo will work with you to find the ideal type of coverage you need. With a team of experienced professionals and cutting-edge technology at their disposal, you'll receive precisely the right type and level of cover necessary to safeguard you against potential claims.

Coverage for Legal Fees and Legal Defense

Compariqo's PII encompasses coverage for legal fees and defense, providing you with peace of mind. This coverage ensures you won't be at risk if you encounter a claim, as it mitigates the economic impact of such situations.

Optimal Handling for Claims

If an issue arises, Compariqo will stand by your side, offering assistance. Their efficient claims handling system ensures you receive the necessary advice and support to manage any type of claim effectively.

Prevent Claims from Happening

One major benefit of partnering with Compariqo is their provision of exclusive insights on risk mitigation, helping to prevent potential claims and thereby sparing you from the stress and potential loss of time associated with such occurrences.

Protection For Your Finances and Assets

The professional indemnity insurance by Compariqo also includes protection for your finances and assets. Because it provides coverage for damages, your finances and assets will be shielded against claims.

Solutions for Every Type of Professional

Every industry, profession and trades will require a specific type of coverage. At Compariqo, you can get a tailored solution ready to protect you in case something wrong happens with your advice or services. Your policy will be there to shield you against economic losses.

Unbeatable Price

Compariqo is determined to bring professionals and businesses in the UK access to PII at the best price. By sending your application, you can expect to get a highly competitive offer regardless of the type of coverage you need.

Who Needs Professional Indemnity Insurance?

The following professions and trades require or will benefit from getting PII:

  • Construction professionals

  • Engineers

  • Architects

  • Advisors

  • Solicitors

  • Accountants

  • Healthcare professionals

  • Advertising and marketing companies

  • IT contractors

  • Software developers

  • Design agencies

  • Telecommunications management agencies

All these professionals, fields, and trades have something in common: they all offer solutions such as advice, design, specifications, or instructions. Consequently, they face potential claims if their advice or services result in financial losses for one or more clients.

Considering how affordable PPI can be, especially for self-employed professionals and small businesses, it is a good idea to hire this policy, as it will bring you peace of mind to keep working, even in the face of potential claims for loss or damage.

If you want to find out if you can benefit from acquiring PII for your company or trade, you can request a quote and immediate assistance from Compariqo by clicking the link below:

>>> Get Your Professional Indemnity Insurance Quote Now <<<

How Do I Know If I Need PII?

If you are still wondering if you need PII, it might be the case if you answer to one or more of the following questions:

  1. Do you provide a specialised service? - For construction professional, architects, engineers, IT professionals and more, acquiring PII will prove to be an excellent design, as it will shield you in the face of claims for loss or damage
  2. Do you offer consultation or advice? - For consultancy agencies, advisors (especially in the financial sector) and similar professionals, a professional indemnity insurance can protect them against claims
  3. Do you handle people’s data? - Data breaches or infringing people’s privacy concerning their information might lead to claims for loss or damage. Therefore, for companies and professionals managing third-party data, contracting PII is a great business move
  4. Does your industry require it? - if your industry or association requires it, then it will be mandatory for you to get PII. All it takes to see why it’s much more than a simple obligation is the fact that it will protect you from personal liability and cover potential economic losses
  5. Do your clients demand it? - In certain industries, notably IT, construction, design, and consultancy, clients may require you to have professional indemnity insurance (PII). This provides assurance to both parties, knowing that a reputable insurer is in place to offer support in case of any mishaps.

If you answered yes to one or more questions, chances are you need PII and it will be a good idea to request a quote from Compariqo right now.

If you want to get a quote for an unbeatable price on your policy, click the link below to obtain it now:

>>> Get Your Professional Indemnity Insurance Quote Now <<<

What Is Covered by Professional Indemnity Insurance?

If you would like to know what gets covered by PII, here you have the full list:

  • Cover for damages

  • Legal fees

  • Defense coverage

  • Financial safeguard

  • Cover for claims

In essence, professional indemnity insurance (PII) offers protection against most consequences stemming from claims for loss or damage. Therefore, Compariqo acts as a shield, safeguarding you from personal liability and ensuring your company can continue operating even in the face of potential claims.

Additionally, it's important to note that PII covers only the works and services performed after the policy becomes active. To understand what's not covered, please refer to the section below.

What Is Not Covered by Professional Indemnity Insurance?

It is also important to know what won’t be covered in case you get PII today, here you have the full list:

  • Any work performed before the activation of the policy (including the retroactive date)

  • Liabilities for tax breach

  • Liabilities for employer’s breach

  • Any work you knew would lead to a claim before contracting the policy

  • Any deliberate or reckless acts or omissions you commit, condone, or ignore

  • Liabilities for mismanaging a pension scheme

If you want to know more about the exceptions to PII, we recommend you to contact Compariqo to get further guidance.

All you need to do is to click the link below to get a quote in only 2 minutes and support directly from Compariqo:

>>> Get Your Professional Indemnity Insurance Quote Now <<<

How Much Professional Indemnity Insurance Cover Is Required?

This will depend on the size, needs and nature of your business, trade or profession. This is why it’s critical to work with a reputable and competent insurance broker specialized on PII, such as Compariqo.

They will help you to determine exactly how much PII cover you need to protect your business against claims and potential issues.

For instance, Compariqo provides various levels of coverage, enabling you to obtain millions of pounds to safeguard your practice or company against potential claims and their resulting financial implications.

You can also include extra to further tailor coverage to your exact needs and goals. All you need to do is to request a quote and the professional team of Compariqo will help you choose the ideal cover level for your company:

What is a Professional Indemnity Insurance Example?

Imagine an architect designs a commercial building for a client, only to discover a structural flaw after construction. The client sues, claiming negligence and substantial financial losses due to extensive repairs.

If the architect has professional indemnity insurance, the policy would usually cover legal defence, settlements, or judgments from the lawsuit, up to the policy limit. This insurance shields the architect financially from claims of professional errors.

Without it, the architect would be personally responsible for any awarded damages, potentially causing significant financial losses.

This example perfectly illustrates how PII works for an architect, and we can translate this example to any other field. Regardless of the industry, PII can act as a shield to protect your finances, assets and bring you peace of mind.

If you are ready to get a tailored quote on PII for your professional needs, click the link below:

>>> Get Your Professional Indemnity Insurance Quote Now <<<

Is Professional Indemnity Insurance Required by Law?

No, professional indemnity insurance is not required by law. However, it might be required in certain industries such as construction, IT, design, advertising and healthcare. In such cases, you will have to get PII from a reputable insurance broker like Compariqo.

Furthermore, although it’s not required by law, all professionals and trades can benefit from acquiring PII, as it provides protection against latent dangers in all industries such as defamation, break of confidentiality, breach of professional duty, amongst others.

All in all, if your trade, profession or business activity involves providing advice, design, instructions or specifications, you will benefit from obtaining a PII policy. It will be there to assist you if anything goes wrong.

If you’re ready to get it, you can request a quote from Compariqo by clicking the link below:

You can fill out the form in less than 5 minutes, and Compariqo will bring you a quote in less than 2 minutes. The process is 100% free and it’s available 24/7.

About the Conditions of Professional Indemnity Insurance

Let’s explore the main conditions of professional indemnity insurance, to help you better understand the nature of this product:

  • Professional indemnity cover is typically claims-made

  • Insurer covers claims during the policy term only

  • No coverage for claims after policy expiration, regardless of incident timing

  • Advisable to purchase a run-off policy if canceling indemnity insurance

  • A run-off policy can protect you against new claims for incidents that occurred while you were insured with your previous insurer.

If you’d like to know more about the cost and conditions of PII, you can request a quote by clicking the link below:

>>> Get Your Professional Indemnity Insurance Quote Now <<<

Frequently Asked Questions

If you’d like to know more about PII, here you have the answers to the most frequently asked questions about it,

Does professional indemnity insurance cover legal fees?

Yes, professional indemnity insurance covers legal fees and legal defense in case a claim against you arises. Nonetheless, it's crucial to verify whether this coverage is included in your policy.

How much does professional indemnity cost?

The cost of professional indemnity insurance will depend on several factors such as years of experience, industry, profession, etc. If you’d like to know the exact cost of the type of cover you need, we recommend you to get a quote at Compariqo.

Can you get professional indemnity insurance construction?

Yes, you can get professional indemnity insurance if you are a construction professional. In fact, it’s advisable PII in this case, as it will protect you against potential claims. Compariqo specializes in helping construction professionals get tailored PII to shield them against any possible issue.

What factors influence the premiums of professional indemnity insurance?

Professional indemnity insurance premiums are determined by several factors. These include the type of business, claims history, coverage limits, deductibles, business size and income, professionals' experience and qualifications, industry regulations, location, risk management practices, and market conditions. Businesses with higher risks, frequent claims, or poor risk management may face higher premiums.

Are professional indemnity insurance and public liability insurance the same?

No, they are not the same. Professional indemnity insurance focuses on covering claims arising from professional advice or services offered by businesses or individuals. This includes situations where negligence leads to financial losses for clients.

On the other hand, public liability insurance is tailored to protect against claims from third parties for injury or property damage caused by your business activities. For example, it would cover damage caused during work carried out at a client's premises.