Professional Indemnity Insurance

Professional indemnity insurance can help protect your business against claims from clients where your advice, services or actions have caused them financial loss or reputational damage. It can help cover the costs of any legal fees, compensation, expenses and other costs where you may be liable.  

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Lloyds Bank Business Insurance Services are arranged and administered by Arthur J. Gallagher Insurance Brokers Limited. When getting a quote online you will be taken to Gallagher’s online site with a new privacy and cookie policy.

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What does professional indemnity insurance cover?

Professional indemnity insurance can cover everything from the smallest error to a major oversight in your work that causes your client to lose money, confidential data or harm their reputation.

Professional indemnity insurance can help protect you from legal costs and compensation due to:

Negligence

Errors, failure to act or providing incorrect advice are all examples of professional negligence, which may result in a financial loss for your client and lead them to seek compensation. 

Infringement of intellectual property

If your work accidentally uses intellectual property without permission, your client may be sued by the copyright holder.

Unintentional defamation

 A client may claim that you’ve made a statement that’s damaging to your reputation and seek compensation.  Professional indemnity insurance can help cover the costs of any legal expenses.

Loss of data

You may have access to sensitive, confidential and important client data for your work. Losing, leaking or damaging such data may harm your client’s reputation, which they could seek compensation for. 

Keep in mind

Insurance covers are subject to the individual terms, conditions and exclusions of the insurer providing them. Always review the policy documentation supplied during the quote process to ensure you have the cover you need.

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Do I need professional indemnity insurance?

When you charge clients to provide a professional service, consultancy or advice, you may want professional indemnity insurance to cover any potential costs you could be liable for due to errors or negligence in your work.  If you handle people’s data and information or a client insists you have it, you might need it in place before work can start.  Professional indemnity insurance is not a legal obligation but for some professions it is a requirement or a contract may require certain levels of insurance covers to be in place.

Who needs professional indemnity insurance?

Anyone offering advice, designs or a professional service may benefit from professional indemnity insurance.

 You may have contractual obligations to ensure this cover is in place. Industries like financial services, consultancy, designers and IT contractors often do.     

Examples of industries where businesses need professional indemnity insurance include:

  • Accountants
  • Architects
  • Designers (interior, graphic etc.)
  • Engineers
  • IT consultants
  • Surveyors
  • Town planners
  • Management consultants.

How much does professional indemnity insurance cost?

Professional indemnity insurance premiums are based on specific factors related to your company. Larger businesses with a high annual turnover could be more at risk of a claim. This can mean insurance premiums are higher than for a small company that works with fewer clients.  Also industries which are at higher risk of mistakes or negligence which could lead to serious financial losses for clients is also a factor.

How much cover do I need?

Every business is unique, so there’s no set amount of professional indemnity insurance you need. Things you should consider:

  • Your clients or industry body request that you have professional indemnity insurance in place.
  • The size and type of your clients and contracts you have.
  • Larger clients that work in high-risk areas may require more cover than small, start-up clients operating in safer industries. 

Examples of professional indemnity insurance claims

  • An accountancy firm is taken the court after a client loses money after taking their advice.
  • An engineering company is liable after making mathematical errors that cause extra construction costs.
  • A media brand designs and runs a campaign  for a client where brochures have the wrong address. The client claims for lost revenue. 
  • A designer accidentally uses a copyrighted photo on a poster. The client is sued and the designer could be liable to pay compensation.  

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Lines are open 9am-5pm Monday to Friday excluding Bank Holidays

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Important Legal Information

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The products and services outlined on this site may be offered by legal entities from across Lloyds Banking Group, including Lloyds Bank plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc and Lloyds Bank Corporate Markets plc are separate legal entities within the Lloyds Banking Group.

Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no.2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.

We adhere to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.