Get a quote for professional indemnity insurance

Professional indemnity insurance solutions from Gallagher

Lloyds Bank business insurance services are arranged and administered by Arthur J. Gallagher Insurance Brokers Limited. When getting a quote online for professional indemnity insurance, you'll be taken to Gallagher’s online site with a new privacy and cookie policy.

 

Protect my business

Professional indemnity (PI) insurance may be valuable if you tend to work with clients or third parties. If a client claims that a service, an action or advice caused them loss or damage, PI insurance can cover the cost of legal fees, compensation and other expenses.

*Once you have provided your information, Gallagher are able to approach a panel of insurers and will contact you to discuss your quote within the next 24 hours (or the next business day).

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Why choose Lloyds Bank for your professional indemnity insurance?

Plenty of choice

Take your pick from a panel of insurers to find a quote that suits you.

Specialist experience

Our team of specialists will be on hand to go through queries you may have.

Indemnity up to £5 million

Based on the insurer you pick.

 

What is professional indemnity insurance and what does it cover?

Professional indemnity can help cover incidents from a small error to a large oversight. This includes if your client makes a claim that you have misadvised them, and this has then caused them a financial loss or harm to their reputation. While you may not mean to make a mistake, PI cover can add a level of protection for you and your business if a claim is made against you.

No matter how small or big, PI insurance can help protect you from legal fees and compensation claims due to:

Negligence

Professional negligence may cause a loss for your client and lead them to seek payment in return. It could be due to an error, a failure to act or providing incorrect client advice. These could all have negative consequences for your client.

Infringement of intellectual property

If your work accidentally uses intellectual property (IP) without the right type of permission, this could lead to legal action. For example, the copyright holder may sue your client. This can then impact their reputation, as well as have financial implications.

Defamation

A client may claim that you’ve made a statement that’s untrue or damaging to their reputation. If so, they may choose to seek compensation – even if it was unintentional. Professional indemnity insurance can help cover the associated costs.

Breach of confidence

You may have access to sensitive, confidential and important client information. Revealing some of this information without informed consent may harm your client and could lead them to seek compensation.

Learn more with our complete guide to professional indemnity insurance.

Negligence

Professional negligence may cause a loss for your client and lead them to seek payment in return. It could be due to an error, a failure to act or providing incorrect client advice. These could all have negative consequences for your client.

Infringement of intellectual property

If your work accidentally uses intellectual property (IP) without the right type of permission, this could lead to legal action. For example, the copyright holder may sue your client. This can then impact their reputation, as well as have financial implications.

Defamation

A client may claim that you’ve made a statement that’s untrue or damaging to their reputation. If so, they may choose to seek compensation – even if it was unintentional. Professional indemnity insurance can help cover the associated costs.

Breach of confidence

You may have access to sensitive, confidential and important client information. Revealing some of this information without informed consent may harm your client and could lead them to seek compensation.

Learn more with our complete guide to professional indemnity insurance.

Keep in mind

Keep in mind that 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 make sure you have the cover you need.

Talk to an insurance specialist

Call 0345 377 0002

Lines are open 9am-6pm Monday to Friday, except for bank holidays.

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Do I need professional indemnity insurance?

Professional indemnity insurance can provide useful cover for a wide range of businesses. If you charge clients for a service, consultancy or advice, it can help add an extra layer of protection. A client may insist that you have PI insurance in place before work can start. While it is not a legal obligation, in some sectors you may be expected to have this type of insurance in place.

Examples of industries that may need professional indemnity insurance include:

  • Accountants.
  • Architects.
  • Designers – interior, website or graphic.
  • Engineers.
  • IT consultants.
  • Surveyors.
  • Town planners.
  • Management consultants.
  • Accountants.
  • Architects.
  • Designers – interior, website or graphic.
  • Engineers.
  • IT consultants.
  • Surveyors.
  • Town planners.
  • Management consultants.

How much does professional indemnity insurance cost?

The cost of professional indemnity insurance is usually based on individual factors. This means there’s no average cost for PI insurance across the board.

Larger businesses with a high annual turnover could be more at risk of a claim. This can mean their premiums are higher than those of a small company that works with fewer clients.

The industry you work in can also affect the cost of your cover. If the type of work you do comes with a high risk of mistakes, negligence or loss, this could make the price go up. 

Some factors that can impact your insurance pricing include:

  • The level of cover you choose.
  • Number of employees.
  • Annual turnover.
  • Whether you want your legal expenses covered.

Get a quote for public liability insurance

Get a quote for public liability insurance

Quotes from a panel of insurers.

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How much professional indemnity cover do I need?

Professional indemnity insurance can help cover the cost of defending or settling claims you may face. Every business is unique, so there’s no set amount of cover you need. 

Here are a few things you may want to consider:

  • Whether your clients or industry body request that you have professional indemnity insurance in place.
  • The type of clients, accounts and contracts you have.
  • The size of your business. Larger ones that work in high-risk areas may need more cover than small, start-ups with low risks.
  • Your legal fees, including the cost of hiring a solicitor, which can cost thousands of pounds. 

Frequently asked questions

  • No, professional indemnity insurance is not a legal requirement. However, some professional bodies and industry associations may require you to have PI insurance in place if you are a member.

  • No matter how big or small, any business can have professional indemnity insurance. Though it can be especially helpful for service-based businesses that work with clients. In this case, it can help mitigate costly fees and lawsuits from clients due to negligence claims.

  • If you don’t have professional indemnity insurance, you could put your business at risk. If you get taken to court or a client sues you, you may have to take a loss of income. This can be at a great cost to your company.

  • A range of industries should consider professional indemnity insurance. It can help anyone that gives professional advice to a client, which can impact them financially. This includes financial advisors, surveyors, healthcare professionals, designers and more.

  • No, professional indemnity insurance does not usually cover poor workmanship. The only exception is if you have specified this within your insured services.

  • Below you can find some examples of professional indemnity insurance claims:

    • An accountancy firm is being taken to court after a client loses money from taking their advice.
    • An engineering company is liable as they made mathematical errors that led to a rise in costs for the build.
    • 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 uses a copyrighted photo on a poster without realising. Their client is then sued and the designer could be liable to pay compensation. 
    • An architect is sued due to building an extension with a flawed design.

Get in touch

Call 0345 377 0002

Lines are open 9am-6pm Monday to Friday, except for bank holidays.

If you’re an existing customer, you can find numbers for all your queries on our contact directory.

This includes finding out how to make a claim.

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.