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How Much Professional Indemnity Cover Do I Need?

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Benefits

  • Competitive pricing
  • Dedicated handlers to assist with your queries
  • Documents issued instantly via e-mail
  • Access to your own claims team
  • Cover for legal defence costs and compensation bills
  • Monthly payments
4.8/5 4.85/5
  • "A very helpful, kowledgable and adaptable telephone advisor enabled discussion beyond standard questions in order to secure the most approprite insurance honed to my business deeds and relevant discounts. This led to the most comptitive quote over other larger companies."
  • "Used these before then changed to another broker who could not help me with an update to my insurance. Caunce O'Hara had no problem and set up my insurance in about five minutes. Highly recommended."
  • "All correspondence has always been clear and reply to questions swiftly answered. Cost is very competitive. Would definitely recommend."
  • "I have automatically renewed my indemnity insurance for several years but as I have gradually reduced work commitments I needed to discuss my options prior to making a decision about renewal.
    I found the person I dealt with very helpful and knowledgeable about my options."
  • "I have been with Caunce O'Hara for almost 12 years now and am always very pleased with their service and customer support as well as the costs for the cover."
  • "Insurance Renewal - Plenty of warning up front as to renewal date, requests for any changes and quote. Reminder leading to actual renewal date. New certificates available on date agreed. Can't complain at all about the service."
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Consultant working with company stakeholders to plan for potential scenarios.

The amount of professional indemnity cover you need will depend on the work you do and the level of risk involved.

Some factors to take into consideration include:

  • Size of your business, usually including annual turnover. As your business grows you can extend the level of cover needed.
  • Your contractual requirements.
  • Potential legal costs you could face.
  • The minimum amount of cover required by your membership or regulatory body and legislation.

Your regulator, professional body or client contracts should be able to tell you the minimum amount of cover you are required to carry.

If a client contract does not specify a minimum level of cover, then it would be worthwhile asking how much cover they consider is acceptable before you purchase cover.

The same is applicable to your membership or regulatory body. Details about the required minimum level of cover are usually contained in your membership agreement, if you are in any way unsure, contact to your them directly to find out.

 

Who benefits from PI insurance?

Typically, PI insurance benefits businesses that provide, services and advice or designs to their clients.

Many different types of professions fall into this category, including; engineers and construction contractors, IT contractors and business consultants, creative media professionals, and even some healthcare professionals.

All of these professions are exposed to different types and levels of risk, which will have a bearing on the level of cover needed and the price of the annual premium.

 

What does PI insurance cover?

Professional Indemnity insurance covers you and your business if a client suffers financial loss as a result of work you have complete for them. The policy is designed to provide cover for professional negligence, errors and omissions, unintentional breaches of copyright and/or confidentiality, data protection prosecution defence costs, loss or damage to documents.

 

If you further information on how much cover you need and would like a quotation, contact the Caunce O’Hara team today on 0333 321 1403

Or click the quote button to build your Professional Indemnity Quote online in minutes!

Professional Indemnity Insurance Quote

 

 

Further information about Professional Indemnity Insurance can be found on our PI page.

 


Related Articles:

Why Do You Need Professional Indemnity Insurance?

What is the difference between professional indemnity insurance and public liability insurance?

What is Professional Indemnity insurance?

Professional Indemnity Insurance Quotes – What To Look For

How Much Professional Indemnity Cover Do I Need?

Freelancers Guide to Professional Indemnity Insurance

Find out more about PI here

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