Professional Indemnity Insurance

Professional indemnity insurance covers risks such as negligence, intellectual property infringement, defamation and breach of confidence.
Professional indemnity insurance provides cover for small business owners and self-employed professionals so you are protected against compensation claims and associated costs. Horner Blakey will work with you to find the level of protection that suits you, giving you peace of mind that professional risks can be minimised..

Horner Blakey

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What is professional indemnity insurance?

Professional indemnity insurance offers businesses and professionals protection against compensation that is owed to a client. For example, if you have been found to have given bad advice or breached confidence with a client and you have had to pay them damages or compensation as a result, professional indemnity insurance can help recover losses from the claim, reducing the financial impact you experience. It can also be used to cover legal costs and expenses incurred in your defence.

Professional Indemnity Insurance document

Do I need professional indemnity insurance?

Professional indemnity insurance is not a requirement for every business, as it depends on the type of services you provide. If you offer skills, advice or knowledge to your clients, then it is worth seriously considering taking out this type of policy.

You can take out professional indemnity insurance as a company or if you are self-employed, giving you more protection against some of the risks you face in your profession.

Depending on the sector you work in, you may also be legally required to have some form of insurance in place. For example, professional bodies that regulate accountants, solicitors, architects and some medical practitioners require them to have insurance.

If you are not sure whether professional indemnity insurance is relevant to your business, or aren’t certain about the level of protection you need, the Horner Blakey team can help you build a policy that is customised to your exact needs

What does professional indemnity insurance cover?

Professional indemnity insurance could provide cover if you are required to pay compensation to a client for:

  • Making a mistake or providing bad advice
  • Sharing sensitive information with the client’s permission
  • Losing or damaging documentation you are responsible for
  • Producing or supporting defamatory statements about your client
  • Infringement of trademarks, copyrights, or intellectual property
  • Client losses that are caused by an employee of your business

How much does professional indemnity insurance cost?

There are several factors that need to be considered when calculating professional indemnity insurance costs, such as the size of your business, the sector you operate in and your claim history. Every insurance company uses their own formula to produce a final cost, which is why you may see some variances when you are searching for quotes.

Horner Blakey can help you receive accurate quotes from our panel of trusted insurers ensuring you get the right level of protection to match your budget and occupational risks.

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