Professional Indemnity Insurance

What is Professional Indemnity Insurance?

Professional indemnity insurance (also referred to as PI insurance) is designed to protect you in the event that you make a mistake that causes financial loss for a client, who then takes legal action against your business. 

For example, if an error or omission in coding work causes your client’s system to go down, they could sue you. With a professional indemnity policy in place, the defence costs and resulting damages would be covered up to your level of cover, assuming that you’re found liable. 

PI insurance is one of the most commonly bought contractor insurances.

Why do Contractors Need PI Insurance?

Ultimately, because mistakes can happen and if your business is held liable for these, it could be financially devastating. Even if you haven’t done anything wrong but a client believes that you have and starts legal proceedings, the costs of expert advice and defence can mount up. Without professional indemnity insurance in place, you would have to pay this yourself. 

Additionally, PI insurance may also be stipulated in contractual arrangements by clients, meaning if you fail to hold this insurance could result in a breach of contract.

What Does Professional Indemnity Insurance Cover?

This business insurance covers a range of problems that you might face, including:

Professional negligence – like mistakes when providing your service to a client or poor advice.

Unintentional breach of confidentiality – like sharing sensitive client information.

Accidental breach of copyright – using images, logos or information without having been granted permission by the owner.

Defamation and libel – publicising inaccurate information or making false statements about a competitor, causing reputational damage.

For an instant professional indemnity insurance quote, please click here.

Professional Indemnity

Public Liability

IR35 Defence

Legal Expenses


Tax Enquiry

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