This professional indemnity insurance cover will provide protection for your business in the event of claims for professional error, omissions, or professional neglect towards a third party to whom you owe a duty of care. Failing to have professional indemnity insurance will expose you and your company to the risk of being taken to court and sued for a variety of claims such as breach of confidentiality, libel, slander and professional neglect. 

A retroactive date is the date from which you have held uninterrupted professional indemnity insurance cover (even if you changed insurer during this time) or a date in the past from which your insurer has agreed to cover you. Any claims that arise from events prior to this date is not covered by your insurance.

Professional indemnity insurance is underwritten on a claims-made basis, which means that there must be a policy in force for you to make a claim. If your short terms contract finishes and you cancel the policy, you will not be covered for the work you have undertaken. 

Professional indemnity is not a legal requirement. However, when bidding for a contract most companies will insist on a contractor/consultant having professional indemnity insurance cover in place.

Based on a sum insured of £50,000 for an Business Consultants with an annual turnover of £29,000. Annual price based on the previous criteria. Monthly price is equal to annual price divided by 12 for demonstration purposes. Monthly payments may not be payable monthly by direct debit if it does not meet our minimum direct debit threshold. Paying by direct debit will incur additional charges including interest. Quoted between 01^st April 2023 to 31^st May 2024, including insurance premium tax but excluding any additional products, fees or upgrades, with payment taken on an annual basis. For comparison only, your premium will depend on your circumstances and the level of cover you choose. Premium may vary by post code and other risk factors. Occasionally the premium quoted may be lower than the from price due to the unique profile where it is not reflective of the type of risks used to determine the from price