What is professional indemnity insurance?
Professional indemnity insurance, also referred to as PI insurance, is a type of business insurance that covers you for costs if you make a mistake in a piece of work for a client that causes them financial or reputational loss.
How much does professional indemnity insurance cost?
Insurers will set your premiums for professional indemnity insurance based on factors such as:
Size and type of business: Bigger businesses generally have more at stake when it comes to financial and reputational losses, so you’ll generally need higher levels of cover if your client is a big company
Nature of the work you do: If your business faces high levels of risk, then insurers are also likely to charge more in premiums