Professional Indemnity Insurance Simply Business

When you run a business, mistakes can happen—even with the best intentions. Professional indemnity insurance protects you against claims from clients who suffer financial loss due to your professional advice, services, or designs. Whether you’re an accountant, IT consultant, architect, or engineer, this coverage is essential to safeguard your reputation and finances.

Quick Answer

Professional indemnity insurance from Simply Business helps protect small businesses and self-employed professionals from claims of negligence, errors, or omissions. It covers legal fees, compensation costs, and settlements, ensuring your business stays protected against financial risks.

What Is Professional Indemnity Insurance?

Professional indemnity insurance (PII) is a policy designed for professionals who provide expertise or advice. It covers the cost of defending your business against claims of professional mistakes, poor advice, or failure to deliver on services.

In industries where trust and accuracy are key, even a small error can lead to significant financial damages. PII ensures you don’t carry the full burden of these costs.

Who Needs Professional Indemnity Insurance?

This type of insurance is vital for:

• Accountants & financial advisors – Protection against errors in financial reporting.

• IT consultants & developers – Coverage for software failures or data breaches.

• Architects & engineers – Protection against design flaws or project delays.

• Marketing & business consultants – Safeguard against claims of poor advice leading to financial loss.

If you provide advice, designs, or consultancy, professional indemnity insurance is not optional—it’s essential.

What Does It Cover?

Typical coverage includes:

• Negligence – Failing to meet industry standards.

• Errors or omissions – Mistakes in work or leaving out important details.

• Breach of contract – Not delivering agreed services.

• Defamation – Protecting against claims of slander or libel.

• Intellectual property disputes – Covering unintentional copyright infringement.

How Much Does Professional Indemnity Insurance Cost?

The cost depends on:

• Your profession and industry

• Business size and revenue

• Claims history

• Coverage limits required

On average, small businesses pay $300–$1,200 per year, while high-risk industries may pay more.

Benefits of Professional Indemnity Insurance

• Financial protection against costly lawsuits

• Peace of mind so you can focus on your business

• Client trust since many contracts require proof of coverage

• Compliance with industry regulations

FAQ Section

1. Is professional indemnity insurance required by law?
Not always, but many industries and contracts mandate it.

2. Can freelancers get professional indemnity insurance?
Yes. Freelancers and consultants benefit greatly since a single claim could wipe out personal savings.

3. What’s the difference between professional indemnity and general liability insurance?
General liability covers physical injuries or property damage. Professional indemnity covers financial losses from advice or services.

4. Does Simply Business only offer indemnity insurance?
No, Simply Business also provides general liability, workers’ compensation, and other policies for small businesses.

Final Thoughts

Professional indemnity insurance with Simply Business is more than just a policy—it’s a safety net that allows you to operate with confidence. Whether you’re an individual consultant or running a growing firm, this coverage protects you from financial risks that could otherwise threaten your livelihood.

👉 With nearly 100 carriers in our network, THAgency finds the best policy at the best price for your business. Start now and see your options instantly. Get your personalized quote today. It’s fast, secure, and tailored to you.