Professional indemnity insurance
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Professional indemnity insurance quote
Why choose Superscript for professional indemnity insurance?
Professional indemnity (PI) insurance (also known as errors and omissions insurance) protects your business from a range of exposures, such as mistakes in your service provided, compensation claims, contract disputes and intellectual property disputes.
20% of Superscript customers paid £9.08 a month or less for their professional indemnity cover between January and March 2023.
Our cover also includes media content liability as standard and is superbly flexible with no fees for amendments to the policy. We cover:
- Professional negligence
- Legal costs
- Copyright infringement
- Defamation
- Unpaid client fees
- Reputational damage
Benefits of our professional indemnity insurance
Payment of your fees
Where possible we want to avoid a claim as much as you do, so if it should arise, we can help settle a dispute between your company and your client regarding unpaid fees. We will pay the fees owed to you if a client refuses to pay and threatens to make a claim.
Reputation and brand protection costs
Our professional indemnity cover will pay for public relations and crisis management costs (including purchasing media space, printing and postage costs etc.) to protect your brand’s reputation in the event of a covered claim.
Intellectual property infringement
Accidental breaches of copyright are becoming more common for fast-growing companies in a saturated digital landscape. We pay up to £25,000 in legal costs to defend your business against others should it happen to you.
Professional credibility
Having professional indemnity cover means that your clients can maintain complete trust in your professional services, knowing that both parties are financially covered if an issue arises.
Professional indemnity insurance FAQs
What is professional indemnity insurance?
Professional indemnity insurance is a type of business insurance that provides cover for legal and compensation costs associated with a business's failure to meet contractual obligations with client(s). Learn more about what this type of cover involves.
What does professional indemnity insurance cover?
Professional indemnity insurance covers compensation and legal costs that arise from claims concerning a business's contracts with clients.
For example, a claim made against the business by a client, due to financial losses caused by the business's failure to fulfil a contract in time; or due to mistakes made while carrying out the work.
Who needs professional indemnity insurance?
All businesses that enter into contracts with other businesses or third parties in general should consider professional indemnity insurance. While it's not a legal obligation, clients will often require it and for professional and trade bodies, it's sometimes an eligibility requirement for membership.
How much professional indemnity insurance do I need?
The level of professional indemnity cover you need depends on the details of contracts your businesses enters into. You can learn more about which businesses need what kind of PI cover.
What is the difference between professional indemnity and public liability insurance?
The difference between professional indemnity insurance and public liability insurance is that professional indemnity insurance is relevant to claims concerning your contracts (e.g. mistakes or negligence) and public liability insurance concerns claims against you by members of the public, for injury or property damage due to your work.
Is professional indemnity insurance required by law?
Professional indemnity insurance is not a legal requirement for businesses in the UK. However, it is sometimes a requirement of clients or of professional membership or trade bodies.
Is professional indemnity insurance tax deductible?
Yes. Professional indemnity insurance is an 'allowable expense', which means that it's tax deductible in the UK.
What to look for in a professional indemnity policy
What you need from your professional indemnity policy will depend on the type of business you run. Professional consultants may have to make use of their professional indemnity insurance for providing misleading or negligent advice. Similarly, media companies that publish large amounts of content will be covered for copyright infringement and any issues surrounding defamation due to untrue claims being published.
Are Superscript insurance policies annual or monthly?
With Superscript you have the flexibility to pay for your insurance monthly or yearly, depending on what works best for you.
You can also amend your policy any time, without fees, so you can keep your cover up to date as your business changes during the policy period.
Authorised by the FCA
The FCA supervises UK financial services firms to protect consumers. We are directly authorised and regulated by the FCA and our Firm Reference Number is 656459. These details can be confirmed on the Financial Services Register at www.fca.org.uk or by calling the FCA on 0845 606 1234.
A-rated financial strength
Our insurance products are underwritten by Standard & Poor’s A-rated financial strength or higher. This means the underwriter has been independently assessed by the world’s leading credit rating provider and found to have a strong capacity to meet financial commitments (pay claims).
Protected by the FSCS
If you are a business with an annual turnover under £1m, charity with an annual income under £1m, or trust with net assets under £1m, then you will be entitled to compensation from the FSCS in the unlikely event we cannot meet our obligations. Full details and further information on the scheme are available at www.fscs.org.uk.