How Much Should I Be Paying For My Professional Indemnity Insurance?

Enough. But no more than you have to.

That might sound like a statement of the obvious but there are two very important points here that anyone looking for professional indemnity insurance should bear in mind.

Enough? The critical point is to make certain that you’re fully protected in the event of any claim for negligence being made against you. And the amount of professional indemnity cover required for that will depend on a number of factors. The type of work you do. The size of the projects you are involved in. The territories in which your business operates.

For example, an Engineering Consultant working on large overseas construction projects is almost certainly going to need a higher level of cover than, say, a Photographer who specialises in studio portrait shots. The point being that, not surprisingly, professional indemnity quotes are directly linked to the amount of cover required.
 
Trying to save money by taking out less professional indemnity than you really need could very well turn out to be a seriously false economy. If our illustrative Engineering Consultant was sued for a £1 million for causing a delay to a £multi-million project and only had £100,000 of professional indemnity cover, he (or she) would be responsible for that £900,000 shortfall. Rather more than most freelancers or small consultancy firms could afford.

But no more than you have to? These days with so much competition between online brokers, it really is possible to find a cheap professional indemnity quote without sacrificing anything in terms of service or reliability. Indeed, if you follow this link for professional indemnity insurance, you’ll find that premiums can start for as little as £165 p.a.

Resource:-

http://www.professionalindemnityinsurance.co.uk/