About Us
We are independent insurance brokers specialising in professional indemnity insurance. We work with progressive, forward-thinking firms mainly in the technology, financial, property & construction, legal and accountancy sectors.
Protecting your firm
We fight hard. Whether it's securing the right cover, negotiating a premium or resolving a troublesome claim we are always at the front fighting for our clients.
Easy to do business with
Although we work hard to deliver the highest standard of expertise and technical skill, we are first and foremost a people business. It's the consistency of our dedicated team and the time and care we all put into building strong relationships that sets us apart.
We enjoy what we do
Being passionate about our work is important. It generates the enthusiasm that comes through in everything we do.
Everyone has a voice
We listen, we understand and we connect. This applies not only to our clients but to each other. We recognise and combine the skills and experience of our team to do the best job.
Our Aim
Our aim is to be the best not the largest insurance broker, by providing expert advice, exceptional service and delivering the best possible outcomes for our clients and our team.
Why Professionalindemnity.co.uk?
When you buy with us you become a client and so you are more than just a policyholder.
As well as the low premiums you will find on our website, we are regulated insurance brokers and as such we are always acting for your best interests, not the insurance company.
Who are Professionalindemnity.co.uk?
We are the online division of Professional Indemnity Insurance Brokers and as our name suggests, we are professional indemnity insurance specialists. Since 2010 we've been delivering quotations online to thousands of professionals. You can read more about us by visiting the About Us section of the website.
We are regulated by the Financial Conduct Authority (FCA) and members of the British Insurance Brokers' Association (BIBA).
What is professional indemnity insurance?
Professional indemnity insurance (PI) is essential insurance protection for anyone who provides a service or advice. Regardless of how many years experience your firm may have, there is always the possibility you (or one of your team) could make a mistake.
Professional indemnity insurance protects you if a client or third party claims against you because they think you've done something wrong. In many cases the policyholder may not have done anything wrong but needs the policy to defend themselves from expensive litigation instigated by a disgruntled client who might have caused their own loss.
The policy pays for an expert solicitor to represent the policyholder if something goes wrong and also pay any damages you're liable for.
Because of the high cost of negligence and litigation, professional indemnity claims can be surprisingly large running from hundreds into many millions of pounds.
Please download our informative FREE guide 'What you need to know about buying professional indemnity insurance'.
What is a retroactive date?
A retroactive date means that a professional Indemnity policy is providing you with protection for your work carried out after that date. For example if the policy has a retroactive date of the 1st January 2015 you would be covered for claims made against you for your work carried out after 1st January 2015. For full protection, the retroactive date is normally the date you begin trading. For more information please view our Run Off guidance note here.
What is a material fact or material information?
A material fact is anything that may influence the judgement of a prudent insurance underwriter in deciding whether to accept a risk and if so at what premium and terms.
Using the insurance principle of ‘utmost good faith’ you should disclose all the material facts about your risk which you know or should know.
Please read our free guidance note 'Your Duty of Disclosure'.
I'd like to give some feedback - who should I contact?
Our management team are always very keen to hear from our customers or visitors to our website. We believe that feedback is critical to help shape a business and continuously improve the customer service we deliver for the future. Please e-mail any comments to info@professionalindemnity.co.uk. All comments are read and will be responded to.
How much professional indemnity insurance do I need?
The limit of indemnity (LOI) is the amount of cover or protection provided under the professional indemnity policy.
Calculating the right amount isn't an exact science, but getting is right is very important. Buy too much and you may waste some money, but buy too little and you risk under-insuring which could have disastrous consequences.
Nobody knows your business and the exposure it faces better than you and our general advice would always be to buy as much cover as you can reasonably afford.
Often a client may set the minimum limit of the indemnity they require you to have. Or if you are regulated by your professional association, institution or an affinity group, they will probably give you guidance on the level of cover you should buy.
There are some important key points you need to consider and these are listed in our informative FREE guide on the subject 'What you need to know about the limit of indemnity'.
Do I pay any VAT on my insurance premium?
Insurance premiums are not subject to VAT on commercial and personal lines policies. However, please note that tax is still payable in the form of Insurance Premium Tax (IPT).
There are two rates:
- a standard rate
- a higher rate - for travel insurance, mechanical or electrical appliances insurance and some vehicle insurance
The IPT rate is lower that the rate of VAT and the standard is set at 12%. Unlike VAT, insurance premium tax can not be recovered and like any tax is subject to change. The higher rate is set at 20%.
There are a number of exemptions from IPT, including:
- most long-term insurance
- re-insurance
- insurance for commercial ships and aircraft
- insurance for commercial goods in international transit
- premiums for risks located outside the UK - these may be liable to similar
- taxes imposed by other countries
There is a useful page dedicated to Insurance Premium Tax on the UK Government website. Here's the link.
Do I have to have professional Indemnity insurance?
Many organisations now insist that their Contractors carry their own professional indemnity insurance. They will usually require evidence of insurance cover in the form of the policy document or a certificate.
For regulated professions such as Accountants, Chartered Surveyors, Architects, Solicitors, Financial Advisers, PI is usually stipulated as a requirement of their professional bodies.
Because of the rise in litigation cases involving professional services, many businesses now also choose to take out professional indemnity to protect themselves in case they are sued for mistakes they make.
Can anyone quote and buy online?
Over 500 different professions and occupations can now quote and buy cover online. However, if your professional risk is more complex (for example Solicitors, Chartered Surveyors, Architects or IFAs) or if your annual turnover is more than £ 200,000 your business may need our corporate broker service. We provide highly competitive quotes and a specialist service that guides you smoothly through the more complex aspects of professional indemnity insurance. Please call us on 01934 710144 or visit our corporate service website www.professionalindemnity.com.
Are you regulated by the Financial Conduct Authority?
Yes, we are regulated by the Financial Conduct Authority (FCA). We have an Appointed Representative status which means our business is monitored independently for FCA compliance purposes. This gives our customers excellent consumer protection.
Your can check our registration details at the Financial Services Register.
We hope this answers your questions. For more information please call us on 0345 251 4000 or email support@professionalindemnity.co.uk.