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In the UK, professional indemnity insurance (PI insurance) is a type of business cover that protects professionals against financial losses resulting from claims related to their work. It covers legal costs, expenses, and potential compensation awarded if a client sues due to negligent advice, services, or designs. Essentially, it helps shield businesses from the financial consequences of professional mistakes that cause clients harm. 
 
Here’s a more detailed explanation:
What it covers:
  • Legal costs and expenses: PI insurance covers the legal fees incurred in defending against a claim. 
     
  • Compensation payments: It covers the money a business needs to pay out if a client successfully claims compensation for losses caused by the professional’s negligence. 
     
  • Financial losses: It can cover the financial consequences of a client’s loss, such as reduced business revenue. 
     
  • Breach of contract: Some policies may also cover claims related to breach of contract. 
     
Why it’s important:
  • Protects against financial ruin:
    PI insurance can prevent a business from being financially crippled by a large legal bill or compensation payment. 
     
  • Safeguards reputation:
    It can help a business maintain its reputation by allowing it to resolve claims efficiently and without unnecessary exposure. 
     
  • Deters litigation:
    The presence of PI insurance can deter clients from pursuing claims by showing they are likely to be covered if they win. 
     
Who needs it?
  • Professionals in various fields:
    Anyone who provides professional services and advice can benefit from PI insurance, including lawyers, architects, engineers, consultants, IT specialists, and more. 
     
  • Businesses with clients:
    Any business that deals with clients and provides services or advice should consider PI insurance, as they could face claims if something goes wrong. 
     
  • Freelancers and contractors:
    Freelancers and contractors are also at risk of claims and should consider PI insurance. 
     
Important considerations:
  • Policy limits:
    PI insurance policies have limits on the amount they will pay out, so businesses should choose a policy with adequate coverage for their risk profile. 
     
  • Run-off cover:
    Some businesses, particularly law firms, may need run-off cover, which provides protection for claims made after a business has stopped operating. 
     
  • Exclusions:
    PI insurance policies often have exclusions, so it’s important to review the policy terms carefully.
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IAR Disclaimer:
BNIcompare (trading as UKcompare) is an Introducer Appointed Representative (IAR) of Seopa Ltd. Seopa Ltd are authorised and regulated by the Financial Conduct Authority (FCA). Quotezone is a trading style of Seopa Ltd. You can check this out on the financial services register at https://register.fca.org.uk/. FRN: 313860. Seopa Ltd is located at Floor 4, Blackstaff Studios, 8-10 Amelia Street, Belfast, Northern Ireland, BT2 7GS. The insurance quote system is independently owned and operated by Seopa Ltd.
 
Editorial Disclaimer:
The information contained within this webpage is for editorial purposes only, and not intended as financial advice.
 
Car Insurance Saving Figure
You could save up to £515*
*51% of consumers could save £515.24 on their Car Insurance. The saving was calculated by
comparing the cheapest price found with the average of the next six cheapest prices quoted
by insurance providers on Seopa Ltd’s insurance comparison website. This is based on
representative cost savings from December 2024 data. The savings you could achieve are
dependent on your individual circumstances and how you selected your current insurance
supplier.
 
Van Insurance Saving Figure
You could save up to £668*
*51% of consumers could save £668.40 on their Van Insurance. The saving was calculated by
comparing the cheapest price found with the average of the next five cheapest prices
quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based
on representative cost savings from November 2024. The savings you could achieve are
dependent on your individual circumstances.
 
Home Insurance Saving Figure
You could save up to £209*
*51% of consumers could save £209.33 on their Home Building & Contents Insurance. The
saving was calculated by comparing the cheapest price found with the average of the next
fourteen cheapest prices quoted by insurance providers on Seopa Ltd’s insurance
comparison website. This is based on representative cost savings from December 2024. The
savings you could achieve are dependent on your individual circumstances.
 
Motorbike Insurance Pay less than Figure
You could pay less than £285*
*51% of consumers who received a quote for Motorbike Insurance through this service
provided by Seopa Ltd. in January 2025 were quoted less than £284.82. The price you could
achieve is dependent on your individual circumstances.
 
Bicycle Insurance Pay less than Figures
1) You could pay less than £25 for bicycles valued up to £1500*
*51% of customers with a bicycle valued up to £1500 who obtained a quote for Bicycle
Insurance through this service provided by Seopa Ltd during December 2024 were quoted
less than £25.27. Using the same calculation for bicycles valued between £1500 and £3000
gave a figure of £51.59 and for bicycles valued over £3000 gave a figure of £103.18. The
quote price you could achieve is dependent on your individual circumstances.
2) You could pay less than £52 for bicycles valued between £1501 and £3000*
*51% of customers with a bicycle valued between £1500 and £3000 who obtained a quote
for Bicycle Insurance through this service provided by Seopa Ltd during December 2024
were quoted less than £51.59. Using the same calculation for bicycles valued up to £1500
gave a figure of £25.27 and for bicycles valued over £3000 gave a figure of £103.18. The
quote price you could achieve is dependent on your individual circumstances.
3) You could pay less than £103 for bicycles valued over £3000*
*51% of customers with a bicycle valued over £3000 who obtained a quote for Bicycle
Insurance through this service provided by Seopa Ltd during December 2024 were quoted
less than £103.18.. Using the same calculation for bicycles valued up to £1500 gave a figure
of £25.27 and for bicycles valued between £1500 and £3000 gave a figure of £51.59. The
quote price you could achieve is dependent on your individual circumstances.
 
Pet Insurance Pay from Figures
You could pay from £3.35 per month*
*Price per month for cover based on a dog, Burger, one year old, no known medical
conditions and up-to-date vaccinations. Based on quote data provided by Seopa Ltd during
November 2024. The quote price you could achieve is dependent on your individual
circumstances.
You could pay from £3.35 per month*
*Price per month for cover based on a cat, Ozzy, one year old, no known medical conditions,
up-to-date vaccinations, and microchipped. Based on quote data provided by Seopa Ltd
during August 2024. The quote price you could achieve is dependent on your individual
circumstances.
 
Breakdown Insurance Pay from Figures
You could pay from £15.49 per year*
*Based on quote data provided by Seopa Ltd during November 2024. This quote was
provided to the majority of customers. The quote price you could achieve is dependent on your individual circumstances. 
 
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