Do I need professional indemnity insurance?

If you give professional advice or provide designs, you should consider taking out professional indemnity. Without this insurance you could be liable for thousands of pounds worth of legal fees, and if the client is successful in proving you were negligent, you would also need to pay compensation. By taking out a professional indemnity policy, you know that if a claim comes your way you will be covered.

Is professional indemnity insurance required by law?

Unlike employers’ liability, professional indemnity insurance is not legally required as a tradesperson. Professional indemnity insurance will sometimes be required for a client’s contract or if you are part of a professional body. As a tradesperson having this cover in place can give you can have peace of mind that you are covered if you make a mistake.

At Tradesman Insure we provide immediate proof of cover when you purchase your policy, which will show to customers and professional bodies that you’re properly covered for professional negligence. This way, you can take on jobs with confidence, knowing you’ve got the cover you need.

How much does professional indemnity insurance cost?

Your policy price will depend on a variety of factors that are specific to your business. These are commonly:

Trade – what trade you work in will depend on your premium price as some trades are deemed higher risk than other.

Size of business – If you have a high business turnover or have employees, this would increase your premium price as there are more people you are needing to cover.

At TradesmanInsure, our professional indemnity insurance starts from £8 a month* and offer cover between £50,000 and £1 million to suit your specific trade’s needs. To find out how much you would pay, get an online quote now.

So, whether you’re a plumber, an electrician, or a painter, there’s a comprehensive insurance solution available to suit your trade businesses’ needs.

*Price based on a handyman requiring £50,000 in professional indemnity.

What level of professional indemnity should I choose?

If you’re setting up professional indemnity insurance to meet the needs of a client contract or a regulated industry body, it’s a good idea to check with them if they require a minimum level of cover before you start working. If your client or industry body doesn’t have any set requirements, it’s worth thinking about the worst-case scenario and the potential costs involved in fixing any mistakes you might make.

We offer professional indemnity insurance for over 300 trades and have cover levels ranging from £50,000 to £5 million, so you’re sure to find something that suits your business.