Business Insurance
Professional indemnity insurance for UK businesses from £8 per month*
Protect your business against claims on your advice or services with Tide Professional Indemnity Insurance. Get a quote in minutes.
- Covers legal costs and compensation if a client claims your service resulted in financial loss to them
- Tailored to your industry, your team and how you work
- Tide is trusted by over 2 million businesses worldwide
- Pay monthly and cancel anytime
- Personalised quotes in minutes
- Tide is FCA Regulated
Get covered in three simple steps
Getting business insurance through Tide is straightforward. Quotes in minutes, no lengthy forms, just the protection your business needs.
Tell Tide about your business
Such as, what type of business you have, the size, how many employees.
Get your quote
Get personalised insurance quotes from Tide, tailored to your business type and circumstances.
Buy your policy
Happy with your quote? Complete your purchase securely online and get your certificate of insurance straight away.
Tide Business Insurance
Public Liability Insurance
Covers claims if a member of the public is injured or their property is damaged as a result of your business activities.
Read more…
Employers Liability Insurance
Required by law if you employ anyone in the UK. Covers compensation claims from employees who are injured or become ill as a result of their work.
Read more…
Professional Indemnity Insurance
Covers claims that your advice, services or professional work caused a client financial loss. Important for consultants, freelancers and service businesses.
Read more…
Benefits of Tide Business Insurance
Tide, a name businesses trust
Tide already supports over 2 million freelancers, contractors and businesses worldwide.
Tide Insurance is built with simplicity and transparency that business owners have come to expect from their business banking.
Protect your business quickly and easily.
Cover that fits your business
Not every business needs the same protection. Take out a single policy or combine multiple types of cover based on your business needs.
Just answer a few straightforward questions about your business and get quotes in minutes
Easy to Manage
Pay only for what you need, pay monthly and cancel anytime.
Manage your policies and documents in the app.
More insurance options available as you grow.
All legal and regulatory responsibilities for business insurance services introduced on the Know Your Business webpages are held by Tide Insurance Services Ltd.
What is professional indemnity insurance?
Professional Indemnity Insurance, sometimes called PII insurance or Professional Liability Insurance, protects your business if a client claims that your work, advice or professional services caused them a financial loss.
Even if you take every care in your work, mistakes happen. A misunderstood brief, an error in a report or advice that a client later disputes could lead to a costly legal claim. Professional indemnity insurance covers your legal defence costs and any compensation, if you are required to pay, protecting your business from claims that could otherwise be financially ruinous.
Professional indemnity insurance is not a legal requirement for many professions in the UK, but it can be strongly expected in many industries. Freelancers, IT Contractors, Consultants are some of the significant number of key professions that operate services that are at risk of a claim, so much so, that potential commercial partners, particularly larger businesses and public-sector organisations, will insist you hold this protection, at a specific cover level before contracts can be signed.
Professions that operate under regulatory bodies, such as solicitors, accountants, architects, financial advisers and healthcare professionals are required to hold PII as part of their licences or authorisation, to practice.
Whether you are a sole trader or run a growing consultancy, if you provide advice, expertise or a professional service of any kind, Professional Indemnity Insurance is one of the most important policies you should be considering.
What does professional indemnity insurance cover?
A professional indemnity insurance policy protects you against claims arising from your professional work. A standard policy usually covers areas such as:
✓ Legal defence costs if a client brings a claim against you
✓ Compensation you are required to pay if a claim is upheld
✓ Claims arising from professional errors, omissions or negligent advice
✓ Breach of professional duty, including failure to meet the standard of care expected in your industry
✓ Infringement of intellectual property rights
✓ Defamation and libel arising from your professional activities
✓ Loss of documents or data belonging to a client
Professional indemnity insurance is not designed to cover deliberate or fraudulent acts, injury or property damage caused to third parties (that’s public liability), claims related to employment disputes (that’s employers liability), or circumstances you were already aware of before the policy started.
It is important to note that most professional indemnity policies operate on a ‘claims-made’ basis. This means your policy must be active at the time the claim is brought against you, not when the work was originally done. Consequently, you must maintain continuous cover, even after a contract or project ends, to ensure you remain protected against past work..
Who needs professional indemnity insurance?
Professional indemnity insurance is relevant to any business or individual that provides advice, expertise, or a professional service to clients. Examples of professions that PII is relevant for are:
- Consultants and business advisers of all types
- IT contractors, developers and technology service providers
- Marketing, creative and design agencies and freelancers
- Accountants, bookkeepers and financial advisers
- Architects, engineers and surveyors
- Solicitors and legal professionals
- Healthcare and therapy practitioners
- Recruitment agencies and HR consultants
- Training providers and coaches
If you are just starting out as a freelancer or setting up a consultancy, professional indemnity insurance is a policy worth considering from the start. The cost can be lower than people expect, and the protection it provides can be substantial.
How much does professional indemnity insurance cost?
The cost of professional indemnity insurance depends on your profession, the nature of your work, your annual turnover, the level of cover you need, and your claims history.
Professional Indemnity Insurance FAQs
Is professional indemnity insurance a legal requirement?
Professional indemnity insurance is not a legal requirement in the UK for most businesses. However, certain regulated professions, including solicitors, financial advisers, architects and healthcare professionals are required to hold PI cover by their professional body or regulator. Many corporate clients also require it before awarding contracts.
What level of professional indemnity cover do I need?
The right level depends on your industry and the requirements of your clients. Check your client contracts for any specified minimums before selecting a cover level.
What is the difference between professional indemnity and public liability insurance?
Professional indemnity insurance covers financial loss claims arising from your professional advice or services. Public liability insurance covers physical injury or property damage to third parties caused by your business activities..
What does ‘claims-made’ mean in professional indemnity insurance?
Most professional indemnity policies are ‘claims-made’, which means the policy must be active when the claim is made, not just when the work was carried out. It is advisable to maintain continuous cover, even after completing a project, to ensure you remain protected against late claims.
Can I get professional indemnity insurance as a freelancer?
Yes, professional indemnity insurance is available to freelancers, sole traders and the self-employed, and is often more affordable than people expect. If you provide any form of advice, design, consulting or professional service to clients, PI cover is worth serious consideration.