Overview of Professional Indemnity Insurance Costs in the UK

The cost of Professional Indemnity Insurance Costs in the UK can vary significantly based on several factors, including the level of coverage, the nature of the business, and the claims history of the insured.

Cost Ranges

• Starting Prices: Professional indemnity insurance can start as low as £8.00 per month for basic coverage, with some policies available for around £74 per year for a limit of £50,000.
• Higher Coverage: For more comprehensive coverage, policies can range from £100,000 to £5 million. The cost typically increases with the level of coverage chosen.
• Annual Costs: Some quotes indicate that annual premiums can start from around £332 for a limit of £1 million.

Factors Influencing Cost

• Level of Coverage: Higher coverage limits generally lead to higher premiums.
• Business Type: Different professions may have varying risk levels, affecting the cost.
• Claims History: Businesses with fewer or no claims tend to pay lower premiums.

Conclusion

In summary, while you can find professional indemnity insurance starting from as little as £8 per month, the actual cost will depend on your specific needs and circumstances. It's advisable to compare quotes and consider the level of coverage required for your profession.