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insurance: Indemnity Insurance

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Indemnity Insurance

Indemnity insurance is a special type of insurance that is aimed at business owners. This type of insurance financially protects a business should they make a misjudgement which causes a third party to make a claim.Why do I need Indemnity Insurance?If you own a business which offers advice or a professional service, such as an IT consultancy company or an architecture company, indemnity insurance is vital. If you or one of your employees makes a mistake, this type of insurance can help cover legal fees as well as covering the cost to put right the error.

How to Choose the Best Indemnity Insurance Policy

While most companies that offer indemnity insurance cover a range of business types, it is always a good idea to double check that your type of business is covered by the policy. This is especially the case for niche or unusual companies. In addition, as you search the web for the best indemnity insurance, you will find that some insurance companies specialise in specific industries such as finance or healthcare.

Many business insurance companies offer indemnity insurance as an additional extra. So, if you already have liability insurance or another type of business insurance, it is always wise to enquire how much it would cost if you were to purchase your indemnity insurance from the same provider.

Get quotes from a range of providers. These quotes can be obtained from the company directly, either on their website or calling up an advisor, or by using a price comparison website. Although price is a major factor to consider when picking the best indemnity insurance, it is important to compare the features of each indemnity insurance policy. Important questions to ask include: what is the maximum amount of cover? Are there any situations which are not covered?

Top Indemnity Insurance Providers

  • Simply business is one of the most popular providers of indemnity insurance. As well as offering a general indemnity insurance policy they also offer a range of policies that are tailored towards specific business such as offices and salons.
  • Hiscox is one of the best providers of professional indemnity insurance and has won a number of awards for its small business insurance.
  • Endsleigh are another great provider of professional indemnity insurance and their policies can be extended to encompass other eventualities such as business interruption.
- Business Types Covered Online Discount Maximum Amount of Cover
Hiscox Professional none £10 million
AXA Professional 10% £5 million
Simply Business All and a number of bespoke policies none £5 million
Moreth>n Professional none £1 million