Is it essential that I take out professional indemnity insurance?
Whilst indemnity insurance is not required by law, it is a type of insurance that the vast majority of businesses could not do without.
Just having a claim raised against you, regardless of whether it’s founded or even successful, can be timely and very costly. Our professional indemnity cover could not only pay out for a successful compensation claim brought against you but also, it can cover defence costs and provide legal advice even if the claim is not successful.
It’s also true that many professional trade organisations and institutions require you to have indemnity insurance before becoming a member.
How do I know how much cover I need?
For their own liability reasons you are unlikely to find an insurance company who will advise you exactly on how much cover you need. It is essentially your responsibility to take out adequate cover, although our advisers can go through your options over the phone and explain how you might want to calculate this cost. Alternatively, many industry organisations or professional bodies will likely be able to offer you advice.
I only work from home, do I still need professional indemnity insurance?
Professionals who send out products, offer advice of some kind, or provide some services from their own home can still cause harm for which they may be liable. For this reason it’s important you don’t make an assumption that you can’t do any damage when tucked away in your own home, and speak with an adviser about your risks.
I need more than just professional indemnity. Can you provide all my business insurance?
We can provide public, employers' and product liability packaged together with professional indemnity insurance easily in one package. If you require further business insurances like commercial property insurance, loss of earning, personal accident, stock cover we can provide these too.
How much liability insurance do I need?
We can advise you on the different kinds of liability insurance your business will require like whether you need employer’s liability of product liability.
What we can’t tell you is the limit of the sole traders liability insurance you should take out. It’s very unique to your business and may sometimes be influenced by local councils or authorities. If you’re struggling to figure out what you need it’s worth speaking to local authorities and councils to see if they have a minimum requirement you should adhere to.
What happens if I retire or cease trading?
When you stop trading or retire we recommend you still have something called ‘run off’ cover. This means that claims raised against you for an event that happened while you were still trading are covered (a claim can be raised any time up to 3 years after the fact). When you are ready we can arrange cover for you for this.
Do I receive a discount as a member of a professional association?
Many of our customers are eligible for a discount on their insurance simply by being a member of a professional association or industry body. What’s more, for many of these, we also offer profession specific policies too. This means you can get specific cover with great discounts! Speak to one of our advisers to find out how much you can save.
Can I pay in instalments?
If you would prefer to spread the cost of your policy you have the option of setting up a Direct Debit to pay your premium in equal monthly instalments through our preferred provider, Premium Credit Limited (PCL).
To find out more about PCL and direct debit payments, select Direct Debit.
To understand more about how PCL work together with Towergate, please read our Regulatory Information.
Where can I find more information about monthly Direct Debit?
If you want to know more about our monthly payment option, please read our dedicated page on Direct Debit.