Editors Note: Howdy, this article is for you our American friends who have joined us in the UK, errors and omissions policies are more commonly known as professional indemnity insurance here.
We’re only human, and we all make mistakes. But for companies, the cost of putting things right can quickly snowball, reaching hundreds of thousands – or even millions – of pounds. If somebody makes a claim against your business for an error or oversight made by you or your staff, the company could find itself in a bank-breaking lawsuit. Errors and omissions insurance is a way for firms to protect themselves and their team financially from any legal action resulting from faults in their work.
Finding a Provider
Before looking for an errors and omissions insurance supplier, the first thing to establish is any features of cover you need as well as a suitable indemnity limit, either by calculation or by consulting the relevant trade association. This can help narrow down your search by ruling out some providers from the start. If you work in a particularly high-risk industry, it may also be worth seeking a policy tailored to your sector. Once you’re ready to find an insurer, there are three ways you can find a suitable insurance solution.
- Approaching insurers directly – Errors and omissions insurance, or professional indemnity insurance, is one of the more common types of commercial cover taken out by firms in the UK. Many insurance companies offer some form of E&O coverage, which they typically advertise on their websites. There, you can find details of the policy’s coverage, including exclusions and benefits. Many sites allow you to generate a quote online, or you can speak to one of their dedicated advisers to work out a suitable level of protection and to find a policy that’s right for you.
- Using a broker – One of the most significant benefits of finding insurance via a broker is that they can help you calculate an appropriate indemnity limit for your business. It can be difficult for companies to predict the potential financial damage they might incur from giving poor advice or making a mistake. Brokers have years of expert industry knowledge and are familiar with the types of claims that third-parties may lodge against you, based on your business’ size, type and industry.
- Using comparison websites – When searching for any insurance, the choice on the market can seem overwhelming, and with more and more providers offering E&O cover, it can be challenging to know where to start. Comparison websites can provide a helpful starting point by collating various products on the market from multiple providers, allowing you to compare the features and prices of each policy easily. Many sites allow you to set different parameters and criteria to narrow down your search results to quickly find solutions which correspond to your needs.
Errors and Omissions Providers in UK (PII)
This list provides an overview of some of the errors and omissions insurance products on the UK market today.
AXA
Up to £5 million is available in errors and omissions cover from AXA under their professional indemnity product. AXA can provide a range of specialist policies for accountants, surveyors and many more professions, as well as tailored plans for IT companies and recruitment firms. Their policies can cover any claims relating to financial losses for a client due to advice, designs, specifications or mistakes made by your business. They can cover compensation settlements and defence costs, including solicitors’ fees and expert legal counsel.
Other perks to a policy with AXA include the option to add a range of cover extensions, such as public liability, court attendance costs, defamation and data protection. AXA has a 92% customer satisfaction rate, achieving a rating of 4.6 out of 5 based on over 12,000 feefo reviews. You can generate a quick and easy quote online.
Crosby Insurance (Brokers)
An errors and omissions insurance policy through Crosby Insurance can cover the business owner, salaried and hourly employees as well as subcontractors working on behalf of the business, for a range of errors or omissions that occur during business activities. They can arrange policies with worldwide cover and a retroactive start date, to cover unforeseen claims arising from work already completed. Crosby’s expert agents are able to recommend suitable policies and build tailored coverage to cater to the specific risks your business faces, according to its field and industry. You can generate a quick online quote through their website.
Creative Risk Solutions
Founded in 2007, Creative Risk Solutions aim to provide a viable alternative to a national insurance broker, by offering cost-effective solutions with the same level of expertise. Their conscientious customer service provides a personal approach while remaining efficient and professoinal. Creative Risk specialises in coverage for companies in the creative sector, although they can also cater to accountants, banks, architects, engineers, solicitors, recruitment consultants and many more.
Their policy can include data protection, cyber crime coverage, directors’ and officers’ liability and asset protection all under one comprehensive policy. For more information on their errors and omissions cover, you can phone them directly or submit an enquiry through their website.
Blackfriars Group Insurance (Broker)
Errors and omissions insurance is available through Blackfriars Group, written on a claims-made basis. Blackfriars specialises in professional indemnity insurance, allowing them to arrange bespoke policies to cover a broad range of service providers, including professional advisers, lawyers, accountants, consultants, engineers and medical practitioners. They can cover claims relating to financial loss from professional negligence and breach of professional duty, covering compensation payouts and legal defence costs. You can find a quote online by entering some company details, or request a callback through their website.
Markel UK
Extensive E&O cover is available from Markel as part of their professional indemnity product, which can cover legal costs and compensation payouts relating to a variety of claims. Risks they can cover include professional negligence, unintentional breach of confidentiality or copyright, defamation, loss of documents and loss of money for which you are responsible. Their cover is suitable for any company providing advice, designs or professional services, and they can cover over 200 professions, including business consultants, IT contractors, architects, teachers, accountants and surveyors, as well as those in the creative and marketing industries.
All policyholders have access to a legal advice helpline as well as a range of resources through the legal document hub for support with any commercial legal issues. Up to £5 million is available in indemnity, and you can generate a quick online quote in just 90 seconds.
Direct Line
Over half a million businesses have taken out insurance with Direct Line, who offer a comprehensive range of business insurance solutions. One of these is their errors and omissions cover, with up to £5 million of indemnity available. Their policy, known as professional indemnity insurance, can cover defence costs, including lawyer and court fees on top of the maximum indemnity limit.
All policyholders have access to a legal helpline 24/7, where they can obtain advice from a team of solicitors and legal experts. Other perks include the option to take out retroactive cover and the flexibility to make policy changes without admin fees. Direct Line guarantee to beat quotes from other providers for equivalent coverage for new customers: you can generate a quote using their online tool or call directly to arrange cover.
Hiscox
Flexible errors and omissions coverage is available from Hiscox. Their UK-based product is known as professional indemnity and can offer up to £10 million in cover for legal costs and compensation payouts. Hiscox has a range of industry-specific policies for tailored protection, or you can build a bespoke plan based on your business’ unique risks. Hiscox understands that companies face a constantly evolving risk environment, which is why they allow policyholders to make amendments to their cover at no extra cost. Their policy can cover professional negligence, poor business advice, breach of confidence, infringing intellectual property rights and defamation. You can access a quote online in a matter of minutes.
Aviva
Up to £2 million of errors and omissions insurance is available from Aviva to cover compensation payouts and legal fees associated with a range of professional negligence claims. They can cover poor advice, mistakes in designs or plans and accidental breaches of data protection and confidentiality. The policy also includes cover for recovering lost or damaged data. All policyholders have access to a free legal and tax helpline for support and advice around the clock, and a UK-based claims centre handles all claims. Companies with nine or fewer employees can arrange cover directly with Aviva, and larger companies can arrange cover through a broker.
Towergate Insurance
Rated 4.6 out of 5 based on over 10,000 reviews is Towergate Insurance. Their E&O cover comes in the form of professional indemnity insurance, with limits available from £1 million to £10 million. Towergate can arrange policies with worldwide cover tailored to hundreds of different professions, including electricians, freelancers, speech therapists, accountants and more. Towergate can also offer packaged policies for these professions, together with public and employers’ liability insurance, tools cover and data protection. You can access a quote online, or arrange cover starting instantly over the phone.
Travellers
One of the market leaders in professional indemnity insurance is Travellers. They can arrange cover for a variety of professions, including architects, lawyers, accountants and other service providers, with bespoke policy features to cater to their different risk profiles. Their policies can cover defamation, dishonesty, breach of confidence, breach of intellectual property rights and a multitude of other professional negligence claims. Policyholders have access to claims experts as well as experienced advisers who can help improve your business’ risk profile. Existing customers can also obtain run-off insurance if they’re looking to close their firm. Their solutions are available exclusively through brokers.
Ageas
A wide range of trades and occupations can take out E&O cover from Ageas, available exclusively through brokers. Their policy can cater to consultants and trainers, advertising agencies, design and marketing firms, electricians, interpreters and translators. Their policies come with flexible levels of indemnity, varying from £50,000 to £5 million. They can offer worldwide cover, excluding North America, and can combine professional indemnity cover with other products, such as public liability, employers’ liability, office contents and business interruption. Policyholders have access to a legal helpline 24 hours a day all year round, for advice on any legal issues the company faces.
AIG
AIG specialises in tailored policies designed for a wide range of professional activities, addressing the unique risks faced in each occupation. They have policies that cater to architects, surveyors, contractors, accountants, engineers, management consultants, solicitors and many others. They insure a range of civil liabilities including fraud and dishonestly, unintentional breach of contract, misleading statement, wrongful acts, defamation and infringement of intellectual property rights.
AIG offers one of the most extensive indemnity limits on the market, with the capacity to insure up to £16.5 million. Their policies also come with optional add-ons, including coverage in the USA and Canada and mitigation of loss coverage. AIG’s commercial insurance is available exclusively through brokers and intermediaries.
