A Guide to SME and Professional Indemnity Insurance

Robert Brown • May 22, 2019

The Small Medium Enterprise (SME) has become a sector in its own right. Over the last eight years the amount of people choosing to become their own boss or choosing to go freelance has jumped from 1.4 million to 1.9 million.

It’s easy to see why an SME might be appealing. The chance for a more fulfilling work/life balance, to explore careers that better suite your particular set of skills and to ability to escape from the traditional 9-5 way of doing things.

That’s not to say it’s all 12pm-3pm work days with Mondays off. You’ll need to learn the admin of the business, how to process your own taxes and National Insurance. As your business grows from small to medium, you’ll have to learn how to manage and employ staff. As your business grows, so will your client base and team of employees. How can you ensure you’re protected should the worst happen? Professional Indemnity Insurance could hold the answers.

What is professional indemnity insurance?

Professional Indemnity Insurance is a product that is designed to protect you or your business against the things that might go wrong whilst you are providing your professional service. For example, a professional indemnity insurance policy can cover mistakes that created a financial expense for you or your client, negligence on your part or breaches of professional duty. Essentially, professional indemnity insurance protects you against human error, something that can’t always be accounted for. You can look at a professional indemnity insurance policy in much the same way as your home insurance policy. You have it for peace of mind, in the hope that you never need it, but if you ever do, it will ensure that your business can continue trading.

What types of businesses need professional indemnity insurance?

We currently live in a culture of blame, with people constantly looking for someone to point the finger at should things go wrong. Whilst in the past, professional indemnity insurance was protection for individuals or companies who provide services and advice upon which their clients depend (for example architects or accountants). Now, however, it’s important that all businesses are protected against mistakes.

Looking for the right professional indemnity insurance? Forum Insurance can assist you in finding the best possible cover for your business at the best price.





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