Review: PolicyBee Professional Indemnity Insurance

Key policy benefits

• No admin charge
• No interest on direct debit payments
• Ability to hibernate policy while you're not working
• Cover from £7.99 per month

Summary

PolicyBee is a specialist professional indemnity and business insurance broker. PolicyBee’s CEO started the company to make business insurance simpler and more customer friendly and, ten years later, PolicyBee is known for its effective and efficient service.

Bought By Many has teamed up with PolicyBee to offer an exclusive discount on indemnity cover for IT contractors, marketing professionals and web designers.

What is professional indemnity insurance?

Professional indemnity covers you in case a legal claim about the quality of your work is brought against you by a client (or a third party).

Claims tend to vary by industry but can include negligence, copyright infringement, defamation and loss of important documents.

In a nutshell, it protects you from others claiming they lost money as a result of your work.

Click here to find out more about Professional Indemnity Insurance.

An overview of the Professional Indemnity cover provided by PolicyBee

PolicyBee offers three levels of cover – Essential, Classic and Pro.

The exact details of the policy vary from profession to profession, but most policies offer professional indemnity cover of between £100,000 to £1m, £1m public liability cover and cover for equipment. Some policies also include employer’s liability, legal expenses and office contents.

You can also build your own tailor-made policy, providing your business meets the minimum annual turnover requirement (this also varies by profession).

An important aspect of PolicyBee’s Professional Indemnity Insurance is that you can “hibernate” it.

Many contractors can have breaks of several months between jobs, and paying for indemnity insurance during this time is an unnecessary expense. With PolicyBee, you will pay lower premiums while you’re not working, but you will still be covered in case someone brings a claim against you for previous jobs you worked on.

Click here for our top tips on making the most of your time between contracts.

PolicyBee also offers Cyber Insurance. This cover protects IT professionals in case their IT systems are compromised or their clients’ data is breeched through a hack. Understandably, as business are increasingly reliant on online services, this is fast becoming one of PolicyBee’s most popular products.

Other types of insurance are available, including Business and Office, Charity, Online Retailers and Personal Accident.

If you are unsure of the type or level of cover you need, you can contact PolicyBee for advice. You can request a call back through their website, click on live chat or contact their knowledgeable staff by phone.

When you purchase your insurance through PolicyBee, you get all of your documents sent to your email – no need to sign or post anything.

Get a 10% discount on PolicyBee’s Professional Indemnity insurance by joining our IT Contractors, Marketing and Advertising Professionals or Web Designers Group.

How much does cover from PolicyBee cost?

The cost of indemnity cover varies according to different individual factors such as the type of business, the size of the company and the level of cover required.

However, according to the PolicyBee website, their Professional Indemnity Insurance starts from just £7.99 a month.

Additionally, PolicyBee guarantees you will never have to pay an admin fee on any policy you purchase from them, and they do not charge interest for direct debit payments.

You can save 10% off your Indemnity Insurance by joining our group for Web Designers, IT Contractors or Marketing and Advertising Professionals.

What do PolicyBee customer reviews say?

On Feefo, PolicyBee received 99% positive feedback for its service, with 437 out of the 547 customers who left reviews in the past year rating the company Excellent, and a further 107 rating it Good. The reviews cover a wide range of professions, including editors, photographers, consultants, accountants and designers.