Toolbox by Admiral launches new PI product for small businesses

Toolbox by Admiral has launched a new professional indemnity (PI) insurance product for small business owners and those who are self-employed, a statement released today (28 September 2023) said.

The new policy is designed to provide customers with protection should they face a claim of negligence in their professional duty.

This would include consultants who are accused of providing bad advice, designers who face a copyright lawsuit, or web developers who deliver faulty code to a client.

Simon Flynn, chief executive of Toolbox by Admiral, said the product had been launched to help protect businesses when their situations change.

“Starting and running your own business can be exciting, but there can also be a level of uncertainty and a business’ situation can quickly change,” he added.

How it works

The new PI policy includes an entry level insurance product from £5 per month, giving small business owners £50,000 in indemnity protection to start.

Customers can choose to add further indemnity cover up to £1m or add public liability, employer’s liability, or legal expenses cover to the same policy if needed.

They also do not have to pay to make policy changes or cancellations and nor will they pay if they opt to pay monthly rather than annually.

“In line with our purpose to help more people look after their future, we’ve created a fee-free insurance product that supports small business owners by offering them both flexibility and peace of mind that their business is protected if the worst were to happen,” Flynn added.