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Standard cover to protect your business if you cause financial losses to a third party
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Get a QuoteIncluded as standard with our public liability policy
Our standard cover is:
Financial loss insurance covers compensation claims when a client loses money because of your work, advice or services, even though nothing was damaged and nobody was hurt. For professionals, that’s the most likely shape of a claim: no broken property, no injury, just a client out of pocket and a solicitor’s letter with your name on it.
It’s also a cover you don’t need to remember to buy. Every Professional Saver policy includes £10,000 of financial loss cover as standard, alongside public liability, products liability, legal expenses and accidental death cover, from £55* a year, with the option to increase your financial loss limit to £50,000.
Financial loss insurance protects you against what insurers call pure financial loss: a third party’s monetary loss that doesn’t follow from injury or damage to property. Traditional public and products liability policies respond when something is broken or someone is hurt; a financial loss extension picks up the claims where the only casualty is the client’s bank balance.
An example makes it concrete. An architect’s flawed drawings cause construction delays and extra costs for the client. Nothing was damaged, nobody was injured, but the client has lost real money and can claim it back. Our policies shield professionals from exactly that kind of pay-out in scenarios like:
We cover the legal expenses and the compensation payments, so one professional mistake doesn’t have to become a business-ending event.
Save on your insurance Customers are always telling us how much they saved by switching
Trusted for over 40 years We’ve been providing insurance to businesses since 1984
Financial Strength Insurance provided by a Standard & Poor’s ‘AA- Stable’ rated insurer
Our Professional Saver Insurance (Covea) has been independently rated 5 Stars by Defaqto – the highest possible rating, awarded to excellent products with a comprehensive range of features and benefits.
Because a professional’s mistakes are usually financial rather than physical. Management consultants, architects, accountants and advisers rarely break things; they occasionally cost clients money. An IT consultant’s security oversight exposes client data to hackers. A solicitor’s error delays a property sale and triggers extra taxes. Even though you haven’t “damaged” anything, you can still be liable for the resulting losses, and without cover those pay-outs come straight from the business.
The risk is easy to underestimate precisely because it doesn’t look like an accident. There’s no dramatic moment, just a claim arriving weeks or months after the work was done. Financial loss cover exists for that quiet kind of claim.
Every Professional Saver policy includes £10,000 of financial loss cover as standard, and you can increase the limit to £50,000 as an optional upgrade when you quote. The excess on financial loss claims is 10% of the claim value, with a £2,500 minimum, so it’s a cover built for the substantial claims rather than the trivial ones.
If your work regularly touches decisions worth far more than the limit, say so when you get your quote; that’s usually the signal that professional indemnity cover should sit alongside it.
They’re neighbours, and plenty of professionals carry both. Financial loss cover is an extension of your liability policy: it handles third-party money claims connected to your business activities, at limits suited to everyday professional work. Professional indemnity insurance is the specialist, higher-limit cover for claims arising specifically from your professional advice, designs and services, including negligence, confidentiality breaches and intellectual property disputes.
A rule of thumb: if your judgement is the product you sell, you’ll want professional indemnity as well; the financial loss cover in your standard policy is the safety net underneath it. Both fit inside the same Professional Saver policy, alongside your public liability insurance, so there’s one renewal date and one set of documents.
Financial loss cover is included in every Professional Saver policy from £55* a year, with limits of £10,000 as standard or £50,000 as an option, backed by an insurer rated AA- (Stable) by Standard & Poor’s. Get a quote online in about five minutes, and the next time a client’s losses trace back to your work, the policy answers instead of your bank account.
* Total number of live policies as of 31/10/2025
From only£55per year From only£55per year From only£55per year From only£55per year From only£55per year Professionals get sued for substantial sums if small errors and oversights in their advice/services lead to major unexpected costs for clients. As financial loss insurance handles compensation claims where no “damage” occurs, it provides protection vital for their livelihood.
At Professional Saver, we can provide comprehensive coverage for financial loss in a variety of situations, including:
We cover advice, services and delays from all standard professional activities like:
And more – call us to discuss protections for your particular professional services.
Absolutely – we cater policies from just under £54 a year for both established and start-up professional practices. Newer start-ups can get entry-level coverage that increases as your client base and turnover grows over time. Whether you’re a freelancer, start-up company or an independent consultant, we can provide a specialist quote for your financial loss insurance.
Our policies cover professional services conducted anywhere globally, excluding the United States and Canada. So short-term overseas client consultations and meetings would be fully protected.
