Professional indemnity: the cost of bad advice An image of a piggy bank turned upside down on the left which has coins falling out. On the right there is text that reads 'businesses have incurred a £20,842 estimated average loss over the last 12 months due to substandard professional consultancy'

Professional indemnity insurance infographic: the cost of bad advice

Check out our infographic showing how much bad professional advice can cost your clients and how professional indemnity cover can provide them valuable peace of mind.

Recent research shows that over 320,000 small businesses have lost money due to following bad advice from consultants.

Of course, nobody sets out to give bad advice but mistakes can happen. If a freelancer, contractor and/or consultant, or a business, provides a client with inadequate advice, service or designs, that client might decide to sue for the resulting financial loss.

Our infographic below shows that the average cost of bad advice is over £20K, but the resulting legal fees and compensation can reach as high as £100k. With professional indemnity insurance, you can make sure your business and the people you work with are covered for any unexpected mistakes. 

Professional indemnity infographic showing the cost of bad consultancy advice

Find out more about how bad advice can cost clients and how professional indemnity insurance covers consultancy services in our news section.

Small Business Insurance Infographic

Last Updated: 30th Oct 2015