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How Much Does Insurance Cost for A Private Investigator?

As a private investigator, protecting yourself and your business should be one of your main concerns. The best way to do this is by investing in insurance. Private Investigator and their business are exposed to a lot of risks. Any of these can lead to a situation that ends up with you in a court of law.

When this happens, having insurance is something you'll be grateful for. This, however, means that private investigators need to find a cost-effective insurance solution.

What Types Of Insurance Do Private Investigators Need?

There are different kinds of risks that you face.

This means that you'll need more than one type of insurance coverage and the great the coverage, the higher the costs. The following are a must have:

  • Professional Indemnity Cover: According to the Association of British Investigators(ABI) this type of insurance is a must-have. When you're accused of failing in some way while performing your professional responsibility, this is the type of insurance you'll want to have. You can be sued for breach of confidentiality, defamation, employee dishonesty, negligent misrepresentation etc. Without this insurance cover, you have no way to pay for your defence or to compensate the client and the costs can be immense.
  • Public liability cover: If you harm someone while carrying out your business or if someone is hurt or their property damaged while in your place of business, this is what you'll need to cover the cost of the damage.
  • Office and property insurance (plus portable insurance): This will cover the cost of any damage to your office and its contents. The portable insurance cover will keep your gadgets covered in case you're using them away from the office.
  • Business interruption insurance: Will cover the costs of setting up office elsewhere and the lost revenue when you can't use your office. Employers' liability insurance: This is a legal requirement if your business in the UK has employees. It covers for the cost of damages and illnesses that employees may suffer as a result of the work.

How Much Will It Cost To Get The Necessary Coverage

The level of coverage you need will depend on certain factors including the types of investigations you conduct, the equipment you use, your annual turnover, the number of people working in your business and your annual payroll.

The insurance company that you go to will also be a factor. There are companies that offer professional indemnity insurance for as less than £10 a month and this can be very cost-effective. Other covers such as public liability and portable equipment insurance can be added on for less than £5 each. Ensure that the amount of insurance cover you're getting is enough to protect your business in the worst case scenario. The last thing you want is to have to cover certain costs out of pocket.