PI Premium Calculator

The PI premium calculator is an online tool that considers factors like your profession, annual revenue, and coverage amount to calculate the premium for your PI insurance policy. It is a simple and easy-to-use online tool.

Anyone can use the indemnity insurance premium calculator. All you need to do is enter your details, and our customer support team will reach out to you with plan options and premium details.

Before we discuss how to calculate professional indemnity insurance premiums, let us quickly discuss the factors that affect them.

• Nature of Business or Profession - The type of profession and the associated risks significantly impact the premium. High-risk professions, such as those in the medical or healthcare field, involve greater risk exposure and therefore attract higher premiums compared to low-risk professions such as IT or business consultants.
• Size of your Business - The size of your business is also a significant factor that affects your PI insurance policy premium. A business having multiple locations across the country is exposed to higher risks compared to a business having one branch office.
• Coverage Amount - The amount of insurance coverage you need has a direct impact on the premium. A higher sum insured results in a higher premium.
• Annual Revenue - Your annual revenue is also a key factor in determining the premium rate. Higher revenue generally indicates a greater exposure to risk, which can increase the PI insurance premium.
• Professional Experience - Your professional experience is also an important factor in determining the PI insurance premium. Generally, more experienced professionals may be assessed differently based on the nature of the profession.
• Location - Professionals working in urban areas may have to pay a higher premium. This could be due to the possibility of having more clients, managing higher-value transactions, and increased legal expenses.
• Claims History - If you have raised multiple claims, it indicates a higher risk. This factor can also increase the premium.

The online professional indemnity premium calculator determines the premium based on your inputs.

• Step 1 - Take Inputs

The calculator asks you to enter a few key details, such as your profession, years of experience, coverage amount, and annual revenue.

• Step 2 - Assess the Risk Factors

Our customer support team will assess the risk factors based on the details you have provided in the PI premium calculator.

• Step 3 - Receive a Call Back from our Team

A TATA AIG representative will contact you with suitable plan options, including their premium rates for the professional indemnity insurance policy.

Based on the estimated premium, you can choose to proceed with the policy or discuss other options to find a more affordable option.

• Step 1 - Navigate to the top of this page.
• Step 2 - Select your profession and enter your mobile phone number to proceed.
• Step 3 - Enter the required details, such as your email address, cover amount, and annual revenue.
• Step 4 - Review your details and proceed to continue.
• Step 5 - Receive a call back from our TATA AIG customer support team to discuss the premium quotes.

• Saves your Time and Effort - After you provide your details using the professional indemnity policy premium calculator, our team does the initial assessment. They will get back to you with suitable options, and you just need to choose a suitable policy. This will save a lot of your time and effort in selecting the right policy.
• Helps in Better Financial Planning - Once you receive a call back from our representative, you gain better clarity of the expected costs. This will help you plan your finances more effectively. You can also discuss alternative options that may provide better coverage or be more affordable.
• Helps in Making Better Decisions - While the PI premium calculator helps in better financial planning, it also supports better decision-making. By discussing coverage and costs with our expert representative, you can evaluate whether the coverage is adequate and get guidance to make informed insurance decisions.

Assess your Risk Exposure

Analyse the direct and consequential losses that could impact your clients and the legal costs you may incur. If you work based on contractual agreements, you can refer to the Indemnity clause for better clarity. You can also contact us for expert guidance or industry benchmarks.

Evaluate the Limit of Indemnity

The limit of indemnity refers to the sum insured or the maximum claim amount payable under your PI insurance policy. It is expressed as a ratio of Any-One-Accident (AOA) limit to Any-One-Year (AOY) limit.

For example, if you choose 1:1, you get the entire sum insured for a single claim, whereas a 1:2 ratio pays up to 50% of the total sum insured for a single claim. The remaining 50% is available to cover other claims, if any, during the same policy year.

Consider Retroactive Coverage

Retroactive date is the earliest point in time from which your business or professional services are covered. For a claim to be valid, the mistake must have occurred on or after this date, and the claim must be filed while the policy is active.

When purchasing the policy and determining the coverage, ensure that the retroactive date aligns with when you started providing the professional services.

Review Deductibles and Policy Terms and Conditions

Carefully review your policy document to understand the inclusions and exclusions under the policy. Also, take note of the deductible amount you may need to pay for each claim under the PI insurance policy.

The PI premium calculator helps you determine your professional indemnity insurance premium. You can provide your details online, and our team will get back to you with suitable PI insurance policy options and premium quotes.

Before calculating the premium, consider key factors such as the nature of your profession, the size of your business, your location, your experience, and your claims history.

It is also important to assess your risk profile, required limit of indemnity, retroactive date, and policy conditions before deciding on the coverage for your professional and indemnity insurance policy. The coverage requirements for PI insurance vary depending on the profession, such as PI insurance for lawyers, doctors, and chartered accountants.

By using the PI premium calculator, you can choose the right coverage at an affordable premium with the guidance of our team.