Leo compares the UK market and shows you PI policies side by side for quantity surveyors. £2M cover, instant activation.
Professional indemnity insurance protects you and your business against the costs of claims made by clients who have suffered loss due to your professional advice or work. For quantity surveyors, this is particularly important as a single mistake or oversight can result in significant financial liability.
The main risks quantity surveyors face include: cost estimation errors, contractual disputes, measurement inaccuracies
Regulatory requirement: RICS requires all practising quantity surveyors to hold professional indemnity insurance.
The amount of professional indemnity insurance cover you need depends on the size of your business, the types of clients you work with, and the potential value of claims. Most quantity surveyors opt for cover between £500,000 and £2 million.
The right level of cover depends on the size of your projects, your annual revenue, and any contractual requirements from your clients. Leo's comparison tool can help you explore different cover levels and see how they affect your premium.
The cost of professional indemnity insurance for quantity surveyors varies depending on:
As a guide, quantity surveyors typically pay from £20 per month for professional indemnity insurance.
Compare PI insurance in 60 secondsYour cost estimate or budget forecast significantly underestimates project costs, resulting in cost overruns that exceed your estimate by material amounts.
You fail to identify significant cost drivers or risk factors during estimation, leaving your client inadequately budgeted for project delivery.
Your valuation of variations or payment claims proves contentious, resulting in disputes with contractors or sub-contractors over entitlement.
You fail to identify value engineering opportunities, resulting in your client paying more than necessary for project delivery.
Professional indemnity insurance for Quantity Surveyor typically covers:
RICS-registered quantity surveyors must hold professional indemnity insurance meeting RICS requirements. Cover typically ranges from £1M-£2M+ depending on project values you advise on and annual turnover. Your policy should cover cost estimation, claims assessment, and cost management. If you work on large-scale commercial or infrastructure projects, ensure adequate cover. Surveyors involved in cost disputes should consider enhanced cover. Your professional body (RICS) will have specific insurance requirements.
The average PI claim against quantity surveyors is valued at £125,000. Approximately 28% of QS practices have experienced a professional indemnity claim. Cost estimation errors account for 42% of claims, whilst variation and claims assessment disputes represent 32% of claims. Cost control failures account for 18% of claims.