How much indemnity insurance costs depends on which of two quite different products you mean. Professional indemnity is an annual business premium driven by your profession. A conveyancing legal indemnity is a one off premium over a specific defect in a property title, and it is usually very small.
Professional indemnity
An annual premium set by the declared activity above all, then by fee income, the limit, your claims history and the state of the market. Low risk advisory work is inexpensive; construction related work, surveying and financial advice cost several times as much for the same size of business.
Conveyancing legal indemnity
A single premium paid once, over a defect such as a missing building regulation certificate, a restrictive covenant, an absent landlord or an informal right of way. It is usually modest because the risk of the defect ever causing a loss is remote, and the policy then runs indefinitely and passes with the property.
Telling which you have been asked for
A conveyancer or a buyer means the property policy. A client contract, a professional body or an insurance broker means professional indemnity. The requester's identity settles it faster than the wording of the request does.
What moves the professional indemnity figure
The declared activity sets the band and everything else adjusts within it: fee income, the limit bought, the excess accepted, any claim in the history and the state of the market that year. Describing the activity precisely is worth more than collecting extra quotes, because most of the spread buyers see comes from insurers making different assumptions about the same work.
Questions people ask about how much is indemnity insurance
Which indemnity insurance are people usually asking about?
Professional indemnity, if the request came from a client or a professional body. A conveyancing legal indemnity, if it came from a conveyancer.
Why is the conveyancing one so cheap?
Because the risk of the defect ever producing a loss is remote, and the policy is a one off premium rather than an annual one.
Does the property policy need renewing?
No. It is bought once and runs indefinitely, passing with the property to the next owner.