subject: WHAT TO LOOK OUT FOR WHEN LOOKING FOR PROFESSIONAL INDEMNITY INSURANCE [print this page] WHAT TO LOOK OUT FOR WHEN LOOKING FOR PROFESSIONAL INDEMNITY INSURANCE
You're in the market for a professional indemnity insurance policy. But with so much choice, how do you find the policy that is right for you? What are the things to look out for?
For a start, there's the expertise of the broker. Some companies, the ones that don't really understand pi insurance, adopt a one size fits all' approach and will want to sell you an off-the-shelf product. But no two businesses are the same. So you need to deal with a broker whose staff have a knowledge of your industry and can provide you with the best advice.
Having said that, you still want to arrange your policy with the minimum of fuss. You don't want to have to fill out endless forms and then wait for weeks to receive your policy documentation. So look for a broker who offers a combination of expertise and streamlined administrative processes.
Look out too for exclusions and extras. For example, whether you're renewing your professional indemnity or taking out a policy for the first time, you will almost certainly want retroactive cover. Remember, there can be a significant time lag between an error or omission on your part and the consequences coming to light. Which makes it very important that you're covered for what you have done and not just for what you might do. Is retroactive cover included in the policy you're being offered? If so, is it included in the price or are you going to have to pay extra for it?
And on the question of price, of course, all things being equal, you're going to choose the most competitive quote. But don't forget to check which insurance company your broker is going to use to underwrite your policy. There's no point in having any indemnity insurance at all if the insurer doesn't have the resources to pay out in the event of a claim. So make sure your broker only deals with insurance companies that are robust and financially sound.
And talking of claims, check the claims procedure that the broker operates. Is it going to be a straightforward process or are you going to be made to jump through hoops?
There's a lot to look out for when looking for professional indemnity insurance. But you can get your questions answered, call 0870 752 5455 or email info@professionalindemnityinsurance.co.uk.
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