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Why Do Professional Indemnity Insurers Have To Ask So Many Questions?
Why Do Professional Indemnity Insurers Have To Ask So Many Questions
?Yes, it is the case that if you're looking for professional indemnity insurance, you will need to answer a number of questions before a policy can be issued. (Although it should be said that some of the more enlightened indemnity insurance brokers have simplified the process as far as possible.)
But why is it necessary? Why do insurers need to know so much about your business - what exactly you do, how long you've been doing it, where you do it, what your turnover is, etc?
Well, the reason is that a Indemnity Insurance policy is designed to protect you in the event that you are held liable for negligence. And negligence (not to mention the consequences of that negligence) can cover a very wide range of acts and omissions. Since it's not possible to define every conceivable eventuality in advance, insurers need another way of assessing just how big a risk they're underwriting.
And that's why there's no shortcut to asking questions. Indeed, if a broker offers to provide you with professional indemnity cover without wanting details of your professional activities, then you would be well advised to proceed with caution. Because if a claim is made against you, you may discover that what seemed like an excellent deal was really just a waste of money.
The fact is that some professions are inherently more risky than others. It's also the case that the larger the projects you're involved in, the larger any claim made against you is likely to be. And it's definitely true that there's a stronger tendency towards legal action in some countries (the U.S. in particular) than others. And these are just some of the factors that insurers need to consider.
Fortunately, as we said earlier, it is possible to simplify the process. The accumulated experience of insurers over the years means that brokers who really understand professional indemnity insurance have been able to reduce the number of questions to a minimum.
So it really doesn't have to be that difficult. Indeed, you can now arrange exactly the cover that your business needs in a matter of minutes. And at a highly competitive price.
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