Typically, people will look for a ‘compare the Professional Indemnity market’ type website. After all, often businesses are only purchasing PI Insurance because they’re entering into a contract that requires them to do so. However, there are at least three things to look for when comparing Professional Indemnity Insurance.
That said, let us start by giving you some advice: Whether or not you are contractually required to have insurance, it has no bearing on the professional duty of care you owe a client.
Therefore, even if you are only purchasing PI Insurance for contractual reasons, you want to be getting value for money. With over 20 years’ experience in insurance, I can tell you the cost becomes secondary when making a claim. The focus very quickly changes to coverage provided in the policy and what excess needs to be paid. The old saying, you get what you pay for, can also be applied to Professional Indemnity Insurance.
To help make the right choice when comparing PI Insurance, consider these three things:
Whether or not you are contractually required to have insurance has no bearing on the professional duty of care you owe a client.