Compare Professional Indemnity Insurance

When comparing Professional Indemnity Insurance there is a lot to consider!

Some of the most important things to consider when you are after a Professional Indemnity policy to protect you against your professional risks are:

• Is the policy wording appropriate for your area of specialisation?  More specifically, will the policy cover you for the key professional risks you face?
• What is the claims history of the insurance company for your specific risks?
• What is the support you will receive if you need to claim?
• Is the Professional Indemnity policy cost inclusive or cost exclusive?
• If you need to claim will you be dealing directly with an insurance company, the insurance company agent or will you have a broker to represent your interests?
• What are inclusions and exclusions of your Professional Indemnity policy?
• What are the excesses, sub-limits and deductibles within your Professional Indemnity policy?
• What is the rating of the Professional Indemnity insurance company or underwriter ? – this can dictate their ability to pay.
• How many reinstatements are there in your Professional Indemnity policy?
• What are the territorial limits?
• Are all the countries you do business with included in jurisdictional limits? Please note that the U.S.A. and Canada are often excluded in professional indemnity policies.
• Is the policy effective from date of inception or is it unlimited retroactive? If you have been in business for a while unlimited retroactive may be more suitable.
• Do you need cyber cover? is there a cyber-online extension?
• Who in your business is covered by the Professional Indemnity policy? For example: does it cover past, current and future principles, all relevant entities, all staff members that could be deemed to be giving advice, subsidiaries, agents and contractors.
• Is Run-off cover, or even extended Run-off cover automatically included or available as an option?
• And finally, what is the price for your Professional Indemnity cover?