![\"\"](\"https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2023\/04\/iStock-1189916582-edit-Where-to-buy-professional-indemnity-insurance-and-what-to-look-out-for.png\")
<\/figure>\n<\/div>\n\n\nBuying professional indemnity (PI) insurance<\/a> can feel a bit like trying to choose a phone contract. Lots of options, lots of small print \u2013 and a nagging feeling the cheapest deal might not be the right one. <\/p>\n\n\n\n The good news?\u00a0Once\u00a0you understand\u00a0all your options for where and how to\u00a0buy PI\u00a0insurance, and the pros and cons\u00a0with each,\u00a0it\u2019s\u00a0much<\/em> easier to\u00a0feel you’re making the right decision.<\/p>\n\n\n\n We’ll go through what those are. But first…<\/p>\n\n\n\n <\/p>\n\n\n\n Claims you did something wrong (or didn’t do something), and it’s cost someone money, can impact your business hugely.<\/p>\n\n\n\n That’s where professional indemnity insurance steps in to help. It puts any spurious accusations bang to rights while compensating any wrongs.<\/p>\n\n\n\n But before we look at where and how to buy professional indemnity insurance, you should know the factors that may influence which route you plump for:<\/p>\n\n\n\n You’ll need to keep all three of these factors in mind when deciding where to buy your professional indemnity insurance from. So let’s take a closer look at the three different options, starting with\u2026<\/p>\n\n\n\n <\/p>\n\n\n\n Price comparison websites are often the first stop for people looking to buy insurance \u2013 and it\u2019s easy to see why. A few clicks, a few questions, and bingo. You get a list of insurers with prices ranging from “cheapest” upwards. <\/p>\n\n\n\n So yes, using a price comparison site is quick and convenient. And it makes it easy to compare prices side-by-side. <\/p>\n\n\n\n But there are a few things to bear in mind here: <\/p>\n\n\n\n Don’t get us wrong. Comparison websites can work well\u00a0when\u00a0buying more\u00a0generic\u00a0types of insurance\u00a0\u2013 like car or home insurance. In other words, simple products with simple risks and wider markets to choose from.<\/p>\n\n\n\n But PI is a specialist type of insurance and much more complicated. Plus, PI’s going to look very different depending on what you do. Small difference in the wording can make a big<\/em> difference when you’re having to claim on your policy. <\/p>\n\n\n\n Bottom line is to\u00a0research each policy and provider carefully if\u00a0you\u2019re\u00a0tempted to buy\u00a0your PI\u00a0from a price comparison site.<\/p>\n\n\n\n Which brings us onto the second way to buy professional indemnity insurance…<\/p>\n\n\n\n <\/p>\n\n\n\n You’d think buying your professional indemnity insurance direct\u00a0from the insurer would be the quickest and easiest option. No quotes to compare, no middle man getting in the way. <\/p>\n\n\n\n Except you’ll probably find you’re left doing a lot of the leg work on your own. Don’t forget that:<\/p>\n\n\n\n That said, buying PI directly from the insurer works for some business owners. Especially those who know exactly what cover they need and are confident with navigating the complexities of the policy wording. <\/p>\n\n\n\n Some professional bodies, like those for architects, surveyors, engineers, or accountants, require their members to buy PI with a very specific wording. They may specify a minimum level of cover and even state which insurers you can buy your policy from. <\/p>\n\n\n\n But if\u00a0it’s help finding the right PI policy and a guiding hand during claims you’re after,\u00a0you’ll be\u00a0better off\u00a0with\u00a0the third and final\u00a0option \u2013 using a business insurance broker.<\/p>\n\n\n\n <\/p>\n\n\n\n An insurance broker acts as your faithful guide through the insurance maze. They get to know what you do, match you with the right insurer and policy for your risks, and support you if you ever need to claim. <\/p>\n\n\n\n There are multiple benefits to using a broker<\/a>. Such as:\u00a0<\/p>\n\n\n\n While it could seem like you\u2019re getting less choice with a broker, that\u2019s kind of the point. Instead of showing you a lengthy list of policies that mostly don\u2019t fit, they’ll show you the ones that do \u2013 with the reasoning explained. <\/p>\n\n\n\n And if you want to talk it through\u00a0with someone who you can trust will listen and act in your best interests? You can just pick up the phone and call them. <\/p>\n\n\n\n <\/p>\n\n\n\n Everyone likes a bargain. But with PI, how much your insurance costs only tells part of the story. <\/p>\n\n\n\n Some cheaper policies come with tighter limits, a higher excess, or extra costs later down the line. Doing a bit of homework upfront before you buy your PI policy can avoid any unpleasant surprises. <\/p>\n\n\n\n When you\u2019re comparing professional indemnity insurance, always check: <\/p>\n\n\n\n <\/p>\n\n\n\n It\u2019s surprising where and how often trouble can rear its ugly head. That means you need a PI policy that covers all the different types of hot water your business could find itself in. Because of that, PI policies vary a lot.<\/p>\n\n\n\n Some professions need a very particular kind of wording.\u00a0Others\u00a0might\u00a0need extra cover for specific things like\u00a0deliverables in IT projects, or for certain marketing or advertising activities.\u00a0\u00a0<\/p>\n\n\n\n It\u2019s also important to check where you\u2019re covered to work, where your clients can be based, and which country\u2019s laws apply. These are known as your policy\u2019s geographical and jurisdictional limits<\/a>. <\/p>\n\n\n\n So, always take time to compare professional indemnity insurance and individual PI policy wordings carefully, looking out for any limits and exclusions. Miss something crucial here, and you could find yourself facing a claim that isn\u2019t covered. <\/p>\n\n\n\n <\/p>\n\n\n\n Claiming on your PI insurance<\/a> is something we hope you\u2019ll never have to get involved with. But the reality is, we\u2019re becoming an ever more litigious society. And professional indemnity claims make up the second-biggest portion of all the claims we deal with (after portable equipment claims). <\/p>\n\n\n\n So what if the worst happens, and it’s you<\/em> that has to make a claim on your PI? How you’re supported has\u00a0everything to do with\u00a0where\u00a0you\u00a0bought your policy in the first place.<\/p>\n\n\n\n Bought via a broker? Then you\u2019ll\u00a0have\u00a0a dedicated claims expert\u00a0by\u00a0your side \u2013 helping you respond, updating the insurer, giving you updates, and keeping things moving along.<\/p>\n\n\n\n PI claims can be tricky and slow-moving. So having expert support and someone fighting your corner can make a big difference \u2013 both practically and emotionally. <\/p>\n\n\n\n Bought via another route? Then you may not be so lucky. <\/p>\n\n\n\n <\/p>\n\n\n\n There’s no single \u201cright\u201d answer for everyone. What matters most is choosing a route that leaves you feeling confident you\u2019re properly protected. <\/p>\n\n\n\n Just to recap, comparison sites suit\u00a0more\u00a0simple\u00a0types of insurance. And buying\u00a0directly\u00a0with an insurer\u00a0can work if you\u00a0know exactly what you need.\u00a0\u00a0<\/p>\n\n\n\n But buying your professional indemnity insurance through a broker is the<\/em> way to go if you want expert help, tailored cover, and support if things go wrong. For the price of a single policy, you get the whole package, essentially. <\/p>\n\n\n\n Find out what buying your insurance with a broker really means<\/a>. Or have a chat with\u00a0our\u00a0team on\u00a00345 222 5391<\/strong>.\u00a0We\u2019ll\u00a0keep things simple, friendly,\u00a0and human when talking to you \u2013 promise.\u00a0<\/p>\n\n\n\n Image created by PolicyBee using assets from iStock.<\/em><\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Buying professional indemnity (PI) insurance can feel a bit like trying to choose a phone contract. Lots of options, lots of small print \u2013 and a nagging feeling the cheapest deal might not be the right one. The good news?\u00a0Once\u00a0you understand\u00a0all your options for where and how to\u00a0buy PI\u00a0insurance, … Continue reading What actually matters when buying professional indemnity insurance?<\/h2>\n\n\n\n
\n
Should you use a price comparison website to buy PI insurance?<\/h2>\n\n\n\n
\n
Should you buy your professional indemnity insurance direct from the insurer?<\/h2>\n\n\n\n
\n
What are the benefits of buying professional indemnity insurance through a broker?<\/h2>\n\n\n\n
\n
Why price isn’t everything \u2013 especially with PI<\/h2>\n\n\n\n
\n
Making sure your cover works for you<\/h2>\n\n\n\n
Putting your mind at ease with claims<\/h2>\n\n\n\n
So…where’s best to buy your professional indemnity insurance?<\/h2>\n\n\n\n