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<\/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? Once you understand where <\/em>you can buy PI insurance, and the pros and cons that come with each, it\u2019s much<\/em> easier to feel confident you’re making the right decision. <\/p>\n\n\n\n Claims that you did something wrong (or didn’t do something at all) can have a huge impact on your business. That’s where professional indemnity insurance steps in to help.<\/p>\n\n\n\n But before we look at where to buy professional indemnity insurance, you should know the factors that could influence the route you plump for:<\/p>\n\n\n\n You’ll need to keep all three in mind when deciding where to buy your professional indemnity insurance from. So let’s take a closer look at the 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: <\/p>\n\n\n\n Don’t get us wrong. Comparison websites can work well for buying more generic types of insurance \u2013 like car or home insurance. In other words, simple products with simple risks and a much wider market 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…and small differences in the wording can make a big<\/strong> difference if you have to claim on your policy. <\/p>\n\n\n\n We\u2019d say to research each policy listed carefully if you\u2019re planning to buy PI from a comparison site.<\/p>\n\n\n\n Which takes us on to the next 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 from the insurer would be the quickest and easiest option. No quotes to compare, no middle man involved…<\/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, and accountants, require members to buy PI with a very specific wording. They may also specify a minimum level of cover and even outline which insurers you can get your policy from. <\/p>\n\n\n\n But if it’s help with finding the right PI policy and a guiding hand with claims you’re after, you’re probably better off with the third and final option…using a business insurance broker.<\/p>\n\n\n\n <\/p>\n\n\n\n An insurance broker acts as your guide. They get to know what you do, match you with the right insurer and policy, and support you if you ever need to claim. <\/p>\n\n\n\n The benefits are: <\/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 with someone? You can just pick up the phone. <\/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 head. That means you need a PI policy that covers all the different types of hot water your business could find itself in. But PI policies vary a lot.<\/p>\n\n\n\n Some professions need a very particular kind of wording. Others might need extra cover for specifics like deliverables in IT projects, or for certain marketing or advertising activities. <\/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? This has everything to do with where you bought your policy from in the first place.<\/p>\n\n\n\n Bought via a broker? Then you\u2019ll have a dedicated claims expert by your side \u2013 helping you respond, working with the insurer, feeding 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 confident you\u2019re properly protected. <\/p>\n\n\n\n Just to recap, comparison sites suit more simple types of insurance. And buying directly with an insurer can work if you already know exactly what you need. <\/p>\n\n\n\n But buying your professional indemnity insurance through a broker is the 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 If you\u2019d like to know more,<\/a> have a chat with our team on 0345 222 5391<\/strong>. We\u2019ll keep things simple, friendly, and human \u2013 promise. Or take a look at this article which tells you more about where buying with a broker really helps<\/a>. <\/p>\n\n\n\n Image edited 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? Once you understand where you can buy PI insurance, and the pros and cons that come … Continue reading What actually matters when buying professional indemnity insurance?<\/h2>\n\n\n\n
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Should you use a price comparison website to buy PI insurance?<\/h2>\n\n\n\n
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Should you buy your professional indemnity insurance directly from the insurer?<\/h2>\n\n\n\n
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What are the benefits of buying professional indemnity insurance through a broker?<\/h2>\n\n\n\n
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Why price isn’t everything \u2013 especially with PI<\/h2>\n\n\n\n
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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