The market for Professional Indemnity insurance is a highly competitive one these days, in large part due to the internet and the consequent dramatic growth in the number of online insurance brokers. So, if you’re looking for a Professional Indemnity insurance quote and you do a simple internet search, you’ll be inundated with links to sites offering you precisely that – Professional Indemnity insurance quotes.
Given that this level of competition has inevitably driven down premiums, you might think that it’s simply a case of trawling through all the offers and selecting the one who’s offering the lowest Professional Indemnity insurance quote. But you could be making a potentially very costly mistake if that’s all that you do. Why? Because you won’t necessarily be comparing like with like.
Professional Indemnity insurance quotes that appear to be easily comparable may, in fact, hide a number of highly significant differences.
For a start, there’s the question of precisely what professional activity you’re engaged in. Some professions are inherently more risky than others and, for that reason, Professional Indemnity insurers need to know exactly what it is you do. If you take out a policy that isn‘t precisely tailored to your profession – even though it may have been the very cheapest professional indemnity insurance quote you could find – you may discover, if you have to make a claim, that you weren’t really covered at all.
Then there are the policy exclusions to think about, and the policy excess. A simple list of Professional Indemnity insurance quotes obtained from an internet search won’t give you that information. That especially low Professional Indemnity insurance quote may not turn out to be the most cost-effective route to follow if the policy’s cover is severely limited and/or you have to absorb personally a large part of any claim you make.
And there’s another important point to make. Professional Indemnity insurance quotes tell you nothing about the level of service you’ll receive. If you have any questions about the policy you’re considering, will you be able to talk to a knowledgeable adviser in person? If you do have to make a claim, will you find a dedicated claims team ready to help you or will you encounter a jungle of bureaucratic prevarication?
It’s easy enough to find a cheap professional indemnity insurance quote. Deciding if it’s the right one for you can take a little bit more thought.