Professional indemnity insurance can protect you from many major issues. These include professional negligence, defamation and libel. In fact, even more – loss of goods, money, data or documents, and even unintentional copyright or confidentiality breaches.
The list goes on, and the cost of any of these can hurt or even bankrupt an unlucky business. It’s good business sense to stay protected.
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Many business sectors have regulations requiring any company in the sector to have professional indemnity insurance.
Contract professionals often find without a current PI policy they won’t be considered for contracts.
Even if it’s not mandatory for you, it’s something any business owner should consider.
When comparing professional indemnity policies online, always check the policies under review provide the coverage you need.
Make a list of all coverage you need. You might add a second list with extras that you want. Keep these lists handy as you compare policies. This way you don’t risk accidentally missing out on important cover.
At the same time, any extras you’re sure you don’t need can cost you more than you should pay. Be careful to consider policies that fit your needs.
It’s important not to take the cheapest policy available unless it does everything you need. Instead, you should make sure that your insurance protects you. There’s nothing worse than discovering that you’re not covered when you thought you were.
If your policy doesn’t cover you, you’ll be rushing to find the money yourself.
The advantage to using an online comparison tool is that it makes it much faster to find an excellent policy. You should always be confident that you’ve found the right policy for you.
Don’t let the perfect policy slip through your fingers. Check each one to see if it meets your needs before you evaluate on price.