What do I need to consider when buying professional indemnity insurance?
There are many considerations to take into account when purchasing a professional indemnity policy and it is important that you work with a broker who specialises in the field.
The breadth and the amount of cover that you require will be determined by a number of factors, including:
- Contractual obligations - Many contracts now stipulate that you carry a certain level of professional indemnity insurance and that you do so for a certain period of time after the contract has ended.
- Value of your contracts - This should be a consideration when deciding on the limit of indemnity required. Consider the worst case scenario if you were to make a mistake and a claim for financial redress is made against you.
- Cost - The cost of the policy is ultimately going to be a deciding factor and weighing up what the business can afford against the cover available will be key.
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