To help professionals and business owners find the best PI cover for their needs, PI quote comparison is now available through the NimbleFins professional indemnity insurance guide.
“Professional indemnity (PI) insurance can be one of the most difficult types of business insurance to buy,” said Erin Yurday, the CEO and co-founder of NimbleFins, “but it is essential for many professionals and businesses who give advice, design, or provide a service. Accountants, architects, financial advisors, insurance brokers, surveyors, healthcare professionals, software developers, consultants, engineers, creative professionals, and more might need professional liability insurance.”
Through the NimbleFins website, customers can access a search engine where they fill in one online form to be connected with up to five professional indemnity insurance providers.
The team at NimbleFins has put together a list of guidelines for professionals needing PI insurance:
• Check minimum PI insurance requirements with regulatory bodies, professional organizations, and clients
• Start searching for professional indemnity insurance early
• Avoid a gap in cover when renewing or switching PI insurers
• Comparison search engines can be useful for connecting with multiple PI providers
• Speak with an expert if you have any questions
Most common mistakes when buying professional indemnity insurance
When asked about the most common mistakes when buying PI insurance, Erin says, “There are three things that professionals and business owners don’t often understand about buying professional indemnity insurance. First, don’t leave professional indemnity insurance to the last minute as it can take days or weeks to arrange. Underwriters may want to learn about a business and its owners before offering insurance. As part of this process, business owners might need to fill out proposal forms, answer in-depth questions, and even provide a business plan. Putting together this application can take time, as can the underwriter’s review of the materials.
“Second, many businesses are finding that professional indemnity insurance rates are on the rise and costs can vary quite a bit from one insurer to another. At NimbleFins, we recommend getting multiple quotes before deciding on an insurer to avoid overpaying. Comparison sites and brokers can be useful in this regard.
“Third,” Erin continues, ”policyholders should ensure they don’t have a gap in coverage between policies. A PI insurance gap occurs when there is a gap of at least one day between one PI policy ending and a subsequent PI policy beginning. For instance, a gap would exist if one policy ends on 20 July and the next begins on 22 July. As PI insurance is typically written on a claims-made basis and professional liability claims can take years to be made, a business must have continuous cover without a gap from the time when the work was done through to when the claim is made.”
The solution to finding professional indemnity insurance
The team at NimbleFins has created an in-depth, educational guide that explains the ins and outs of buying professional indemnity insurance. They offer this guide and the quote comparison feature for free on their website. Customers who fill out a quote form can be connected with up to five professional insurance providers.