Pi Insurance, Read the Small print!

 Always check your PI insurance policy wording

Like most policies, PI insurance can differ depending on the insurer, the policy terms and the costs. It is vital that customers check the small print before purchasing their Professional Indemnity Insurance.

PII policies can propose a number of different offers and agreements such as added cover, or on the other hand, less cover. We advise those who are looking to acquire Pi insurance to research or at least overview their policies before coming to a settlement. 

For example, many policies provide retroactive cover (i.e. cover for claims arising from work done in the past) as standard but other policies may exclude it. Once again, it’s important to check, because, as with all insurance policies, Professional Indemnity Insurance often comes with added protection and often without.

Insurance is something that can be adapted and amended depending on a client’s different needs and requirements concerning their desired cover. PI insurance is a highly valued and necessary policy for contractors and freelancers alike and is packaged and sold in a number of different ways. Retroactive cover is just one of a number of different bonuses of Professional Indemnity Insurance, often included, but sometimes needed to be purchased on top of the standard insurance. 

This is something that must be checked when purchasing a contract, with small print such as this often being a deal breaker when it comes to choosing contracts. Reviewing any policy is highly recommended to any potential buyer of insurance, and it is essential that a customer takes into account the small print as it may have a substantial effect on the policy’s terms and conditions.

By:Steven Bailey

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