• When you are covered Many businesses are required to carry cover under the conditions of a contract. However, PI should NEVER be purchased just for the duration of a contract. All PI is written on what's called a "Claims Made" basis - i.e. it's the policy you have in force when the claim is made that pays out, rather than the policy you had when the work was carried out. So, if you complete your contract and you drop your PI cover and a claim comes in subsequently - NO COVER. Basically, if you take out PI it's a long-term commitment.
  
  
• Compare quotes carefully For those people looking "around the market" for quotes they should ensure that the quotes they receive are on a "like for like" basis. All PI policies should carry the minimum cover (as described above) but many professions require additional cover found under policies especially designed for them. Watch out for Limits of Indemnity (whether they are "any one claim" or "in the aggregate") and excesses as they can vary from Insurer to Insurer
  
  
• When changing insurers For those who already have PI and are changing to new insurers you MUST ensure that the new policy has "RETROACTIVE COVER" built in to cover work carried out in the past.
  
  
• Premiums are increasing A general note on the PI market - PI has never been cheap and premiums are increasing rapidly. There are also fewer insurers than there were 12 months ago and those that remain are becoming more selective about the risks they take on and are significantly increasing their premiums for those that they do.

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Professional Indemnity Insurance