The gap between Professional Indemnity policies can be huge!
And it is truly comparing apples and oranges!
If your business provides any form of advice, this type of policy is something that needs to be looked into. If anyone is making decisions based on your words or expertise, this is something that needs to be looked into. If someone is giving advice on your behalf, this is something that needs to be looked into.
There are many Insurance professionals that don’t subscribe to being Professional Indemnity experts. And like many areas of advice, this can be a very specialist area.
We see the following as key areas of difference with a lot of policies (this is not a definitive list, and is an opinion as an overview):
An accusation of wrong doing without the right protection can lead to financial calamities, even if nothing wrong has occurred. The cost of defending such an action can cause such financial stress on the business and even personal assets of those involved.