Professional Indemnity (PI) Insurance Tips – Avoid Gaps and Protect Your Business
We recently spoke to The Financial Accountant about Professional Indemnity (PI) Insurance, sharing practical advice that applies to any business providing professional services.
Read the full article here: Avoid Professional Indemnity Insurance Gaps – Financial Accountant
Key Tips for Businesses:
- Start Renewals Early – Most insurers need 21–30 days. Early discussion with your broker allows thorough review and helps secure the best terms.
- Proposal Forms Are Important – Provide as much detail as possible. The proposal form forms part of the contract; activities not noted may not be covered.
- Keep Your Broker Updated – Discuss changes in your services or operations throughout the year, not just at renewal.
- Avoid Non-Advised Policies – Call centre or online-only options may leave gaps. Professional advice ensures your cover is correct.
- Get PI Early – Insurance should be in place when work is performed, not just when a claim arises.
- Understand Retroactive Cover – When switching insurers, make sure past work is covered by retroactive dates.
- Check Consultants’ Insurance – Ensure any consultants or subcontractors carry their own PI insurance and keep a copy for your records.
Ensuring your PI insurance is up-to-date and accurate protects your business from costly surprises and gives you confidence to grow.
Don’t leave gaps in your protection. Speak to us today to review your PI cover, check your retroactive dates, and ensure your business is fully protected.
Read the full article here: Avoid Professional Indemnity Insurance Gaps – Financial Accountant
