If there’s always going to be a doubt in the back of your mind about whether or not an insurance policy is going to pay out in the event of a claim, there’s really not much point in taking out that insurance policy at all.

And that’s why you should only ever consider an industry-specific professional indemnity policy. Because any professional indemnity insurance that claims to offer blanket cover irrespective of your actual profession, could turn out to be worth less than the paper it’s written on.

Why should this be so?

Look at it from the insurers’ point of view. They’re effectively offering to cover any costs arising from an act of negligence on your part. Given that what constitutes a negligent act (or omission) can vary considerably from one profession to another, and given that the financial consequences of a particular act (or omission) might amount to a few thousand pounds in one case and several million pounds in another, you can see why any reputable insurance company is going to need some way of defining the specific risks it is underwriting.

So it’s not surprising that reputable brokers that specialize in professional indemnity often list the specific professions for which they can provide cover. This list may only be indicative. In other words, if you don’t see your profession listed, that doesn’t necessarily mean they can’t arrange pi insurance for you. But it does mean that they will need to talk to you about what precisely your professional activities involve in order that they can understand the risks attached and tailor a specific indemnity insurance policy.

The message is clear. Don’t be taken in by offers of ‘one size fits all’ professional indemnity insurance supposedly suitable for every profession. No matter how cheap it might appear to be, it will almost certainly turn out to be a waste of money.

Much better to click on the link that follows to find the industry-specific cover that matches your indemnity insurance needs precisely.

I am a content writer and writing insurance articles for past 4 years.