Always check the policy you buy online is suitable for your needs
Buying online is, generally, cheaper but please read the small print!
A small business we recently helped bought an online policy from another broker. They contacted us wondering if the policy they had was still right for them.
Many online insurance services offer policies for sale on a “non-advised“ basis, leaving it to the purchaser to decide for themselves if the policy is suitable for their needs. In this case, their policy was designed for limited companies employing one individual. Their business currently employs four staff.
No one had pointed out this limitation to the policyholder and this would have continued undiscovered, were it not for a chance conversation.
Online insurance premiums tend to be competitive as the purchase process is automated. While they are great for keeping premiums down for freelance contractors, it is important to study the key fact information to confirm the policy is right for you.
If you buy a policy to keep the premium down, knowing it is unsuitable, insurers can refuse to pay a claim and can keep the premium.
Buying a complex insurance like Professional Indemnity online has limitations. Choose a platform that's supported, with access to knowledgeable experts to help guide you.