Professional Indemnity (PI) policies for business sectors such as IFAs and accountants are likely to differ significantly and provide varying degrees of cover.

According to business intelligence service Datamonitor, the specific requirements and tailored nature of PI means that policies tend to vary more than other kinds of insurance might.

The firm stresses the need to consult a specialist broker in order to ensure a suitable policy is obtained which meets the needs of the client.

Financial services analyst James Dieppe states: "Often the products will differ quite a lot depending on what sector they are covering."

He adds that this may mean a large variation in PI premiums from one case to the next.

Their recent survey of the UK PI market found that many insurers rely on specialist Lloyd's brokers, such as PYV, to provide customers with advice and highlighted brokers as the main route to obtaining coverage.