Many businesses need professional indemnity cover. Without it, they literally can't operate.
Unfortunately, the cost of professional indemnty (PI) cover has been on the rise for some time now. We want to make sure our clients are aware of this, and the reasons why.
More PI claims following significant events
- Requiring extra documentation
- Increasing premium rates
- Implementing further cover restrictions
- Increasing policy excesses
What does this mean for businesses?
- Communicate with your broker—Keep in touch with us and we'll help you stay informed and covered on the correct basis.
- Start the renewal process early—Be sure to start your PI policy renewal process as early as possible. Doing so will give you plenty of time to gather any extra documentation required for renewal.
- Invest in risk management—Now more than ever, investment in robust risk management processes is a must. Provide documentation of these practices to your insurer upon renewal. If you need help, let us know. Our specialist risk management team can offer bespoke support if required. Managing risks effectively can reduce the chance of claims occurring—an important consideration for insurers.