Ten tips from our professional indemnity experts that will help reduce your premium...
Create the right impression If you have to complete a proposal form, it will be reviewed by an experienced Underwriter. The completed form is a 'presentation' of your business to the insurance market, so spend some time making sure it looks professional. They will use it to judge the quality of your firm.
Make sure you tell them about all the good stuff If you spend time and money on risk management and improving quality, make sure your insurer knows about it. This could easily be overlooked and not reflected in your premium so add some notes on this subject.
Plan your renewal early Ask your broker for their view of the current PI market a for your profession and their plan for managing your renewal. This should be done two months before your renewal date.
Specify your deadline Aim to have your renewal terms and alternative quotations available at least one month before your renewal date. Within reason, ensure that timings for the renewal process are pre agreed and clearly understood by everyone, especially your broker.
Review your level of cover Insurance rates rise and fall and so a flexible approach to the level of cover purchased is sometimes needed. Instruct your broker to obtain a range of limits so that cost and risk can be fully considered and you have the option to adjust your level of cover up or down as necessary within budget.
Meet your Underwriter For larger policyholders, this can be set up by the broker and helps establish a stronger long-term relationship with your Insurer.
Explain any large claims If you have any large claims, don’t rely on a standard print out sheet to give a satisfactory explanation. Give some background about the claim and some assurance on actions taken to avoid a recurrence.
Create competition Getting an alternative quotation is an easy process and competition will often result in premiums falling dramatically. Your broker should be one of your trusted advisers but still needs to be tested if you want to avoid complacency.
Buy online Not suitable for everyone, but buying PI cover online is now becoming an easy and effective way of arranging insurance. It has a clear cost advantage to insurers which is passed on to the policyholder.
Professional Indemnity Insurance Brokers Ltd - 0345 251 4000
This article is intended for information purposes only. Whilst all care has been taken to ensure the accuracy of the article it is not to be regarded as a substitute for specific advice. © 2016 Professional Indemnity Insurance Brokers Ltd