When Marvin Gaye sang ‘Whats going on’ he wasn’t talking about professional indemnity insurance!
However, if you are a professional then please read on…
Most professionals buy Professional indemnity insurance.
Some buy it because they have to,some because they are compelled to, some because they need to and a few because they want to!!
We see many businesses that continue to happily trade after claims costing over £50,000. A constant reminder of its worth.
But what about its cost…?
In recent years the following professions have benefited from insurers fighting for market share:
– Architects
– Design & construction firms
– Solicitors
– Tax accountants
– Surveyors (to a lesser extent)
Many insurers bought in this business at low premiums over the last few years and are now readjusting premiums upwards in light of the claims patterns.
Last year we saw A rated insurers close the doors to solicitors’ PI early due to reaching their capacity limit in the amount of solicitors they insured. The many uninsured solicitors had to then turn to less established overseas insurers to get the cover in time.
But its not all bad news. The following professions, for now, continue to benefit from competitive premiums:
– Technology firms
– Property agents
– Consultants
– Marketing firms
– accountants
The professional indemnity insurance market is a changing place right now, so to avoid yourself being cornered by these changes its best to start the ball rolling well before your renewal date.
We have products for each of these sectors and would be happy to help.
For more information call 0207 648 4343 or email info@custodianinsurance.co.uk. www.custodianinsurance.co.uk
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