Taking steps in advance 'can keep premiums lower' - Professional Indemnity Insurance Renewals

26/10/2009

Written by Neil Pointon

Despite reports that Professional Indemnity (PI) insurance rates are set to rise, there are a number of ways firms can keep their costs low.

A hardening market is suggested by David Harries, head of professional indemnity for QBE European Operations, who points towards increasing claims and the ongoing effects of the financial downturn as "evidence that PI rates for the insurance broking industry are set to increase" in an Insurance Times article.

However, in a bid to ensure you secure rates as low as possible, the publication states that those looking to renew PI should ensure they do so in good time.

Leaving it until the last minute could mean brokers will not have time to understand your business needs and that a "quick and possibly ill-considered decision" may have to be made when selecting a provider.

Furthermore, businesses were advised to give as much detail about their insurance requirements as possible to their brokers to ensure they get the policy right for their needs.

In addition, it was claimed that having a robust filing system can help to reduce risk, something which could be reflected in PI premiums.

Similar sentiments were recently expressed by Kevin Paterson, sales and marketing director for Assurant Intermediary, where in a letter to FinancialAdviser he pointed out that mortgage brokers need to ensure that all "processes are airtight" and keep on top of paperwork.

Click here for more information about Professional Indemnity for general brokers.

Click here for more information about Professional Indemnity in general.

PYV are one of the UK's leading providers of professional indemnity insurance. This news article has been produced by Adfero in collaboration with PYV and its unauthorised use is not permitted.

(c) 2009 Adfero Ltd.

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