A report has just come out in the past week from a reputable professional indemnity insurance spokesperson speaking on behalf of his online newsletter that there is increasing pressure on the price of professional indemnity insurance as the British and global financial outlook continues to be bleak. The particular concern highlighted has been the question of risk as an all important ongoing concern in business sectors. Do we carry the risk and not insure or do we foot the bill?
In recent months and going back to 2009 the professional indemnity insurance area has seen the largest increases in the price of liability insurance cover in the conveyancing area ever.
The spokesperson posed a question that has to be answered and that is “how are our band of professionals going to behave in response to these price increases in the market”? The general answer to this question is to do what we all do when the purse is emptier than usual is to simply shop around for the best deals. To be quite frank, every day some business sector or another is reported to be going through difficult times because of price pressures and the customer just reacts the same as in all situations, empty their purse and pay the bill or shop around to try and make the pennies go further.
He further went on to highlight another issue which is of greater concern and that is the actual value we will be getting from the pounds we will be paying out for indemnity insurance. It seems that some businesses are watering down their packages and therefore bringing down the price in the hope of attracting business. If not careful, businesses could fall into the trap of cutting back on insurance cover because of the offers being promoted and, therefore, not be fully protected. The best advice the spokesman has offered is to make sure that your professional Indemnity Insurance covers everything that your business might need and then have a look at how much it is going to cost you.
It seems that most industries recommend a suitable PI insurance broker but it is still worth checking out the services of other companies using online search. There is one website that can provide quotes for a number of top British indemnity insurance providers just at the click of the mouse.