The upward trend in premiums for professional indemnity insurance shows no signs of slowing down and in fact in many cases the increases are getting sharper.
During the 2018 renewal cycle many clients saw their premiums increase albeit in many cases by single digit percentages but it appears that many will be facing double digit increases during 2019 with some facing increases of up to 50%.
Over the course of the last few months we have seen underwriters withdrawing from their “traditional” markets with some clients that has resulted in some clients facing either very large increases in premium or in some cases insurers not offering renewal at all.
There is no question that underwriters appetites have narrowed and this leads to a reduction in choice and also rising costs.
For many this will be a time to be reviewing their arrangements, often based on trying to secure lower premiums or at least terms at a similar level to previous years and this is perfectly reasonable, specialist brokers like Blackfriars enjoy wide market access with a wide range of insurers and often have access to facilities that are not generally available.
It is essential of course to not simply look for “cheaper insurance” but to make sure that the product you are buying is suitable for your needs and that the cover meets with your requirements.
Consider price of course but also look at the limits under the policy, the levels of deductible. the cover, is it “negligence” or “civil liability” and make sure that the business description under the policy accurately describes your profession or occupation.
Our own specialist professional indemnity team is available to help you with your requirements and enjoys access to a wide range of underwriters to make sure that we can deliver our best terms to you.