Steven O’Sullivan shares some tips on how to lower your insurance premium
After a number of “soft” years (meaning favourable to insureds), the solicitors PI market has gone markedly hard last year and this. Of course, in any market, no firm wants to over-pay for professional indemnity insurance, but price assumes an ever more important role when it eats up a larger slice of your turnover. In what ways can firms take steps to reduce their premium, yet get maximum value?
Shop around
This may seem obvious, but it’s surprising the number of firms, often hard pressed and too busy to give the matter due thought, simply accept the first quote received from their existing insurer. Few insurers deal directly with their insureds, and this is where a broker can be useful. Even if you are happy with both your insurer and your new premium, there is no harm in testing the market. In softer markets I heard of one insured who went from paying £110,000 to £16,000!
While there is a degree of hassle in completing further forms, your broker should
