Is this year’s Professional Indemnity Insurance renewal environment going to be more stable?
With 55% of legal practices renewing their professional indemnity insurance at the same time, it looks from early signs that it might be the case.
This year the process has started earlier for many insurers who are looking to grow their portfolios with more straightforward quotes and extended terms. Additional ‘working layer’ cover is also becoming more attractive to insurers.
There are potentially more insurers coming to the market, creating more competition, and hopefully meaning there is a lower rate increase than in recent years.
Key actions for Practices:
- Start the process early
- Make sure your application is the best quality it can be
- Don’t engage with multiple intermediaries who have the same insurer access
- If you are looking to spread the cost your PII consider the options outside of the insurer spread payment offering
If you would like to speak to a dedicated team member here at Shire Professional Funding Ltd and see how we might be able assist your practice with highly competitive spread payment terms for your Professional Indemnity Insurance:
Have a chat with our friendly team at: 01827 300 090
Alternatively, get a quote by completing our form.
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