Whilst you will no doubt appreciate how vital professional indemnity insurance is for you as an individual and your practice, it doesn’t have to be expensive.
There are proven ways that can help you to keep your premiums down and also ensure you stay on top of your insurance responsibilities.
As specialist insurers to the dental and medical sectors, these are our top tips:
1. Accurately represent your business
An experienced underwriter will be reviewing your proposal and basing a premium on the information you give. If you complete a proposal form or talk to a broker, make sure you present your business as professional and knowledgeable of your risks.
2. Get more than one quote
Although your broker will be working in partnership with you to get you the best premium, it is a good to ensure that they find your several quotes to compare price and policy. Sometimes this can save you significant amounts of money each month or year.
3. Meet your broker
If you are a large policyholder, you should be able to meet your broker, or in some cases even your underwriter and build a stronger, long-term relationship with them. If they understand your business better, they might be able to reduce your premium on certain aspects of your policy.
4. Start the renewal process early
Get in touch with your broker a couple of months before your renewal is due. This gives you time to gather all the information required to get an accurate quote. It also means you can gauge from your broker what the current professional indemnity market is looking like and what else you could do to reduce your premium.
5. Be flexible with your level of cover
Consider what your risks are in relation to your insurance. As insurance premiums change it is useful to get various quotes for different levels of cover so you have the option to scale up or down your policy to keep within your budget. Ensure you advise your broker that budget is of high priority to you in this year and they will do their best to find ways to cut your costs without compromising your cover.
6. Explain your claims
If you have made any big claims on your recent policy, you should explain what happened and what systems or processes you have put in place to avoid incidents reoccurring. This will help insurers to see that you have taken responsible action and will likely be reflected in your new premium quote.
7. Get a quote online
Shopping for indemnity insurance online is really easy and a great way to get a competitive quote. It isn’t the right option for all businesses, particularly if you need a very tailored quote, but it can help you to see the type of premiums that are out there. Whatever you find, pass this research to your broker so they will know what you are looking for and can in many cases find even better premiums due to their relationships with insurance companies.
Speak to one of our professional indemnity insurance specialists to get a cost-effective quote with the right level of cover for you.