You may be wondering how much it costs for the right Professional Indemnity policy? You may expect a simple answer to that question but the reality is that it depends on a number of factors. However, whilst it might be the case that you need to dig a little bit deeper than simple headline rates to find the policy that is best suited to you, it’s also a fact that in most cases you should be able to find it at a highly competitive rate.
Assessing your Professional Indemnity insurance cost
So how do you assess Professional Indemnity insurance cost? Here at Isure, we firstly look at your actual profession. Professional Indemnity insurers need to be quite clear about what it is that you actually do in order to determine the level of risk that they are underwriting.
Here at Isure, depending on the amount of cover you opt for, this also reflects the policy limit that we supply you with which will in turn reflect on your Professional Indemnity insurance cost. Again, you need to consider what it is that you do. Or to be more specific, the types of customer or clients that you work for. Professionals who work on large, multi-million dollar projects may well need a far higher level of cover than those who work primarily for small, local businesses. The reason being that the amount of any claim made against professionals in the former group is likely to be far greater than it is for the latter.
As you would expect, the more Professional Indemnity insurance cover you need, the greater the Professional Indemnity insurance cost.
Policy exclusions and policy excesses
Policy exclusions and policy excess can also have a significant bearing on your Professional Indemnity insurance cost. Not surprisingly, the more extensive the cover you require (in other words, the more risks that you want to be insured against) and the less you want to pay out of your own resources in the event of a claim, the more expensive the insurance is likely to be.
So, as you can see, there are a number of factors that need to be considered by Isure in answering the question – How much should Professional Indemnity insurance cost? All of the above factors are considered and taken into account when you enquire about Professional Indemnity insurance with us. To find out what your Professional Indemnity insurance cost will be in seconds click here.