Professional Indemnity Insurance

[Alison Jones]

Does anyone know if it is normal practise for insurance company who does professional indemnity insurance to bombard you with emails and letters 1 month before current cover ends saying you must renew now (even though it says paying by credit card means that the cover certificate is instantly there so I was intending to process day before the current cover ends.

This has put me off that particular company but have looked for other insurance companies and all these quotes are at least £50 more a year then the current insurer.

Does anyone know insurance companies that specialise in Professional Indemnity insurance.

Thanks

Alison

[elainec100@cheapaccounting]

I get my guys from the ICAEW recommended providers.

[Astaroth]

Insurance companies who do not "auto renew" your policy will bombard you and frequently give you discounts etc for renewing early as the acquisition costs of new customers tend to be massive compared to those of retaining (much new business is written at a loss)

Those that auto renew policies (ie policy renews unless you say otherwise) tend to do the exact opposite and keep as quiet about it as possible as not to make you start looking around for alternative quotes etc.

[Alison Jones]

Just in case it helps anyone who does a search on these forums for professional indemnity insurance I have found a company who lets you purchase professional indemnity insurance for the amount of cover you want to choose ie £50,000, £100,000 etc rather then basing it on your annual income (which can sometimes be hard to predict because you never know when you will gain new clients).

http://www.simplybusiness.co.uk/

Alison

[profitxchange]

Try Hiscox - though I did not eventually take out PII they were the cheapest and it seemed to cover all I needed.

[yorkshirejames]

The professional contractors group offer something - http://www.pcg.org.uk - may suit some people.