Business Indemnity Insurance

[Belmore]

Hi Guys,

I've got a client who is spending a significant amount on business indemnity insurance. They are a legal practice.
I just wondered what the going rate is for annual protection?

Thanks for your help,

Sam.

 

[HLSSolutions]

Hi Sam

I would try Simply Business for a comparison - www.simplybusiness.co.uk

You only have to enter a few details and they will give you a selection of quotations to compare. I have found their policies to be very competitively priced and they seem very helpful and provide plenty of useful information.

Hope that helps!

Ian

 

[lockyer]

Depends on what they do, and what you mean by business indemnity insurance. Are you meaning professional indemnity insurance, or public liability insurance.

The former being protection against bad advice, the latter being against property damage and bodily injury to third partied.

If you want my free opinion, or a fair assessment on whether his pants are being pulled down drop me a pm, or ring on 01924 895568

Jon

 

[Simply Business]

Good morning guys,

First of all, thanks for the recommendation HLSSolutions!

Hi, Belmore - we can offer Professional Indemnity Insurance but would not normally cover a legal practice/solicitor as it is not something the insurers on our panel offer.

It depends exactly of the nature of the work though, so if you would like someone to give you a call to discuss, feel free to contact us; details can be found at http://www.simplybusiness.co.uk/social/online-customer-support

I hope this helps, and hope you find the cover you need - if we cannot provide the right cover we do also have companies in partnership and can give you their details if required.

Kind regards,

Sophie

 

[RedEvo]

Get an online quote from Hiscox. Very effiecient.

d

 

[Belmore]

Hey,

Thanks Jon - I will get all the necessary details from the client and give you a call next week.

Hi Sophie - Thanks for your response. We contacted Simply Business a while ago and tried to arrange a meeting to discuss a partnership/referral scheme but have had no joy. We get a lot of these insurance requests through our cost optimisation service so are looking to work alongside an insurance broker to feed these into but David informed us you are not taking on Partners at present.

Thanks for all of your responses on this,

Sam.

 

[Simply Business]

Hi Sam,

Thanks for your quick reply. It may be that we are not currently setting up new partnerships, but we are still able to offer affiliate schemes; if you want more information on this please see http://ow.ly/7awxX - you can also sign up to a scheme from here.

I can ask someone to give you a call to go through more details with you if you like? It is normally Jasper Martens who deals with these but he will not be available until Tuesday, but someone else will be able to help.

We hope to hear from you soon.

Sophie

 

[Belmore]

Thanks for your help Sophie,

Yes I believe we did discuss the affiliate scheme but unfortunately because we offer impartial independent advice to our clients it would be morally wrong of us to take a commission payment for referring them to a service provider.
Therefore we look to partner with preferred suppliers.


Sam.

 

[GraemeL]

it would be morally wrong of us to take a commission payment for referring them to a service provider.
Therefore we look to partner with preferred suppliers.

I applaud your approach.

G

 

[Simply Business]

Oh I see! Great well hopefully in the future we will be able to work in partnership with yourselves, but meanwhile the best of luck in your search!

Take care,

Sophie

 

[lockyer]

Hi Guys,

I've got a client who is spending a significant amount on business indemnity insurance. They are a legal practice.
I just wondered what the going rate is for annual protection?

Thanks for your help,

Sam.

Hi Sam,

Just re-read your post and I have to admit it was late when I first replied and I didn't notice the "legal practice".

Firstly, we do a lot of this, and it is expensive.

Secondly, this is a strange bit, all Solicitors Professional Indemnity Policies , renew on 1/10 each year.

This is because previously SRA handled a pool of money which all solicitors paid into, out of which professional indemnity claims were paid out of. However the litigous society we live in managed to bankrupt this pot of money, and all solicitors had to reinsure on the same day, hence the common renewal date.

As mentioned before I am happy to cast an expert eye over it for you, but it is very expensive. Our clients premiums ,in general, range wildly from £25k PA right up to £240k PA.

The rates are also proportionatley much higher for small 1 & 2 partner firms, and new start ups, as this where most of the claims come from.

To get the best deals on Solicitors PII cover, you really need to start shopping round, and talking to brokers very early, possibly as early as May each year. This is due to every practice trying to renew on the same day pushes the system to breaking point in september.

 

[lockyer]

PS - We are happy to handle any referals you may have, and are very good at finding significant costs savings for all type of businesses, and if there is no affiliate/introducer fee to be paid, this can also be passed onto your clients.

If you want to meet up to discuss the possible opportunities of working together please feel free to drop me a line

regards,

Jon

 

[MorganLawIns]

Hi Guys,

I've got a client who is spending a significant amount on business indemnity insurance. They are a legal practice.
I just wondered what the going rate is for annual protection?

Thanks for your help,

Sam.

hi Sam - I trust you may have already made arrangements, however if you would like a meet to discuss anything please let me know.
Regards
dave

 

[jameshope]

Hi..... friend This is a good thought and agree with your words and from my point of view
An insurance policy that aims to protect business owners and employees when they are found to be at fault for a specific event such as misjudgment. Typical examples of indemnity insurance include professional insurance policies such as malpractice insurance, and errors and omissions insurance, which indemnify professionals against claims made in the workplace.

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