Accountants - do your clients need help with their PI?
Published: Thursday, 8 September 2022
It's becoming harder to find affordable insurance in some professions
In a challenging economic climate, it can be useful to get a second opinion
If you have professional clients, you may have been shocked when handling the accounts in the last year or two to notice the scale of premiums some pay for Professional Indemnity insurance.
Since 2019 the professional indemnity insurance climate has toughened. In 2022 we are still seeing Insurers push for further increases, but the rate of climb appears to be slowing.
The level of these premiums in a climate of increasing costs makes them increasingly difficult to fund, but many professionals must have insurance to meet regulator requirements. Some firms have considered closing or selling as the cost has become unaffordable.
- Law firm premiums can be anywhere from 2% of annual turnover to 10% (some are even higher!).
- Surveyors and valuers premiums are often 5% – 10% of annual turnover, especially where lending valuations are provided.
- Other construction professionals such as architects and engineers premiums are often at similar levels.
During the pandemic, many businesses were forced to concentrate on survival and few firms had the time or inclination to review PII.
Now is a good time for your clients to review their insurance and to get a second opinion on the rates they are paying.
We may be able to save your client money, improve cover or make the process less fraught AND we will always tell them if we think they are better off staying with their current arrangements.
When you introduce a client to a third party, you want to be confident that they will deliver to the same high standards that you uphold. To reassure you:
- 100% of our clients in 2021 rated our overall service as excellent.
- Client retention 95% plus - many of our clients have been protected by us for years.
- Expert advice from highly experienced PI specialists.
If we secure a client from your introduction, we will recognise this by a discount off your next professional indemnity renewal.
Other ways to help your clients
Newsletters and webinars
We have several articles to help your clients understand how they can keep costs down without compromising their cover:
We'd also be delighted to set up a joint webinar to help with any clients struggling with costs.