If your business faces a claim for professional negligence it can be a time consuming, expensive and confusing process, and the relationship between you and your broker is integral to getting the claim dealt with efficiently. Most businesses will use a broker to arrange their professional indemnity insurance, and here’s why:
• A broker can give advice and also explain clearly what is and what is not covered. A broker generally acts for the customer and has a legal duty of care in the advice and products provided.
• A broker can use their expert knowledge to highlight areas of cover that may not have been considered.
• A broker can ensure that you are not paying for more cover than you require and ensure you receive excellent service.
• After a policy is sold, a broker can continue performing valuable day-to-day services, monitoring the adequacy of coverage limits and policy terms as market conditions fluctuate.
• In the event of a claim, the broker can act on the businesses’ behalf to achieve settlement.
Professional indemnity insurance is a specialist insurance and it is important to find a broker that specialises in this field. A specialist broker will know the right insurers to approach rather than flooding the market which can have a negative impact on how your business is viewed by the insurance market. They will also know how to correctly present your business with a view to getting the right cover at the right price.
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