When it comes to your Professional Indemnity insurance, there are a number of things you can do to ensure you are getting the best cover for the best premium.
Learn more in these 5 simple steps.
(1) Prepare in advance
As with all insurance renewals, leaving it until the last minute adds pressure and can result in making poor decisions. Starting the process well in advance of your renewal date gives you plenty of time to gather information and speak with the necessary people to help keep your premiums low.
The proposal can also take some time to complete, so by starting early, you can do in stages if necessary and have time to resolve anything unusual that crops up along the way.
Appointing a broker from the start means you will be able to lean on them for guidance and they will manage your interim deadlines to ensure you meet the renewal date.
(2) Gather all information for the proposal
Even though you are busy, it is important to allocate sufficient time to complete the proposal form accurately, whilst providing as much information as possible.
It is important to answer all questions in full and not try to intentionally miss out any details, as this insurance policy will be vital for you in the event you have to make a professional claim.
(3) Seek multiple quotes
Switching insurance company, for any type of insurance, can certainly save some money on premiums. If you continue to just stay with the same insurer you may notice they increase premiums year-on-year for no apparent reason.
If you are communicating with multiple insurers, be clear that you are seeking a competitive premium and that you will move for the right policy and price.
Consider working with a broker that knows the best insurance companies to use for someone in your position. Some insurance companies have a better reputation than others for their proposal process, claim process and general approach to their customers.
Ensure the broker has access to the whole of the market, as some brokers are linked to certain insurance companies, or certain schemes, so they may be unable to offer you a fair selection.
An independent broker is therefore essential so you know you will be getting the best choice available.
All Med Pro are independent insurance brokers specialising in helping healthcare professionals with all their insurance needs.
(4) Understand the key rating factors of your policy
When preparing your proposal, an insurance company will consider some generic factors. It helps to understand these so you know what is expected of you. These include:
Number of partnersFee incomeArea of practiceClaims made in previous yearsRisk management
By understanding how the insurer will assess your policy requirements, you are more informed if questions arise.
Also, if your premium escalates unexpectedly, there may be a logical reason for this, like you made a claim last year, or maybe your fee income has increased significantly.
(5) Evaluate the market
It helps to understand the market, as conditions do change year-on-year.
Are insurance companies competing heavily for new business? Are regulations tightening? Is your insurance company offering a special rate for an early renewal, to lock in your policy for another year?
Insurance Premium Tax (IPT) also rose from 10-12% on 1 June 2017, so this is important to take into account as it will have a direct effect on your premiums.
Join our 7,000+ healthcare professional members that currently receive our free newsletters. We only send only important and topical news updates about dental, medical and healthcare insurances. Read about our Membership Benefits