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PI insurance - why benchmarking can help your last minute negotiations
Contributors to the recent professional indemnity insurance feature in the Law Society Gazette noted that law firms are benefiting from the current buyer’s market. Charles Hawtin, client service manager at Chancery Pii, considers why benchmarking can still play an important role in any last minute negotiations.
As with any renewal season, it’s usual for us to see many firms agreeing cover in the final few weeks and this renewal period is no different. With plentiful capacity and competitive premiums available, having the right information to hand for any final negotiations will help to secure the right offer for your firm.
Before embarking on your negotiation consider the following:
- Has your practice changed in terms of size and/or fee income?
- Has your claims history improved?
- Have you received an objective update about the state of the solicitors PII market?
- Who have you approached for a quote – one broker (who may be tied to a limited number of providers) or a number of providers?
- When was the last time you sought an alternative opinion for your PI insurance requirements?
All of the above can affect how your insurance premium will be calculated and could be the difference between seeing an increase or decrease.
But the easiest way to start is by benchmarking. Benchmarking will provide a warning as to whether it might be in your best interest to approach the market for an alternative PI opinion – and don’t panic, there’s still time! Equally, benchmarking can alleviate any last minute fears or concerns that the terms you are preparing to accept are competitive and right for your firm.
Chancery Pii, in partnership with the Law Society, has developed an online indicative quoting system which takes only a few minutes to complete and will provide you the information you need to benchmark existing renewal offers in just 48 hours.online application form. To discuss your renewal, contact the team today.