Put PI in your plans with our specialist help
If the last year has shown us anything, it is that we simply don’t know what is around the corner, which is why Darci Edwards, professional indemnity (PI) specialist here at Bridge Insurance Brokers Ltd, is so busy right now.
Darci is part of the PI team and works with clients across a range of professions to ensure their PI cover is the most thorough and cost effective, with the level of detail needed to protect them further down the line if the unforeseeable happens.
“Businesses all over the UK have changed, pivoted or sadly gone under in the wake of COVID – and without wanting to sound doom and gloom, we still can’t say for certain what is to come,” he says.
One of the main areas that has been affected is construction, which is still reeling from the Grenfell tragedy, which led to losses estimated at around £500 million in 2017 and 2018.
“PI became the 2nd worst performing insurance in the UK as teams struggled to cope with the losses. With hundreds of buildings still allegedly covered in illegal cladding, this is not something that will go away: the changes will need to be made to ensure buildings are safe. And there could be many more materials that are currently approved for use that will become illegal in the future – we just don’t know.
“This is why PI is so important for the construction industry. I work closely with our construction and real estate teams to advise our existing clients on the need for up to date PI: all too often, professionals in this sector have continued to use insurers based on cost, not thinking about the changing external situation – then when it comes to renewal they have been hit with huge price hikes.”
And it’s not just construction – other professions are feeling a knock-on effect as insurers try to make up losses in different areas. Darci specialises in SMEs, especially in the traditional sector, so accountants and solicitors are clients of the Bridge PI team’s portfolio as well as surveyors, engineers, solicitors & architects.
Exploring your options
The key, Darci advises, is to get a second opinion. Thanks to great relationships, Bridge’s PI team can ensure existing and new clients get the best deal and then go through that deal in finite detail to ensure that it is one that will protect them in the future, regardless of is around the corner.
“The market is changing – and it will change further, so it’s vital that businesses don’t just stick with the status quo,” concludes Darci. “People are already seeing increases in PI premiums and as the UK could go deeper into a recession, insurers will be paying claims which will lead to increased premiums and insurers coming off risks.
“Getting a second opinion has never been more important, and a specialist PI team is best placed to provide that.”
For more information
If you would like to look at your PI cover, or have a no-obligation chat with Darci, please get in touch.
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