When seeking the best terms for a Professional Indemnity (PI) policy, thorough preparation and evidence collation is essential. Whether you are about to renew or take out a new policy, or you are months away from renewal, it is advisable to start putting processes and procedures in place as soon as possible to ensure you can portray your business in the best light to the insurers.
Here are 3 key factors to abide by to secure the best level of cover at the best rates:
Maintain Detailed Documentation:
Accurate record-keeping is crucial in every aspect of your construction firm, including internal procedures, as well as communication with clients, sub-contractors, and suppliers. Potential claims can arise long after project completion, so it also vital to ensure records are kept safe and secure and any digital records securely backed up. Comprehensive documentation will be vital for defending against claims, but also demonstrating solid practices to insurers.
Exhibit Strong Risk Management Practices:
It is important to demonstrate and evidence to insurers that you have thorough practices in place for risk management, such as in-depth due diligence measures for new clients and projects, documented procedures for design and development stages, as well as detailed agreements with external consultants and/or contractors, ensuring they also have their own PI insurance.
Be Transparent About Past Claims:
Insurers expect a truthful representation of risks; failing to disclose relevant information may jeopardise future claims payouts and/or the ability to obtain cover. If past claims exist, it is important to disclose them to the insurers, but also to provide details about what insights were gained and what measures were then put in place to prevent these issues from happening again.
We advise all clients to start this process as soon as possible to ensure there is adequate evidence of procedures set in place for the business to reduce risk as much as possible. Being prepared well before the renewal date will allow for an up to date, true representation of risk to the insurers, paving the way for the most favourable terms.
At Simcox Brokers, we have extensive experience of preparing and presenting our clients risk clearly and in detail to the underwriters we work closely with.
If you are in need of help to secure the best levels of cover for the best rates for Construction Insurance, speak to our team today hello@simcoxbrokers.co.uk
Comments