Costs

What does it cost?

This is a bit of a chicken & egg question, the how long is a piece of string or the one armed fisherman who caught a fish that long!

If your occupation range falls in to one of our specialist schemes, Health & Safety, Management Consultants,

then our premiums are much cheaper than those shown below, which are an example of open market rates.

Good Professional Indemnity Insurance is by its nature not cheap.  If a professional gets things wrong, it usually costs a lot to put things right.

We tend to look at three basic types risk and then use the common sense approach for you to see which one you fall into.  In the end all costs are relative to the size, occupation, experience and claims history of any one client.

Level One

Low risk, low frequency.  Some areas of work are not as exposed as others

Level Two

Medium risk, medium cost of claim.  Some work areas are known to have regular claims

Level Three

High Cost rare but expensive.  A claim may happen very rarely but when it does – wow.

Underwriters have over a period of time built up actuarial profiles of various types of work area and have a good idea of the likelihood of claims and costs

The cost of insurance depends on which area you fall into, the size of your company, details of how you may control your business so that the possibility of a claim is minimised, how experienced your are, what level of cover your want and how big an excess you are happy to take.  When we are asked to get terms for an insured we ask all of these questions in a questionnaire or proposal form.  Once we have all of these details we go to underwriters who then assess the risk and allocate terms.

As a very very rough guide the minimum costs per sector are laid out below, these do not constitute quotes or terms but are meant as a rough guide if you are simply interested in very approximate costs before approaching us to send you a proposal form and then getting firm terms.

 

Level Limits Minimum Excess Minimum Costs
 

ONE

 

£250,000
£500,000
£1,000,000

 

£250
£500
£1,000

 

£150
£300
£500

 

TWO

 

£250,000
£500,000
£1,000,000

 

£750
£1,000
£1,250

 

£650
£850
£1,250

 

THREE

 

£250,000
£500,000
£1,000,000

 

£1,000
£1,500
£2,000

 

£1,250
£1,750
£2,500