Re: Re: Professional Indemnity Insurance
The price depends on a variety of risk factors, not the broker. Many brokers have no conception of PI for architects, many others have no interest in getting a good deal for the client – the more you pay, the more they receive in commission. The last 2 years have seen IFSRA tighten up considerably on the broking community, and about time! If you have a large practice it would be better to pay the broker a flat fee to negotiate on your behalf and get quotes net of commission. (Not much point in going this route unless you are paying more than 10K in PI premium)
Do not be fooled by size and “Big Name” brokers, it is down to the person doing the work for you. Ask to see all the quotes they obtained, and why they are recommending any particular one. A good broker will get an insurer to take an overall view and an insurer providing you with other policies may give you a better deal. Often it is no harm to have one broker for your general business and another for your PI – gets them to fight for their share and keeps them on their toes!