How to Finance Professional Indemnity Cover in a Difficult Insurance Market
Recent reports in the Law Society Gazette and Accountancy Age highlight how hard it is for professional service firms to obtain affordable Professional Indemnity Insurance (PII).
Professional Indemnity Insurance covers damages when businesses make errors that harm clients. It also covers legal costs and compensation when claims arise. While not legally required, PII is mandatory in some professions like law and accountancy.
The Changing Insurance Market
Professional service firms previously benefited from a ‘soft’ insurance market with low costs and many coverage options. Today, that has changed. After profitability reviews, several insurers have withdrawn from the PII market or now offer fewer lower-level coverage options. As a result, firms face fewer choices and higher prices. Additionally, securing PII now requires more time and effort from firms and their brokers.
How to Prepare for Your Professional Indemnity Insurance Renewal
Many professional service firms are turning to alternative finance to cover PII expenses. Spreading the cost of insurance helps free up capital for other investments.
PII loans are flexible and can be tailored to different needs, ranging from 6 to 24 months or longer. Having a funding partner who understands your business can make a significant difference in finding fast and effective solutions.
How White Oak UK Can Help
White Oak UK offers tailored funding solutions to spread the cost of PII over 6 to 24 months. To explore how we can help with your essential practice costs or investment needs, contact us at 0333 014 9000.
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