Securing professional indemnity (PI) insurance is crucial for protecting your architectural studio. However, did you know that frequently shopping around for better deals could impact your future insurability?

The Hidden Risk of Comparing PI Quotes

Finding the right balance between coverage and cost is challenging, especially in today’s financial climate. While it may be tempting to seek lower quotes to leverage in negotiations with your broker, doing so can have unintended consequences.

Consider this analogy: Imagine you lease a Vauxhall Astra for a year and request quotes from Ford and Volkswagen annually but ultimately stay with Vauxhall each time. Eventually, Ford and Volkswagen may stop providing quotes, knowing that you never switch.

Now, apply this to your insurance strategy. If you repeatedly obtain competitive quotes from different brokers but remain with your current provider, insurers may assume your broker is matching offers behind the scenes. While this may seem beneficial short-term, it could limit your options in the long run.

How This Affects Your Future Choices

Repeatedly shopping around without switching can make insurers hesitant to offer you new quotations when you genuinely need a change. This limits your flexibility, particularly if your business expands or diversifies into new areas with different risk exposures. Relying solely on your existing broker may restrict your ability to secure tailored terms that align with your evolving needs.

Trust Your Broker to Secure the Best PI Coverage

Price isn’t everything, however adequate coverage is essential. Not all PI policies offer the same level of protection, and inadequate cove could cost you significantly in the long term. Your broker’s role is to secure the best combination of price and policy terms based on your specific requirements. When evaluating policies, consider:

  • Policy wording – Different insurers offer various cover extensions beyond basic PI protection.
  • Coverage suitability – Ensure the policy aligns with your business needs.
  • Level of indemnity and excess – Assess whether the coverage limits meet your expectations.

In today’s challenging market, working with a broker who specialises in PI insurance is more valuable than ever. Their expertise helps position your business favourably with insurers and ensures you understand the nuances of your coverage.

Protection Against Rising PI Premiums

A well-structured insurance scheme provides stability against fluctuating premiums. CORE PI brokers, Courtprice Limited, conduct regular market reviews to keep pricing and terms competitive.

As part of the CORE PI scheme, members benefit from collective purchasing power, helping to secure advantageous rates and protection from market volatility.