For once I am moved to write and share some really remarkable success we have experienced on the renewal of our professional indemnity (PI) cover this year.
We have experienced a massive reduction in premium and excess levels.
We have made a saving of nearly £35,000 on last year's premium and were delighted to also have the excess reduce to £7,500 for pension and £5,000 for life (each previously £25,000).
The PI debacle has been a major problem for many firms over the past few years. But this year we contacted a specialist compliance firm, Comply With Me, which was able to place our risk with its specialist broker and underwriter, both of whom understand the market and appreciate the degree of risk management we have in place.
Comply With Me took a look at our proposal for renewal and we had terms within a week. Our existing broker had taken weeks and was still not able to match the terms obtained.
I just hope that other IFA firms are finding the same reductions as we have. It has certainly been a shot in the arm for us, following a difficult few years trying to make a profit.
Director - corporate sales