Insurance policies we arrange include Professional Indemnity, Directors and Officers liability, and Cyber risks and other specialist professional insurance cover requirements for a wide range of clients.
The scope of cover companies are being asked to carry seems to get wider every year.
The additional covers you may be asked to carry can range from professional indemnity through to Cyber liability, and of course most companies will need to consider whether Directors and Officers liability, crime cover and perhaps Employment Practices Liability cover insurance should be included in your insurance portfolio?
You may have considered credit insurance, or have been asked to take out a performance bond for a contract you have. At IFM Select we have arranged cover for a wide variety of clients with a broad range of professional risks insurance needs. If you need to discuss your current insurances and would like an alternative view on your current arrangements then please contact us, we would be happy to discuss your requirements.
The last 12 months has seen a significant change in the insurance market for professional risks. With some insurers increasing their rates by 100%, it’s vital to make sure you are not left with no options when your renewal premium comes through.
We work with a variety of markets that are still very much open for business, so why not give us a call to see how we can help.
A. This is a common point made by clients when asked about their cyber risks.
The reality is that whilst your IT partner may provide anti-virus software and firewalls, they can’t protect against human error. That may be the one occasion when an employee clicks on an attachment they shouldn’t, or the e-mail that looks like it’s from a trusted source is actually a bogus e-mail waiting to infect your entire system, and possibly be passed to your customers systems, which could result in significant financial implications and breach costs.
Quite understandably, many companies keep very quiet about having a Cyber incident, and its often only the larger cases that make the press, but if your business has access to the internet or uses e-mails, you are at risk.
A. For many years, the insurance market has had an over capacity which has ensured premiums remain low. As claims in the professional indemnity market have increased, insurers have struggled to make a profit resulting in some insurers exiting the market. This reduction in supply and increased claims costs has created an environment where premiums are rising, and in certain sectors these increases are significant.
Understanding what your business does to reduce the risk of claims occurring is essential when insurers consider the premiums to charge. Providing evidence of these measures can help give confidence to insurers looking to write only the best professional indemnity risks, which in turn can keep any premium increases to a minimum.
We will be happy to discuss with you how we may be able to help keep your costs within your budget, but please be aware that getting the best quotes can take a little time, so please contact us as early as possible as the longer we have to discuss with insurers, the better the chance of a competitive quotation.