Insurance Premium markets are hardening, largely seen as a knock on effect from global crises as well as legislative changes. Worldwide we have seen an increase in the number of natural disasters resulting in more insurance claims.
So a variety of contributors are resulting in a sharp rise in many Insurance Premiums. The Law Society is going as far to advise their members to expect average increases of 30%, and far higher increases for those with poor claims records. This astronomical rise means that PII is one of the largest outgoings for some businesses and in some cases, it can be more than other business critical payments such as facilities or rent.
“The Law Society is going as far to advise their members to expect average increases of 30%.”
Additionally, capacity from insurers has reduced; options for finance will likely follow suit meaning the option provided by your insurance broker may not be the most competitive. Historic characteristics such as only being able to fund your twelve or eighteen month policy over ten months adds pressure on to an already stressed process.
Business Finance House continues to offer competitive options for funding your Professional Indemnity Insurance (PII). Our finance solutions can be tailored to meet the demands of your business giving you the ability to pay the broker, insurer or in some cases your firm if the situation dictates.
- Decisions in as little as 24 hours
- Part funded and fully funded options available
- Auto acceptance facilities available
- Quick and easy processes with minimal information required.