Four out of ten (39{0a6a65c996ed4169444354e707b897cdb00dbefc1d0429e8febb9bf11027ba53}) professional firms say the cost of cover is the most important factor when selecting professional indemnity insurance.
The standard of service provided by the insurance broker is also vital, with over one third (34{0a6a65c996ed4169444354e707b897cdb00dbefc1d0429e8febb9bf11027ba53}) rating service as more important than cost when selecting cover. Around a quarter of firms (26{0a6a65c996ed4169444354e707b897cdb00dbefc1d0429e8febb9bf11027ba53}) rated service and cost equally.
The findings came from a survey of over 1,600 professional firms, conducted by award-winning insurance broker, Brunel Professional Risks. The survey also revealed the high levels of satisfaction clients have with Brunel’s overall service. Nineteen out of 20 (95{0a6a65c996ed4169444354e707b897cdb00dbefc1d0429e8febb9bf11027ba53}) professional firms rated Brunel’s overall service as excellent, while nine out of 10 (92{0a6a65c996ed4169444354e707b897cdb00dbefc1d0429e8febb9bf11027ba53}) rated their broker’s knowledge as excellent.
Russell Lane, Managing Director, Brunel Professional Risks said:
“We know that price matters to our clients when they are buying professional indemnity cover. That is why we search the whole open market to find the best possible cover to meet our clients’ needs at the right price. They also value service, so it is particularly satisfying that our clients have rated their satisfaction with our firm so highly.
“Eight out of ten professional firms say they expect to work with knowledgeable brokers. We agree, which is why we train our team of brokers thoroughly to understand the risks firms face and work hard to find them the right cover.
“I would like to thank all our clients for their ringing endorsement of our knowledge and professional service. It is great that our efforts have been recognised, but we will not rest on our laurels. We will continue to work hard every day to deliver the best possible service, cover and cost to all our clients.”
