How to get the best from your PII renewal in five easy steps

We’re in unprecedented times and possibly heading towards a ‘new normal’, but there are lots of challenges that still lie ahead.

As businesses gradually head towards normal service, we recognise the need for support from our staff, stakeholders, suppliers and banks.

With the cost of PII being one of your single biggest costs after salaries, Wesleyan Financial Services understands the importance of finding a policy that’s competitive and delivers reassurance, when it comes to claims.

To help you secure the best deal for your next PII renewal we have put together this guide providing you with some tips on how to prepare for your renewal. so, you’re confident you’ve got the best terms for your business.

1. START PLANNING NOW

Begin the process early

Deciding when to start renewing your PII policy is probably a key part of the process. In short, it’s never too early but starting around 12 weeks ahead will give you time to review, collate the information required, complete the proposal in bite size chunks and react to any unforeseen circumstances.

Discuss with the broker

Good brokers will keep you informed of market conditions and they should let you know how they’ll support you, to secure a competitive renewal. If this isn’t the case, ask them. This will give you an idea of the markets available to you and more importantly, an indication of premiums. Agree deadlines with them around timeframes, for matters such as proposal issue and production of renewal terms. Then ensure that where possible, these are met.

Changes in market conditions

Even before the global pandemic, we had seen a hardening of the solicitors PII market resulting in premium increases as much as 30% for some firms. This trend is almost certain to continue for the remainder of 2020. We have also seen some key insurers pulling out of the solicitors PII market over the last couple of years, so, what can you expect from your renewal?