Steven O’Sullivan provides some tips on how to reduce exposure to claims
If you are a small or medium sized firm currently trying to arrange your PI insurance for the coming year you might be dismayed or even horrified at the premium being asked of you.
An obvious way to get your premium down, albeit one that won’t be much good for this year, is to try to minimise the number of claims that your practice must notify. It is now an SRA requirement for firms to have a risk management policy. But what policies can prevent claims?
Claims don’t appear and disappear overnight, so action you take now will only take effect over a number of years. That doesn’t mean that there’s no point in doing anything, although it means that you may not see the benefit for a while. But you will see a benefit and whatever premiums do in the future, it is unlikely that your preference is to pay more than necessary. This article provides a few suggestions.
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