Global Financial Crisis, Professional Indemnity Insurance and BizCover.com.au

We recently sent out some information to our potential customers talking about BizCover’s opinions on how the GFC will and is impacting upon Professional Indemnity Insurance. Originally this article was posted on our old blog: http://bizcover.blogspot.com/2008/12/global-financial-crisis-professional.html

Whilst there has been a significant amount of press around the impact that the Global Financial Crisis is having on Directors & Officers Liability insurance, at this stage the impact on Professional Indemnity Premiums remains relatively insignificant.

Michael Gottlieb, the joint managing director of Mega Capital – a specialist Professional Indemnity Insurance broker – said that “while there is certainly a greater attention by the insurers in reviewing and underwriting individual risks, at this stage there is still sufficient capacity in the insurance market to ensure premium increases are minimal.” However, the cycle is certainly turning and we are seeing a tightening in the breadth of coverage offered by insurers and a reduced appetite for new business, which is not perceived as a low risk industry and/or business.” We therefore feel it is prudent to obtain multiple quotes to compare to your existing quote.

This is where BizCover comes in, yet again. BizCover allows businesses to get easy online quotes, compare between different premiums offered by leading insurers online and then purchase.

Regards,

BizCover Professional Indemnity Insurance and Business Insurance