We're not talking about making changes for the sake of it. This is about pausing for half an hour to check that what you're paying for still matches what you actually do. Businesses evolve - sometimes so gradually that your insurance hasn't kept pace.
Here are six questions worth asking yourself this spring.
1. Has your work changed in the last 12 months?
This is the big one. Maybe you've started offering a new service, moved into a different sector, or taken on a type of project you hadn't done before. Your PI policy is built around a description of what you do professionally. If that description no longer reflects reality, there could be gaps in your cover when you need it most.
2. Have your contracts changed?
Clients increasingly push for specific insurance requirements in their contracts - minimum levels of indemnity, particular extensions, or longer run-off periods. If you've signed new contracts or renewed existing ones with updated terms, it's worth checking your policy still meets those obligations. A mismatch here can create problems that go well beyond insurance.
3. Has your turnover or fee income grown?
Many PI policies are rated on your revenue. If your income has increased significantly since you last declared it, your insurer needs to know. Underreporting it even, unintentionally, can cause issues at claims stage, which is exactly the moment you need everything to work smoothly.
4. Do you know your retroactive date?
Your retroactive date determines how far back your policy will cover work you've done. If you've switched insurers at some point, this date may not stretch back as far as you think. It's one of the most overlooked parts of a PI policy, and one of the most important if a historic piece of work comes back to haunt you.
5. Have you had any incidents you haven't reported?
This one catches people out more often than you'd expect. PI policies typically require you to notify your insurer of any circumstance that might give rise to a claim - not just actual claims. If something has gone wrong, a client has complained, or you've spotted an error, it's better to report it sooner rather than later. Late notification is one of the most common reasons insurers push back on claims.
It doesn't take long
None of this requires a full policy review or hours of paperwork. It's really just a sense check - a chance to make sure your cover is still doing the job you're paying it to do.
If any of these questions raise a doubt, that's exactly what we're here for. Get in touch and we'll help you work through it. No jargon, no hard sell – we can point you in the right direction for advice to make sure you're properly protected.
Needing to make some changes as a member of Trafalgar Risk Management? Simply login to your portal or check here to see if you need to email us directly via email at info@trafalgarinsurance.co.uk
Looking to take out a quote? That is great news! You can get your free quote via our website here.
