What insurers look for when assessing the risk – Energy Consultants Professional Indemnity insurance:
Company size – This will be one of the major factors that an insurer will look at when determining the price to charge for your insurance. This can be established in two ways, the gross annual income of the company & the number of partners/directors/employees.
Qualifications and experience – Insurers will be interested in understanding how much relevant experience that you have in this particular profession. If you have less than five years’ experience then they may wish to see a copy of your CV to ensure that they are comfortable with the risk.
Type of work – Insurers will want to know the split of your annual income derived from each discipline that you get involved in.
Retroactive exposure – Does the business have an exposure to claims arising from past work, whether in the current business or a previous company?
Overseas exposure – Does the practice carry out work for overseas clients? Underwriters will be particularly interested if you work for clients based in USA/ Canada as this very often represents a bigger risk for the insurers due to the litigious nature of North American society.
Claims experience – The claims experience is an important factor in the assessment of a risk. This information reflects on the type of work carried out by a company. It also reflects the quality of the company’s work, experience, staff & internal risk management.
Hensure Business Insurance has developed an online quote engine that has very competitive rates for Energy Consultants Professional Indemnity Insurance.
