The annual cost of PI insurance varies depending on a number of factors, such as the level of cover and the type of work undertaken.
Moreover, internal processes such as the; levels and types of staff training provided, use of sub-contractors and the way in which they are monitored and the way in which contracts are negotiated and agreed could also have an impact on the insurance premium.
Working with an insurance broker is a must and a great way to keep costs down, this is because brokers not only have access to a wide range of insurance providers, policies and premiums, but brokers also know what information is required to help make applying for PI insurance an efficient and most importantly, cost effective process.
PI Insurance on average, provides cover between £250k to £5m and premiums can start from as low as £400 per year, or as little as around £35 per month. The difference in cost between £1m and £5m worth of cover might not be as high as you would think, so it is worth asking your broker for a range of quotes.