Of course all businesses have to pass on their costs to their customers. But at what point does a general overhead, an insurance premium for example, become a specific cost that can no longer be absorbed in the overall margin?
Partly due to the seriousness of the economic position, a number of professions are seeing significant rises in their professional indemnity insurance premiums as the number and the size of claims rise dramatically. Many solicitors, surveyors and IFAs in particular are being badly hit. And for some, it’s a hit they’re no longer prepared to take.
As reported in moneymarketing.co.uk, Philip Milton of Philip J Milton & Company has made the point that some advisers will need to consider passing on a ‘vulnerability premium’ to protect themselves against the consequences of the kind of claim that in the past they probably wouldn’t have seen.
For an answer to your questions on professional indemnity insurance, call at 0333 3211 403.
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