On the record
Sam Franks, Regional Underwriting Manager, on the opportunities that emerging professions bring for brokersHiscox has been specialising in insuring professional indemnity (PI) for the emerging professions for a couple of decades now. We have a great deal
of experience in insuring, and paying claims, for companies in the IT, media, management consultant and recruitment sectors. However, all of these are now
well-established – what are the next emerging professions?
We have seen an explosion in demand for PI from ‘miscellaneous’ consultants over the past few years – this is now one of our fastest-growing books. As you would expect, the types of new professions now looking to buy PI tend to mirror how our economy and society are developing. For example, as the government seeks to introduce greater safety protection, we have seen growth in PI demand from food safety inspectors, portable appliance testers and health and safety consultants. With international barriers coming down, we are insuring more translators and immigration consultants. Ahead of the imminent introduction of the new home information packs and tenancy deposit schemes in England and Wales, we are seeing enquiries from energy assessors and inventory clerks. Proposed changes in tax laws will change the way in which some freelancers work, leading to an increase in the number and size of umbrella organisations and their insurance needs. As society’s spending on medical services and donations to charities increases, so too will growth in the insurance potential for both.
The clients of these ‘miscellaneous’ professionals drive the take-up of PI too, as they recognise the serious risk of using an uninsured consultant. For example, it appears to be standard now for all consultants working in the public sector to carry PI, often to a £5 million limit of indemnity. Further, professional bodies and trade associations are taking the lead from the more traditional professional sector by ensuring their members buy PI to protect both consumers and their industry’s reputation.
Brokers are in the best position to recognise business opportunities as new professions develop. So get in touch with your ideas – they’ll be instrumental in helping us develop new, tailored PI and specialty commercial products.