Learn about actual and potential costs
How much should I pay for Professional Indemnity Insurance?
What is the average price of Professional Indemnity Insurance?
This procurement report includes pricing information to help you purchase Professional Indemnity Insurance. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Professional Indemnity Insurance been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Professional Indemnity Insurance yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Professional Indemnity Insurance?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Professional Indemnity Insurance with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase ?
Market share concentration for professional indemnity insurance is low, with the top four suppliers in the market accounting for less than 30.0% of total revenue. There are about 415,700 providers of professional indemnity insurance in the United States, including direct insurance carriers, agents and brokers. These firms range in size... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
Do you offer the ability to report claims both online and over the telephone?
How quickly will a representative get back to me after I have filed a claim?
What type of online customer service do you offer? Can I pay my bill online or change my insurance coverage, limit and deductible online?
What type of buyer rewards do you offer?
Do you provide customer service after business hours?
Amid widespread health concerns, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?
Types of Policies
Based on my business size, employees' positions, market and location, what is the average premium? Average limit? Average deductible?
What methodology do you use to determine the premium, limit and deductible for your clients?
Do your policies cover defense expenses or punitive damages?
Do you offer policies that cover retroactive dates?
Do your policies allow clients to make claims for events that occurred while the policy was in force but after the policy has expired?
How do you differentiate yourself from other providers that offer professional indemnity insurance?
What services do you provide that your competitors do not?
How has competition among insurance providers changed your insurance policies or your customer service?
How does your firm plan to respond to changes in market share concentration during the next three years?
Are you experiencing fluctuations in demand as a result of the coronavirus outbreak? What measures are you taking to handle increased/reduced demand?
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Key elements for every RFP
What should my RFP include?
Buyers should indicate what their preferred premium is.
Buyers should include the deductible and limit amounts they prefer.
Buyers should disclose any expectations that have for payment, including schedule and method.
Buyers can reference the Benchmark Price section of this report to determine whether they are paying a competitive price for coverage.
Buyers should evaluate vendors based on their financial strength.
Buyers should consider the experience that providers have in the professional indemnity insurance market.
Buyers should evaluate vendors based on the level of service they provide.
Buyers should evaluate providers based on references from their previous or current clients.
For further discussion of the key selection criteria buyers should consider when evaluating potential providers, see the Buying-Decision Scorecard section of this report.
Buyers should indicate when they expect coverage under the professional indemnity insurance policy to start.
Buyers should state any preferences they have regarding the schedule for renewing coverage.
Buyers should indicate their preferred contract length.
Buyers should provide a list of any other relevant dates for the RFP, such as submission deadlines and the date when contract awards will be announced.
Evaluate major factors to mitigate risk
How risky is the supply chain?
Supply chain risk for professional indemnity insurance has been moderate in the three years to 2020. When risk is moderate, providers are more likely to face uncertain expenses due to supply chain disruptions. If this occurs, providers will typically pass these costs on to buyers. Providers may also be less... Subscribe to learn more.