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Insurance – Another Kick at the Can

Insurance-claimsInsurance is always an emotive item of business expenditure.   While many businesses believe they are never going to do anything wrong, mistakes can happen.

In a tightening financial marketplace, some individuals will also attempt to take advantage of service providers, choosing to sue at the least excuse to try to supplement their income or offset a cost.

Professional Indemnity Insurance is often the only way a business can mitigate against such risks, but with very few Insurers in the marketplace, are those risks being served fairly by the very providers that have a captive hold on the market.

Risk meterThe only way to be certain, is to request further information from other Insurers as to what their premiums would be for the same coverage. Insurance underwriting is a risk analysis skill.  It is based upon the principle that the more risk involved in a financial deal, the more reward is expected from the financial investment. 

When an insurance underwriter cannot establish a risk profile, they assume the worst and quote high.

In order to provide underwriters with sufficient information to make the correct judgement on premiums the businesses themselves have to supply the information, or get their existing insurer to supply detailed loss-runs for the coverage.

The latter is always difficult because when you ask your existing insurer for the loss-run, they immediately assume you are looking around for other insurance.  They are generally correct.  They make it difficult for you to get that loss-run to stop you from choosing another insurer.

We have commissioned another survey that will help us collate a risk profile based upon your experiences.  Your personal details will not be shared, but the insurance history data will be collated and used as evidence for getting realistic E&O and GL insurance quotes for our profession.

This will only help us to help you if you answer honestly and accurately.

You can register for the Insurance survey here:

About OntarioACHI

Founded in 2012 the Ontario Association of Home Inspectors is a not-for-profit association of members with aims to improve the quality and standing of Home and Property Inspection for the benefit of consumers and our profession. The association is run by, and for, Home & Property Inspectors in Ontario. Our goal is to ensure all Home Inspectors are qualified to the highest standards and comply with the most exacting professional Code of Ethics, Standards of Practice and Duty of Care. A consumer hiring an OntarioACHI qualified Canadian-Certified Home Inspector (CCHI) will know they have they hired a truly Professional Home Inspector.
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