How much fun is it to buy professional indemnity (PI) insurance? Sherpa Insurance asked 25 project professionals and management consultants about their buying experiences.
And their answer?
“Buying PI insurance is NO FUN!”
We cannot blame them. Shopping for professional indemnity insurance is up there one of life’s least satisfying, least enjoyable moments. It can be time consuming, tedious and stressful (“what on earth does fidelity mean, let alone professional indemnity?”)
We know from earlier survey work that most project professionals and management consultants believe they will never face a claim (we know that this is not quite the case). In fact the only reason they buy is because their clients make it mandatory. So it must feel like sending money down a drain…never to be seen again!
While conducting our latest survey, we found out that while customers dislike the process, 86% still acknowledge the need for professional indemnity insurance in doing business in Australia (again the mandatory need). Most importantly, 67% of our respondents want to build a relationship with their insurance providers—therefore ranking “Customer Service” as their top criteria in looking for an insurer. Price comes a close but critical second place.
This info graphic illustrates what customers think about buying professional indemnity insurance.