Professional indemnity Insurance - an opportunity for Monzo/ somebody

(Andy) #1

An awful lot of companies (such as my own) are required as part of their contract to buy Professional Indemnity Insurance, usually up to a million pounds in cover. This raises a couple of points:
1: can we all just agree that this is a rip off? Third party contracting companies just expect everyone to have the same cover whether required or not.
2: this is my main point… in my role as a programme manager I cannot think of a single thing I could do that could possibly need cover. However, I have to pay my >£400 a year to Hiscox. Elsewhere we have companies that could endanger life, or where they have database access or where they could do all sorts of reputational damage. It is bizarre we all get pretty much the same quote.
Some company should step in here and differentiate. Are you a boring project manager with no hope of incurring a cost? Cool, £100 please… not saying Monzo should offer it but if you could get in the Monzo shop window with a more nuanced product then there’s a real opportunity.

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(John) #2

Agreed

Just had to get quotes. My position similar to yours. Markel and Hiscox seem to have the market cornered and quote within £5 of each other. £375 ish I just paid. Will NEVER claim against it. NEVER.

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