Setting up professional indemnity insurance (PII) as an RICS member is crucial for protecting yourself and your business from financial losses arising from potential claims due to professional negligence. Here's a breakdown of the key steps involved:
Assess your risk profile: Consider the size and nature of your practice, the types of services you offer, and the potential risks associated with them. This helps determine the level of PII cover you need.
Review RICS requirements: RICS has minimum PII cover requirements for members based on their annual turnover. Ensure your chosen policy meets or exceeds these minimums.
Shop around: Compare quotes from different insurance providers to find the best combination of coverage, premium costs, and service quality.
Ask for recommendations: Seek advice from colleagues, RICS representatives, or insurance brokers specialising in professional indemnity for surveyors and valuers.
Consider specialist brokers: RICS provides a list of experienced brokers who specialise in PII for RICS members, offering greater understanding of your specific needs.
Scope of cover: Ensure the policy covers the range of activities and services you provide under your RICS membership.