Electrical Contractor PI Market Validation

A residential electrical contractor, specialising in high-end projects with around $250,000 in annual revenue, approached us via a referral. They were providing design-based electrical services and needed Professional Indemnity cover to protect against claims arising from their design advice.

The contractor was concerned they might be overpaying for their existing PI policy and wanted to validate whether their current cover was actually competitive for their risk profile. As their work increasingly involved design input and specification advice, they needed assurance their Professional Indemnity insurance was fit for purpose.

They needed an expert to benchmark their existing PI cover against the market and confirm whether their current "off-the-shelf" digital policy was actually the best fit for electrical contractors doing design work.

In an industry where many brokers prioritise a new "win," our approach was built on providing radical transparency and intellectual honesty. We stepped in to:

• Market-Wide PI Benchmarking: We performed an exhaustive audit of Professional Indemnity options across the entire underwriting panel, including major players and specialty D&C providers
• Coverage Analysis: We reviewed various PI limit options and policy structures to determine the optimal balance of coverage and cost for their design-based electrical work
• Technical Validation: We reviewed the specific nuances of "electrical design and construction" vs. standard "electrical contracting" to ensure the client's Professional Indemnity wasn't just cheap, but actually functional for their scope of work

Our deep-market scan involved obtaining and analysing over ten distinct Professional Indemnity quotes from various D&C and construction PI specialists.

During this process, we discovered that the client's existing PI policy was exceptionally well-priced for their specific risk profile. While other market quotes for similar PI cover ranged from $2,000 to over $5,000, the client's current arrangements remained the most competitive.

Rather than moving the policy to collect a fee, we provided a comprehensive comparison report that empowered the client with the most valuable piece of information: the certainty that their PI cover was already in the best possible position.

The final result was a "win" for the client's bottom line, even though it didn't result in a new policy for us. We provided the client with the peace of mind that their current Professional Indemnity insurance was market-leading in terms of value.

The client received a professional "clean bill of health" for their PI cover, allowing them to focus their capital on business growth rather than unnecessary insurance transitions.