Healthcare Company - Bundled PI, Cyber and D&O at $1,400

A healthcare company needed to protect multiple fronts: professional negligence risk through Professional Indemnity, data breach exposure through Cyber insurance, and director liability through D&O.

They were dealing with three separate policies, three renewal dates, and three different insurers. Each policy had been arranged independently over time, leading to inconsistent coverage, overlapping terms in some areas and gaps in others.

The administrative burden of managing three separate renewals was significant. They wanted a single broker to take ownership of their entire insurance programme.

We conducted a full review of all three existing policies:

• Gap analysis: Identified overlaps and gaps between the policies to understand where coverage was doubling up and where it was falling short
• Consolidated submission: Packaged everything into a single submission rather than approaching the market piecemeal
• Targeted insurer selection: Approached insurers who could package all three covers together under one policy or programme
• Healthcare focus: Focused on finding insurers with genuine healthcare sector appetite rather than generalist markets

By consolidating the premium volume across all three covers, we used the total spend as leverage for better terms across the board.

Healthcare is a specialist occupation class that requires insurers with specific appetite. Not every insurer wants to write healthcare risks, and those that do often have particular requirements around the type of services being provided.

Bundling three covers means finding an insurer (or a small panel) that's competitive across all three lines. An insurer might have great PI rates but average Cyber pricing, or strong D&O appetite but limited interest in healthcare PI.

The Cyber cover needed to reflect the sensitivity of health data and the specific requirements of the Privacy Act and Notifiable Data Breaches scheme. Healthcare businesses handle some of the most sensitive personal information around.

We also needed the D&O wording to work alongside the PI policy without gaps or double-insurance issues. When you bundle multiple covers, getting the policy wordings to sit together properly is just as important as getting the pricing right.

The result was a single renewal date, a single broker relationship, and consistent coverage across all three lines. No more juggling three different insurers with three different renewal dates.

Policy wordings were reviewed together to eliminate gaps between PI, Cyber, and D&O cover. The client now has a clean, consolidated insurance programme that's easier to manage and provides more consistent protection than the separate policies they had before.