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Dynamic

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#289649 20-Sep-2021 13:13
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Wow.

 

Our insurance broker called rather than emailing me.  Our Professional Indemnity has gone up fivefold, simply because we are an MSP.  Extra forms asking about our security and processes were required.  Self-hosted backups had to move to a DC (coincidentally this was a project in progress anyway).  This is a renewal with the current underwriter.  Our broker asked two more underwriters for quotes, but I understand they declined as they are not taking on new MSPs in the current environment.

 

Our total business insurance claim history in the last 10 years:  A wing mirror on my wagon after someone clipped it.

 

How have your renewals looked, if you have had them in the last couple of months?

 

I've just agreed to the renewal this year, but will look closely in 10 months time and approach another brokerage who use diferent underwriters for an independant quote.  Have you anyone you would recommend?

 

Cheers
Mike





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freitasm
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  #2781138 20-Sep-2021 14:24
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I guess this is the unintended consequence of providing IT services in the times of cryptolockers and DDoS...





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Zeon
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  #2781140 20-Sep-2021 14:26
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Yea have heard similar from our broker as a software company. Yet to get back the pricing....





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danfaulknor
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  #2781173 20-Sep-2021 15:02
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I am super glad we don't fit our insurer's definition of MSP. We hit this last renewal as well but were able to convince them we were not a true MSP





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sampler
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  #2784758 27-Sep-2021 10:38
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Based on this ... have asked our broker to make some general queries
Basic feedback at the moment is grim!

 

Now looking to offer some kind of catch all "cyber insurance" to our customers that in turn reduces our liability/exposure.

 

Looks like those who don't take such things up will be contracted to on the basis of all care but no responsibility via some interesting worded terms and conditions.

 

Lets see what other ways business can be made harder today .... oh yes Coffee machine broke ...

 

 


Dynamic

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  #2784761 27-Sep-2021 10:43
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Good luck with that wording, @sampler.  Definately one for the lawyers to take a bit of extra care on as the last thing you want it a client's insurance company thinking you are on the hook for a 'business interruption' claim.

 

FYI our PI insurance is now a fraction over 1% of our turnover. 😒





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