It may seem early to be considering Professional Indemnity Insurance but this is not the case for a number of reasons. If you rely on your current broker to look after you year after year, you are almost certainly not being shown the whole of market and they may well be limited in the amount of market they can expose your proposal to. It is worth reality checking your premiums each year by speaking with good brokers in the summer long before you need to make decisions. Let us know if you would benefit from a private discussion from a recommended broker.
Another time consideration is the reality that you may be looking ahead for an exit from the business in short time. There are a handful of firms that are able to go through a whole takeover exercise in short time but the reality is that most processes will take several months so delaying this decision making can cost you one year’s premium more than you would otherwise have to pay. If you consider this premium to be a balance sheet asset that disappears just because you do not complete a deal in time for renewal date, you ought be motivated to act now rather than achieve tens of thousands of pounds less on exit.