Based on member feedback, from 1 July we are making some positive changes to the covers provided by the CSP professional liability insurance (PLI) scheme.
In September 2022 we surveyed members who undertook any form of self-employed independent and/or private practice work including running small businesses, and 306 members responded.
The CSP PLI team use an annual work plan, which start with each policy cycle in July, to refresh our information to members, reflect on emerging themes, review what we could do better, and revise the policy, in collaboration with our brokers and underwriters – in time for the cycle to start again in the following July.
The findings of our 2022 survey have informed our policy improvement work for 2023/24.
Increasing the turnover cap
Following member feedback received 2021, in July 2022 we increased the turnover cap on business insurance from £75k to £140k, for all eligible businesses*, to bring more CSP-member businesses within the coverage of the CSP PLI scheme.
Our 2022 survey showed that this increased turnover cap meant that over 70 per cent of our survey respondents were covered by the PLI scheme*.
To try and find a meaningful benefit to even more CSP members, from 1 July 2023 we will further increase the turnover cap to £200k.
Increasing cover for limited companies and partnerships
Some limited companies and partnerships are already included within the PLI Scheme*, in cases where all the company partners are CSP members.
However, we know that many CSP members choose to run physiotherapy businesses in company partnership with non-CSP members, for example with their spouses, partners and/or other family members and friends.
These types of company partnership are currently excluded from the CSP PLI scheme, and members need to source additional business insurance at extra cost to cover company liabilities.
Our 2022 survey explored this to determine how many of our members were affected. The survey revealed that 31 per cent of respondents reported being in partnership with a non-CSP member spouse, partner or other person who played no active role in the business.
These respondents reported frustration at having to purchase additional insurance simply because their business had a ‘silent partner’.
To address this from 1 July 2023, we will extend business cover* to include partnerships with silent partners, with the condition that the non-CSP member partner must have no active role in the provision of company services.
This cover will be subject to the terms and conditions of the policy and member who thinks their business may be affected by this change should check their individual circumstances with James Hallam before cancelling any existing additional insurance.
Member webinars to share learning
Sara Conroy, CSP professional adviser, said: ‘The survey gave us great insight into our members’ needs and we are pleased we have been able to use member feedback to improve the PLI coverage for members in these challenging times.
As part of their 2023 work the CSP PLI Team plan to run a series of member webinars to share our learning from this survey and explore any PLI issues members may have
* subject to policy terms and conditions.
Number of subscribers: 12
Log in to comment and read comments that have been added