Insurance Brokers and Intermediaries
Why do you need professional indemnity insurance?
As well as being mandatory for insurance brokers and insurance intermediaries who are Financial Conduct Authority (FCA) regulated, having professional indemnity insurance (PII) in place is essential to protect your business and reassure your clients.
If your business is held responsible for giving inadequate advice or supplying services that cause a client to lose money, our PII will cover legal costs and expenses incurred while defending a claim.
As well as providing protection should your business be liable for any compensation payable to your client, our services for insurance brokers and intermediaries also include risk management support; we can help mitigate day-to-day risks. We also have a dedicated in-house claims team to guide you through the claims process step by step to find the right resolution.
What can it do for you?
Offering levels of cover to suit your business, this product offers the following benefits:
- Automatic renewal facility (subject to criteria).
- Capped excess.
- Free tax advice helpline for you and on behalf of your clients.
- Interest-free instalment facility.
- Dedicated claims team.
- Free 24-hour legal and counselling advice helplines for all partners.
Our teams are specialists in professional indemnity insurance for brokers; they will work to understand your business requirements, tailoring a professional indemnity solution to your needs, whatever your area of expertise:
- Insurance brokers.
- Financial institutions.
- Mortgage brokers and IFAs.
Financial institutions provide specialist advice that comes with a risk of being held to account for a client’s financial loss, should negligent advice be given. As well as negotiating competitive terms and providing protection should your business be liable for any compensation payable to your client, our services also include risk management support.
Working with insurance brokers across the UK, including networks, multi-office franchises and independent firms, we understand the market and take time to understand your business. We provide wholesale insurance products for brokers that meet their specific needs.
Mortgage brokers and IFAs
Mortgage advisers and IFAs provide specialist advice that comes with a risk of being held to account for a client’s financial loss should negligent advice be given. PII will protect your business if it is found liable for any compensation payable to the claimant, and any legal costs incurred defending the claim.