PII for insurance brokers
Why do you need professional indemnity insurance?
Insurance brokers provide specialist advice that comes with a risk of being held to account for a client’s financial loss, should negligent advice be given. Professional indemnity insurance (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.
Having PII in place to deal with these claims is essential to protect your business and reassure your clients. PII is also mandatory for insurance brokers who are regulated by the Financial Conduct Authority (FCA).
As well as providing protection should your business be liable for any compensation payable to your client, our services for insurance brokers also include risk management support; we can help mitigate day-to-day risks. At Marsh Commercial, we also have a dedicated in-house claims team to guide you through the process step by step to find the right resolution.
What can it do for you?
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.
With direct access to leading professional indemnity insurers, we have arranged exclusive agreements that allow us to offer enhanced policy features, including insurance broker professional indemnity insurance for those with a financial services arm.
Offering levels of cover to suit your business, this product combines competitive value with the following additional 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.