Professional Indemnity Insurance For Insurance Brokers
Working in the Insurance Broker industry means that you already have to follow laws and regulations such as being regulated by the FCA and this means that the services you offer can have both a positive and negative effect on individuals.
It is compulsory for you to have Professional indemnity insurance for insurance brokers because your business will involve and element of risk which means that from time to time things can go wrong. When you think about the number of policies you put in place for people, you will quickly realise that there is the potential for more problems. Things such as renewal deadlines, clauses, getting the right cover as well as having to manage more paperwork and this is why professional indemnity insurance is a real must for you.
Through a simple error you can cause severe financial for individuals and businesses and should this occur, your client will look to make a claim against you which is why it is crucial to protect yourself. As soon as a claim is made against you, whether successful or not, Professional indemnity insurance will serve to protect you whilst covering all costs.
PI Insurance For Insurance Brokers
We can find you the right level of cover, to ensure that you are covered for all eventualities and a simple questionnaire will help us to find out all the information we need so that we can find cover at a cost that suits you.
How does it work?
This form of protection should not be underestimated simply because it can help you business remain secure a client make a claim. Unlike other forms of insurance, Professional indemnity insurance for insurance brokers is formed around a “Claims Made” basis, therefore, should a third part make a claim it has to be related to work that took place during the dates that the cover was in place. As you are an insurance broker, you are constantly offering advice, providing products and allowing people to access you knowledge which means that it is possible for your clients to experience negligence, omission and even errors. This may sound harsh but that is the reality and this is why protections is crucial. If a claim is made against you, this insurance will ensure that any costs incurred whilst defending yourself or paying compensation are covered which means that your business and your reputation will be protected.
This form of cover comes with these features:
- Your business will be protected from the very first day of cover which means that you can deal with any claims against you without being financially out of pocket
- Every claim is assessed to ensure that it is legitimate before any payments are made
- The policy will provide cover for one year
- Due to the importance of this policy, you will quickly realise that it is a crucial part of your every day running
- The financial future of your business will be protected
- As it is a “Claims Made” policy, this ensures that you are protected for claims made that are associated with the period of cover
- The policy is tailored around your needs and at a price that meets your budget
- Indemnity is available in different amounts depending on your requirements
- Document loss and costs associated are covered
- Court attendance costs, up to an agreed amount will be paid for
- Payment options to suit your business needs
What are the benefits?
Here are the main benefits of this cover
- You will be meeting all legal and regulatory requirements
- Protection offers you peace of mind
- Costs will be covered should a client be awarded damages
- Defending claims can be costly as well as compensation. Due to the policy being tailored around your needs, all costs will be covered
- Representation and legal advice is available to you
- If a claim is made, this policy will take the financial burden off your business, allowing it to function normally
- Giving your clients confidence is crucial and having this cover in place will allow you to look professional and reliable