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Insurance Brokers Insurance
Insurance Brokers Insurance can cover many risks that businesses may face. Jensten Insurance Brokers can advise on and arrange cover to help mitigate those risks.
Our Insurance Brokers Insurance
We offer comprehensive policies to cover insurance brokers. It is fair to say that not all insurance brokers are specialists in Professional Indemnity Insurance (PI) and it is the general consensus that a broker, regardless of their expertise in the class, should not undertake the placement of their own PI cover directly.
Insurance brokers vary dramatically in size and services, from small sole practitioners through to multinational publicly quoted Lloyd’s brokers and the needs and requirements of each differ greatly too based on their size and the type of work they do.
Need Insurance Brokers Insurance?
For comprehensive Insurance Brokers Insurance
What does Insurance Brokers Insurance cover?
Cover can include:
Why use Jensten
Dedicated
A dedicated team to Financial Services businesses
Trusted
We are the trusted broker to Professionals.
Flexibility
Tailored insurance to the needs of your business
Talk to the experts
Our team of UK-based insurance experts are here to help, Monday – Friday, 9am – 5pm.
- Call our team
- 01903 953 500
What our clients say...
Is Professional Indemnity Insurance a legal requirement?
The Financial Conduct Authority (FCA) requires that all insurance brokers carry PI cover to a minimum level however this may not always be suitable for their needs as the minimum limits of indemnity are only a benchmark. It is therefore important that the exposures are correctly considered in line with the type of work undertaken.
Brokers undertaking large or complex placements will undoubtedly require a larger limit of indemnity and those brokers undertaking placement of behalf of overseas or multinational clients need to ensure their cover provides the correct protection.
Practice what you preach.
Your clients have chosen your services because of their confidence in your ability to deliver however, from time to time, mistakes or miscommunication can happen.
Alleged poor advice or a circumstance that results in a financial loss for your client that is not covered by their insurance can result in a claim arising for the cost of addressing the problem and putting things right.
Whilst the FCA dictates the minimum levels of Professional Indemnity Insurance, it doesn’t advise on what other insurance covers you should include in your insurance program. Our brokers can talk through your options, and whilst we appreciate you can go direct to your insurer partners, it can often create a conflict if you are arranging your own insurances.
Ultimately, Professional Indemnity Insurance for insurance brokers protects you and your clients.
For some tailored insurance help, please contact the Jensten Motor Trade team today or call them on 0208 298 2100.
Need Insurance Brokers Insurance?
For comprehensive Insurance Brokers Insurance
Insurance Brokers Insurance
It’s important for you to get the right Insurance Brokers Insurance. To help you do that, here are our Insurance Brokers Insurance frequently asked questions. We hope they are of use, but if you’d like some independent advice, please call us on 01903 953 500, and the team will be happy to help.
Getting a quote is easy. You can call us on 0208 298 2100, and the team will be happy to help you find the protection you need. We work with a panel of different insurance companies and can help find the appropriate cover to suit your individual needs.
Are there PI Insurance limits for insurance brokers?
Yes. Firms subject to the Insurance Mediation Directive need to have a specified minimum level of cover.
These are: €1,120,200 for a single claim and €1,680,300 in the aggregate. We’ve made it easy by giving you the choice of either £1,000,000 or £2,000,000 level of cover.
Remember that these are minimums. Really, you can’t have too much cover. If you tell your clients to buy as much as they can afford, shouldn’t you do the same?
