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.
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What does Insurance Brokers Insurance cover?
Cover can include:
Professional Indemnity Insurance
Commonly known as PI insurance, offers financial protection should a client sue you if you give poor advice or do something that results in financial or reputational losses.
Directors and Officers Liability Insurance
D&O insurance reimburses the defense costs incurred by board members, managers, and employees in defending against claims made by shareholders or third parties for alleged wrongdoing. D&O insurance also covers monetary damages, settlements, and awards resulting from such claims.
Cyber Insurance
A cyber insurance policy helps pay for financial losses they may incur in the event of a cyberattack or data breach. It can cover costs related to the remediation process, such as paying for the investigation, crisis communication, legal services, and refunds to customers.
Business Travel and Personal Accident Insurance
Business travel and personal accident insurance can cover unexpected travel expenses, business equipment and medical expenses if you or an employee are permanently injured or killed in an accident.
Fidelity Insurance
Fidelity insurance covers losses sustained by the employer as a result of an act of forgery, fraud or dishonesty from an employee.
Management Liability Insurance
Management liability insurance covers your business & people: directors & officers insurance, employment practice liability & corporate legal liability.
Office Insurance
Office insurance may include cover for structural faults, damage or loss to office furniture and property, plus public and employer liability.
Pension Liability Insurance
Pension trustee liability (PTL) insurance policies protect trustees and schemes against third-party claims alleging financial loss.
Criminal Activity Insurance
Also known as fidelity insurance, crime insurance covers your business for financial losses as a result of theft, fraud or dishonest activity.
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.
Our Team Of
Financial Institutions Insurance Specialists
Questions?
Ready to protect your scale-up with insurance that matches your ambition? Contact us today to start a conversation. Let’s build a insurance roadmap that powers your growth and reflects your values.
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Insurance Brokers Insurance FAQs
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.
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?