Professional indemnity for insurance brokers
Sue first, ask questions later. Worried clients with this on their mind come to you to help keep them safe.
That’s great for your business, but bad for your exposure.
Sell them the wrong policy or give them the wrong advice and they’ll apply the same principal to you.
Professional indemnity insurance for insurance brokers protects you – and means no more risky business.
Well, apart from it being compulsory for FCA-regulated business, it’s sound risk management. Something you know a great deal about.
It’s simple numbers really: the more policies you arrange, the more potential problems there are. More renewal deadlines, more clauses to check, more cover to get right, more documents to look after.
Insurance brokers’ PI insurance is all about protection – ostensibly for your clients. But we know it’s really all about protecting you and your reputation.
Besides which, it makes sense to practise what you preach.
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?
Public liability insurance is for when you go out and about on business, or have visitors to your office. It’s for claims of physical damage to property and people. Useful if you’re clumsy.
Employers’ liability insurance covers your business if an employee sues it for damages. Claims are usually because they’ve suffered injuries and illnesses as a consequence of working for you. It’s a legal requirement for UK businesses with employees.
Office and property insurance covers the things in your office (furniture, plants, fixed IT equipment etc) and portable insurance covers gadgets and technical equipment away from the office (laptops, tablets, projectors etc). If you’re not sure it’s worth insuring, add it all up – it’s probably worth more than you think.
Business interruption insurance means you can still work when your office is out of action. Be it flood, fire or flea infestation, you’re covered for the costs of setting up elsewhere and for any lost revenue in that time.
Directors’ and officers’ insurance covers your company bosses. Anyone from regulators to shareholders to competitors can accuse you of not running a business with due care. Worse, directors are personally liable for their actions. The good thing is this insurance covers your defence costs and any compensation you have to pay. So you can put away your chequebook.
Glad you asked.
The simple answer is: we know what we’re doing. Professional insurance is all we do so we know what you need, even if you don’t.
We also know that buying insurance can be, well, a bit of a pain. So we make sure getting yours is quick and hassle-free.
We do all that while treating you like a human being, too. You won’t find a call centre here. Or a phone menu. And we’ve banned nonsense insurance jargon.
Anything else? Well, there’s the great stuff you get, such as 20% off everything at MOO. We have an ‘I’m insured!’ badge for your website too – perfect for the professional professional.
Plus, every insurance-related question you can think of is answered in our School of Risk, and you’ll get our quarterly risk advice email – ‘The Waggle’ – to help you avoid problems in the first place.
If you’re after a second opinion, have a look at our customers’ feedback. They’re the ones you should really listen to.
Practising what you preach
This might seem a bit odd. An insurance broker telling other insurance brokers how to be a safe insurance broker. Because let’s be honest. You already know you need professional indemnity insurance. And you’ve probably advised your clients about it enough times to know how it works. But then again, it doesn’t hurt to recap. So here it is, the insurance broker’s guide to insurance for insurance brokers.