Professional & Financial Services Insurance Broker

Professional firms are exposed to increasingly complex regulatory, operational and systemic risks

Compare financial services insurance

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At get indemnity we have the market experience and knowledge to identify a range of insurance solutions.
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Our digital on-boarding service is now available to professional & financial service firms with a turnover of less than £100m.
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As a specialist financial services insurance broker, we can access the wholesale market to negotiate bespoke insurance.

Professional & financial insurance provides cover to financial services firms regulated by the FCA

Potential liabilities for offering professional services or personal advice can be severe. Each organisation is different and purchasing adequate financial services insurance is paramount in protecting your firm's interests.

Professional & Financial Services Insurance

  1. Financial services professional indemnity insurance
  2. What is professional & financial insurance?
  3. Professional & financial services insurance guide
  4. Fintech insurance considerations
  5. How to manage financial risks across your business?
  6. Compare insurance for financial service providers


Managing an FCA regulated firm carries a variety of risks and maintaining adequate financial services insurance is a necessity. Typically, you will be required to hold minimum levels of professional indemnity insurance to carry on your activities. Ensure you speak with your insurance broker to meet all your ongoing requirements.

Protection available under financial services insurance provides a 'safety net' as part of your overall risk management strategy to protect your clients, third parties and your interests. Below we take a look at the different financial services insurance covers available and considerations you will need to make.


Financial services professional indemnity insurance

If you are currently undergoing FCA authorisation, we can identify financial services professional indemnity insurance for your application. Then when you need to incept cover and provide evidence to the FCA, we can do so at the appropriate time.

A copy of your business plan with financial projections, together with CV's of the principles will assist our efforts in obtaining favourable terms from the market. Once we have all the relevant information it usually takes a week to 10 days to source and negotiate cover with underwriters.

If your firm is already established, we can assist you with sourcing alternative quotes for financial services professional indemnity insurance. We work with a number of underwriters that have the capacity to provide cover to meet your needs.


What is professional & financial insurance?

Professional & financial insurance includes a wide range of covers designed to protect professional or financial services firms from a broad range of threats.

Professional indemnity insurance is typically the most important cover purchased, offering protection against the failure to exercise reasonable skill and care in the provision of professional or advisory services.

Whereas, technology continues to be a significant driver of change within the financial services sector, it’s important to maintain adequate protection from emerging risks, with covers such as cyber insurance.

 

Financial services insurance definition

 

Insurance for financial services is a specialist area for insurance brokers, who require a depth of knowledge and relationships within the market to identify the best solutions available.

At get indemnity, we can access the wholesale market to identify insurers who have the capacity and appetite to underwrite a range of financial services, including FinTech insurance.


Professional & financial services insurance guide

The following guide identifies typical professional & financial services insurance, however additional covers are available that can meet more specialised requirements.

At get indemnity we maintain the knowledge and expertise to offer a wide range of financial services insurance covers for UK firms. 

 
What would happen if… Financial Insurance: What the coverage does:

A client is dissatisfied and seeks compensation for services rendered.

> Professional Indemnity 

Protects the firm against legal costs incurred in defending the allegation; and damages from any award or settlement.

An investigation is brought by the regulator into a director’s conduct.

> D&O Insurance

> Management Liability

Protects the directors against legal costs incurred in defending the allegation; and damages from any award or settlement.

An allegation of breach of contract is made against your firm.

> Corporate Legal

> Management Liability

Protects the firm against legal costs incurred in defending the allegation.

You discover fraudulent activity, with your finance director stealing hundreds of thousands of pounds.

> Crime Insurance

> Management Liability

Protects the firm against financial loss from the theft of property, money or securities by an employee.

An allegation of unfair dismissal and workplace harassment is made against your firm.

> Employment Practices

> Management Liability

Protects the firm against legal costs incurred in defending the allegation; and damages from any award or settlement.
A fraudster pretending to be a counterparty reports their bank details have changed and payment is sent to the wrong account.

> Social Engineering

> Crime Insurance

Protects the firm against financial loss from the theft of property, money or securities as a result of social engineering.

Personal information is stolen in a data breach and there is a threat of extortion to recover the data.

> Cyber Insurance

Protects the firm against financial loss arising from security and privacy breaches. Can include first and third-party losses.

A client visiting your office seeks compensation for a serious injury after a fall down the stairs.

> Public Liability

Protects the firm against legal costs incurred in defending the allegation; and damages from any award or settlement.

An employee is seriously injured after slipping on a wet floor at your offices and seeks financial compensation.

> Employers Liability

Protects the firm against legal costs incurred in defending the allegation; and damages from any award or settlement.

Your offices and equipment were damaged as a result of an insurable event. (i.e. fire, flood or storm).

> Property Damage

Protects your firm’s buildings and contents (including computer equipment) against loss or damage from a range of insured perils.

Your firm was unable to trade as a result of an insured event (i.e. fire, flood or storm).

> Business Interruption

Protects against the loss of income from being unable to trade as a result of the insured peril (i.e. property damage from a fire, flood or storm).
An employee becomes sick and is unable to attend work.

> Health Insurance

Protects the health of your employees if the unexpected occurs. Mixed levels of cover available according to budget and business requirements.
A group of retirees bring an action against your firm and its trustees for a breach of fiduciary duty.

> Pension Trustee Liability 

Protects your firm, pension plan and trustees against exposures resulting from the management of the pension plan.
 

Fintech insurance considerations

Professional & financial services firms are faced with varied and complex risks often dependent upon the nature of the services offered.

Each professional & financial service firm will be required to purchased adequate insurance to protect themselves and their clients. Minimum limits and conditions required are typically set by the industry regulator or governing body.

Fintech insurance is a specialised area and consideration of a variety of covers should be taken. We've worked with a number of start-up fintech companies in identifying broad and cost-effective cover from the market. 

If you are unsure which covers and limits of liability are right for your firm, please contact us and we can discuss your requirements.


How to manage financial risks across your business?

Business insurance should form part of your overall risk management strategy to reduce the impact of unforeseen events to a level that falls within your risk tolerance.

At get indemnity we are proud to be experts in professional and financial services insurance and can assist you with identifying the most appropriate cover.

Either complete our online application to obtain your quotes from the wholesale market or contact us and we can discuss the options available to you.

We can accommodate a wide range of professional and financial services firms with the capacity to negotiate tailored insurance solutions for the most complex of needs.


Compare insurance for financial service providers

Our customers can achieve cost savings on their financial services insurance renewal by comparing their existing cover against quotes from the wholesale market.

Our online application provides a simple and effective platform to identify and validate information held publicly about your company. 

By answering a few simple questions online will assist our efforts in understanding what financial services insurance you require. Be aware we may be required to send you a full proposal to complete dependent upon the services you provide your clients. 

 

Compare professional and financial insurance online


This guide is for information purposes and based on sources which we believe are reliable, the general risk management and insurance information is not intended to be taken as advice with respect to any individual circumstance and cannot be relied upon as such.