Insurance Broker Professional Indemnity Experts

Professional Indemnity Insurance for Insurance Brokers

Having the right insurance protection is essential if a client claims against you for alleged errors in advice, failure to act on instructions, problems with recommendations or a failure to correctly assess and meet their demands and needs. We provide clarity and protection for Insurance Brokers and IFAs by combining deep market insight, long-term relationships and end-to-end support.

Get in touch

Receive personalised sector updates

Why do Insurance Brokers and IFAs need Professional Indemnity insurance?

The FCA rules require that all insurance brokers and IFA’s have in place a minimum level of Professional Indemnity (PI) Insurance of €1,300,380 for a single claim and €1,924,560 in the aggregate (or 10% of annual income subject to a maximum of £30m). However, the majority of firms should look to have significantly higher levels of PI cover in place to provide greater protection against the significant exposures that their advice generates.

We work with you and go beyond insurance cover, providing additional support through our in-house claims management service. You can expect proactive support in settling often complex matters quickly and cost effectively, allowing you to focus on delivering great service to your clients.

Why should Insurance Brokers and IFAs choose Griffiths & Armour?

Your role advising clients on insurance and financial matters carries significant responsibility. In the face of claims, having appropriate PI insurance is crucial.

We excel in tailored solutions for insurance brokers and IFAs, drawing on extensive experience and industry partnerships. Through proactive advice and industry insight, we design responsive insurance cover to meet your evolving needs.

As accredited providers of PI insurance to the British Insurance Brokers’ Association (BIBA) since 2013, we’re committed to addressing the specific requirements of our clients in the insurance broking and financial professions.

Which classes of insurance should Insurance Brokers and IFAs consider?

Professional Indemnity insurance

Professional Indemnity (PI) insurance can help to protect you if your services or advice result in losses or damage for your clients, the public or other third parties – even years after the services were provided.

PI insurance can cover the costs of any compensation and legal fees that arise as the result of a claim against advice provided by you or your business.

Directors and Officers Liability

Directors and Officers have additional responsibilities to employees, the public, investors and regulators. The purpose of Directors and Officers Liability (D&O) insurance is to provide financial protection for Directors and Officers against legal costs, judgments, and settlements arising from lawsuits, investigations, or regulatory actions related to their management decisions or actions taken on behalf of the company.

Cyber insurance

Your network could be compromised by the loss of sensitive data or criminals holding commercial information to ransom. Cyber recovery can be costly, and Cyber insurance can help protect your organisation in the event of a data breach, security failure or cyber attack.

Beyond Protection

Beyond Protection is our end-to-end support designed to empower your business at every stage.

Our team gives you the tools to increase resilience and create peace of mind, no matter the challenge.

We work closely with you to manage your claims efficiently, for a seamless experience.

Claims management

Our expert team uses leading insights to analyse macro and regulatory environments so we can help find cover for risks where others would struggle.

Market insight

Our technical advice is available on demand, helping you to navigate complexities and make informed decisions.

Technical advice

Streamlining risk management with tailored solutions guided by industry leading insight, technical guidance, training and data analysis.

Risk advisory

Find out more

Legal helpline

Griffiths & Armour offers a legal helpline providing direct access to sector-specific expert solicitors for our clients with Professional Indemnity insurance.

With offices across the UK and Ireland, you can receive immediate legal advice on issues like negligence allegations, draft agreements, and commercial disputes at no additional cost.

Learn more

FAQs

What PI cover can I expect to benefit from?

Policy coverage can vary significantly between providers and strict policy exclusions and claims notification conditions are prevalent. We procure cover for our clients with the simple aim of ensuring that they benefit from the most secure cover available that will be there to support them when the need arises.

Why should I use a broker such as Griffiths & Armour?

Almost all Insurance Brokers and IFA’s use an experienced PI Broker with sector experience to advise them and place this critical protection for their business. Griffiths & Armour are the largest PI Broker in the UK outside London and have been accredited PI providers to BIBA members for over 10 years. With our solutions centred on a quality-based approach, our offering is unrivalled in both the security of cover provided and the expert service we deliver.

What do Griffiths & Armour provide beyond PI insurance policies?

Our market-leading claims experts provide real comfort and assistance when claims alleging professional negligence arises. Griffiths & Armour clients also benefit from a free legal helpline with first class defence lawyers and access to our full risk management services, which include specific publications providing insights to typical claims and Insights newsletter updates.