Professional Indemnity Insurance for Life Insurance Brokers
Businesses involved in selling life insurance products and services are part of a large industry with a huge customer base. There are risks to selling and advising on such products, so it's important to carry professional indemnity insurance if you work in this area.
Along with life insurance policies, brokers in this area also sell other products such as critical illness, private medical insurance, mortgage protection, whole of life cover and income protection.
Advice from experts
Get some free expert advice. We arrange professional indemnity insurance protection for a wide range of services in the life insurance sector. As well as ensuring your premium is competitive, our expertise will underpin your professional indemnity insurance cover and strengthen the protection of your business. Our specialist service includes:
- Competitive premiums
- Fast service
- No pushy salespeople, just insurance experts
- FCA compliant cover
- Tailored insurance cover
- Claims support and management
The right choice of policy
Professional indemnity insurance covering life insurance brokers is a complex area, so making the right choices is essential if you want to secure the best premium and more importantly, the correct policy for your type of business.
Providing life insurance and other related products carries risk and it is a legal requirement to have professional indemnity insurance to work in this area. Alongside life insurance, brokers also tend to sell other products such as life assurance, critical illness cover, private medical insurance, mortgage protection, whole of life cover, and income protection.
It can be a delicate and complex topic, and an insurance broker is rightly expected to be an expert in what cover is needed, and more often than not you will be.
Why you need professional indemnity insurance.
No life insurance broker intends to give bad advice, but unfortunately, mistakes can happen every so often.
Clients who suffer a financial loss due to the brokers negligence may decide to take legal action against the firm if something goes wrong. It’s essential that every precaution is taken to protect the financial health of the business in case of costly errors. A professional indemnity insurance policy helps to ensure that you are covered for any legal expenses that you may have to deal with (which can run into thousands of pounds).
Buying professional indemnity insurance.
Most firms use an insurance broker to organise their PI insurance - a good broker lowers the premium cost as well as providing valuable advice and support throughout the insurance period, especially on claims. We provide a full broker service, so for a quotation or some free advice please contact us. You should find the following guide helpful: Why You Need An Insurance Broker.