Professional Indemnity for Financial Advisors
As an Independent Financial Adviser (IFA), you are in the position of offering advice that clients use to make important financial decisions. To keep your registration current, you are required to have professional indemnity insurance also known as indemnity insurance that protects your business against claims of negligence, errors or omissions, breach of confidentiality and related legal costs. And, in a setting where markets and risks are constantly changing, there’s no doubt IFAs face complex challenges.
Financial advisers can work as:
- tied advisers – working for one organisation, such as a bank, building society or insurance company, and selling only their products;
- multi-tied advisers – selling several companies’ products;
- independent financial advisers (IFAs) – advising on any company’s products and, by law, providing clients with the most suitable advice
At Herald Insurance we use specialist insurers who offer dedicated schemes for the financial sector. The premiums are based on risk so by completing a simple proposal form we can gather information on your activities in a simple time efficient manner and offer a policy to suit your specific requirements. We understand not all financial advisers are the same and that you should not be paying a higher premium if your activities are lower risk, therefore offering less exposure to your insurer. This is where the skill and experience of using Herald Insurance as your broker will benefit you as we will take time to understand your business activities and offer a policy and a premium tailored to you and your business.
As with most professions we are also able to offer suitable other insurances for your business such as office insurance, motor insurance, and directors and officers insurance.
If you would like to know more about our services then give us a call.