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Professional Indemnity Insurance for Financial Institutions

Generally, financial institutions operate based on multiple and complex rules, laws, and regulations. This increases the institution's chances of incurring a loss and facing lawsuits.

A small amount of lethargy, misinterpretation, or poor/faulty service can negatively impact your business, employees, brand, and could result in a claim against your company. Therefore, it is essential to have appropriate insurance to meet your needs. Protect yourself and your business with our professional indemnity insurance for financial services.

Explore the benefits of PI insurance for financial services:

Dive deep into our professional indemnity insurance benefits and get a quote today.

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What does the cover include?

Most PI insurance policies for financial services cover the following:

  • Protects the business, business owners, and employees by covering the cost of legal proceedings in the event of any ensuing complaint against inadequate or faulty services.
  • Covers issues caused by employee dishonesty, document loss, or privacy breach.
  • Covers up to £5 million in indemnity.

Need for professional indemnity insurance in financial institutions

Though PI insurance is not legally mandatory, many companies deem it essential as it will keep you protected against unexpected risks. The benefits of having your company covered for professional indemnity for financial services are:

  • Financial security
  • Legal protection
  • Peace of mind
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Frequently asked questions

Yes, PI insurance should be a priority for financial service providers.
No, it is not legal to have PI insurance for financial institutions, yet it is the most valuable and easiest way to secure your business.
Although it protects you from claims relating to the damages caused by your services or consultation, the cover does not include reputational damage.
Any individual or professionals such as financial advisors, mortgage advisers, lawyers, accountants or tax specialists benefit highly from professional indemnity insurance.