Why Professional Indemnity Insurance Brokers Are Essential for Your Company

Professional indemnity insurance brokers are a crucial part of your company's risk management strategy. They help you navigate the complex world of professional indemnity insurance, ensuring you have the right coverage in place to protect your business.

Having a professional indemnity insurance broker can save you money in the long run. According to statistics, businesses that work with a broker can enjoy an average of 20% cheaper premiums.

A professional indemnity insurance broker will take the time to understand your business and its unique needs. They'll ask questions about your services, clients, and potential risks, and use this information to tailor a policy that suits you.

By working with a professional indemnity insurance broker, you can ensure your business is protected against costly claims and reputational damage. This is especially important for companies that provide professional services, such as lawyers, accountants, and consultants.

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Professional indemnity insurance is a must-have for brokers, and it's essential to understand the key features and benefits of a good policy. With this in mind, let's take a closer look at what's included.

No contracting out of the Insurance Act 2015 is a crucial aspect of a professional indemnity policy. This means that the policy is designed to meet the requirements of the Act.

A key benefit of this policy is the lack of a Basis Clause, which can often be a source of confusion and conflict. This ensures that the policy is clear and straightforward.

One of the standout features of this policy is the broad protection against innocent non-disclosure. This means that even if you inadvertently withhold information, you're still covered.

Late notification protection is also included, giving you peace of mind in case you forget to notify claims on time. You have 7 days after expiry to notify claims, which is a generous timeframe.

In addition to professional indemnity cover, the policy also includes civil liability cover, which protects you against defamation, dishonesty, loss of client money, and joint ventures.

Here are some of the additional benefits of this policy:

Professionals and professional service organisations operate in an environment of increased responsibility and accountability.

Exposure to liability can arise from breach of contract or in tort for damages arising from negligence. This means that professionals can be held responsible for their advice and actions, and any losses suffered as a consequence.

Claims can be costly to defend, regardless of the outcome, and can ultimately impact on the capital of the organisation. In some cases, this can even place the organisation under extreme financial pressure.

Our expert team uses leading insights to analyse macro and regulatory environments, helping to find cover for risks where others may struggle.

Professionals and organisations are increasingly held accountable for their actions, making it crucial to exercise a competent degree of skill and care in their duties.

Liability can arise from breach of contract or in tort for damages arising from negligence, which can lead to costly legal action and financial pressure on the organisation.

Claims, whether spurious or not, often require protracted legal action to defend, which can be a significant burden on the organisation's capital.

Our expert team can help mitigate this risk by providing leading insights to analyse macro and regulatory environments and find cover for risks where others may struggle.

The burden of litigation can ultimately place the organisation under extreme financial pressure, making it essential to take proactive steps to manage liability and risk.

Sexual Misconduct Liability is a serious concern that requires careful consideration.

Tysers offers a unique Sexual Misconduct & Molestation Liability (SML) form, which is considered the broadest available on the market. This form provides financial protection for organizations against allegations of sexual misconduct and molestation.

Having a comprehensive liability form can help safeguard your organization's assets and reputation.

The SML form offered by Tysers is designed to offer financial protection against a wide range of allegations, providing peace of mind for organizations.

It's essential to have a clear understanding of your liability coverage to ensure you're protected in the event of a claim.

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