Professional Indemnity Insurance for Finance Brokers
Since 2011 we have specialised in arranging professional indemnity insurance for Finance Brokers and other professions. Whether you are launching a new firm or already established, we can provide competitive premiums and tailored solutions to meet your unique needs.
As a finance broker, you are at the heart of some major financial decisions and transactions. Your advice and services pave the way for clients to secure their financial goals, from property acquisitions to business financing.
Professional Indemnity insurance is not just a protective measure for you but it's also an essential part of your professional service. Our experienced team will help you navigate the complexities of professional indemnity insurance for finance brokers and to provide the cover that's right for your business.
- Tailored Insurance Expertise
We specialise in professional indemnity insurance and understand the specific risks faced by finance brokers. Our policies are tailored to address the precise requirements of the industry, ensuring firms are protected where it matters most. - Customised Coverage Solutions
Every finance broker’s needs are unique. We take the time to understand your risk profile to deliver a competitive, tailored insurance solution that align perfectly with your objectives. - Unwavering Support
Our commitment doesn’t end with securing your policy. Should you face a claim, or require advice at any time our dedicated team are here to guide you through the process with efficiency and care, safeguarding your interests every step of the way. - Access to Exclusive Products
Leveraging our established relationships with a large network of Insurers, we provide access to innovative and competitive insurance products, including options that may not be available elsewhere. - Integrity and Trust
At PIIB we value the trust our clients place in us. Transparency and integrity are at the core of everything we do. We’re committed to building long-term relationships founded on mutual respect and understanding.
Key risk areas for finance brokers professional indemnity insurance
Finance brokers sit between client and lender and so many claims against them will relate to expectation gaps. These can include the following examples.
- Alleged unsuitability of funding structure (e.g. interest-only vs repayment, term length, security taken, covenants).
- Misrepresentation of affordability or risk when a client alleges they were not made aware of key features or the downsides of a loan.
- Failure to secure expected terms (rate, fees, LTV, covenants), with the client alleging a loss compared to what they believe should have been obtained.
- Documentation and process failures, such as incorrect facility letters, missing guarantees, or failure to pass on lender conditions that later trigger default.
Good file notes, suitability reports and clear engagement letters are critical to defending these types of allegation and are often scrutinised closely by claims departments.
What's typically covered by professional indemnity insurance for finance brokers
Policy wordings vary, but these are some examples of the types of issues that are generally covered by professional indemnity insurance for Finance Brokers.
- Negligent advice or arrangement of facilities including recommending unsuitable lending, mis-structuring a loan, failing to disclose material information to a lender causing a loss to the client.
- Errors and omissions such as missed deadlines, incorrect documentation, miscalculations, or a failure to follow instructions leading to a financial loss to the client.
- Civil liability matters which can pick up financial claims for misrepresentation, breach of contract, breach of confidentiality, IP infringement and sometimes defamation, provided they arise from your professional services.
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This guidance note is intended for information purposes only. Whilst all care has been taken to ensure the accuracy at the time of writing, it is not a reliable substitute for specific insurance advice. For advice about this topic, please contact us or your current brokers. This guidance note shall not be reproduced in any form without our prior permission. © Professional Indemnity Insurance Brokers Ltd