Latest News

Professional indemnity market update for IFAs

The professional indemnity insurance market for most of the 5,400 directly authorised IFA firms has been turbulent in recent years. Most saw a significant increase in their premiums and some harsh exclusions added to their policies. The reasons for...

A million SME's fail to buy professional indemnity insurance...

For some small businesses cash flow is critical to survival. Many business owners will scrutinise their monthly expenditure and trim this back to the bare minimum, particularly if the business is going through a rough patch. Professional indemnity...

Accountants Are The Worst Drivers

According to a new study by insurers, Accountants are the most accident prone drivers in the UK. Doctors and Solicitors closely follow them on the list of worst drivers. In 2015, a staggering 16,000 accident claims involved Accountants while a...

Professional Indemnity Claims - Probate

Probate is an area of work where problems can and do frequently give rise to professional indemnity claims and with many firms of accountants now considering this type of work, learning from the mistakes of others can be a great prevention.   We...

Accountants Claims - Predicting the Future

Claims made against accountants during the last recession and even over the last decade have often escaped the more excessive claim trends that have been suffered by other traditional professions such as the law, with accountants on the whole avoiding the...

£15.5 Million Fines For Solicitors PII Failures

The Financial Conduct Authority (FCA) has fined five individuals and two firms a total of £15.5m, in addition to banning four of those individuals, for significant integrity and competence failings. The FCA fined Shay Reches £1.05m following an...

Elite Insurance Pulls Out Of Solicitors PII

With concerns about negligence claims against the legal profession, Elite Insurance has withdrawn from the English and Welsh solicitors' professional indemnity insurance market. The company, which entered the market in 2012, confirmed that all existing...

Procurement professionals need professional indemnity insurance

A poll carried out by the procurement and supply website Supply Management found that buyers overwhelmingly support the use of professional indemnity insurance (PI) by self employed procurement professionals. Not only did they feel it was good...

The Insurance Act - Flexible and fit for purpose

The Insurance Act 2015 revamps outdated and unsatisfactory legislation..... The Insurance Act 2015, enacted in February and expected to come into force on 12 August 2016, effects some fundamental changes to the commercial insurance regime. It will...

Professionalindemnity.co.uk - Fastrack Team

Professional Indemnity Insurance Brokers has a new specialist insurance broker. Karen Fox has recently joined the business to develop our new SME quotation unit, Fastrack. Not all businesses can buy their professional indemnity insurance online....

Financial Professionals are targeted by Cyber Criminals

Whilst Cyber crime is often associated with money being taken from individuals computers, evidence suggests that organisations with electronic data are being targeted with insider traders looking to gain information on businesses. This focus will inevitably...

A Very Risky Business

New research reveals that only a third of SMEs currently have Professional Indemnity Insurance (PI). Not all SMEs will require PI cover but of the remaining 3.3 million of the UK’s 5.2 million SMEs, those that do could find themselves...

Insurance Premium Tax - Imminent Increase

Chancellor of the Exchequer George Osborne announced at the last budget that the standard rate of insurance premium tax (IPT) will rise from 6% to 9.5% from 1 November 2015. The increase will apply to all classes of insurance including...

Understand Your Policy Obligations

Your professional indemnity policy is an important document. It is a contract between you and your Insurer and like any contract, it should be read and fully understood by all its parties. It is a commercial insurance contract and so unlike personal lines...

How Much Cover?....Getting it Right!

The ‘limit of indemnity’ (LOI) is the amount of cover or protection provided under the professional indemnity policy. Calculating the right amount isn’t an exact science, but getting it right is very important to avoid under-insuring,...

Becoming Self Employed - Insurances to Consider

Becoming self employed can be both exciting and daunting. Whatever your chosen profession and however good you are at what you do, there will be many tasks that you will need to undertake that you will not have had to consider when you were an...

SMEs lose £ 6.4 billion through bad advice

Poor professional advice from third parties or consultants had resulted in 16 per cent of small and mico businesses surveyed losing money, according to a study by Direct Line. Their research found that over 320,000 small and micro businesses had lost an...

New Insurance Act 2015

In February 2015, the Insurance Act 2015 received Royal Assent and will come into force in August 2016. This is one of the most significant changes to commercial law in over 100 years. But what does it really mean for Professional Insurance policy holders? ...

Jelf In Takeover Talks

Insurance broker and consultant Jelf was one of London's stock market biggest risers on Wednesday as it confirmed it may be the subject of a takeover by global firm Marsh Ltd. Shares surged 19.32% to stand at 247p as the market welcomed the news. ...

Time limitations for claims against contruction professionals

If you are a construction professional, then this is for you. We've put together some guidance notes to help you understand the time limits that exist for a claim to be made on a project you have been involved in. You have a duty to "exercise...

Let us remind you when your policy is due for renewal

We understand that you are busy running your business.....before you know it your PI insurance renewal date has arrived and it's too late to shop around. So let us remind you when your insurance is due. We'll will then contact with an alternative...

What information do you need to get a PI quote?

Do you know what information you need in order to complete a Professional Indemnity Insurance Quotation? To help assist you, we have provided a simple guide to our on line quotation form that ensures you have the correct information to hand. Essentially,...

What other insurance might you need as well as professional indemnity?

Do you know what business insurance you need? There is a range of insurance available to you, some which is required by law and some that isn't an absolute requirement but still needs to be considered. If you are taking on staff, for example, the law...

Do you need Cyber Insurance?

Do you know what Cyber Insurance is? And do you need it for your business? Many small businesses are not aware that this type of insurance exists, despite the fact that computers are a primary tool for many of them. Cyber insurance is designed to protect...

Help and advice for small businesses and freelancers

Do you need some help and advice in running your small business or working as a freelancer? There are alot of organisations and websites that can be of assistance. Take a look at the government Website www.gov.uk/browse/business for factual information on...
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