Insurance Brokers Professional Indemnity

Why Birchin?

Unlike many of our competitors, at Birchin we don’t operate a ‘one size fits all’ approach – we understand that each business is unique and requires individual handling.

As an independent broker we have access to a wide range of insurance markets and will always put your needs first, in selecting an insurer not only with competitive terms, but who also understands your risk thoroughly and offers the highest level of security rating.

We are completely impartial and are not tied into placing business with one particular market, allowing us to access a full breadth of offerings.

We can offer cover for all sizes of insurance broker and managing general agent, whether you are a small rural practice or a regional sized multi-disciplinary business, a retailer or a wholesaler – our approach is tailored to your requirements.

You will deal with a knowledgeable and experienced team with the skills needed to negotiate the best terms available with our insurance markets.

Minimum Requirements

Our quotations will all by compliant with at least the Financial Conduct Authority (FCA) minimum terms – which are currently Euros 1,250,000 for a single claim and Euros 1,850,000 in the aggregate (or GBP equivalent at time of inception & renewal).

Whilst these are the minimum limits acceptable to the FCA, we would strongly advise you to purchase limits suitable for your own business’ exposure, taking into account the type of work you undertake.

You must take all reasonable steps to ensure that the GBP equivalent limit of indemnity is equal to, or in excess of, the FCA minimum requirements, at inception and renewal of your policy.

Why do you need Professional Indemnity Insurance?

Professional Indemnity insurance is a compulsory requirement for all insurance practitioners, with the minimum terms of cover prescribed by the Financial Conduct Authority.

Full details of the requirements can be found here:

MIPRU 3.2 Professional indemnity insurance requirements – FCA Handbook

What does it cover?

Insurance Brokers’ professional indemnity insurance covers claims made against you or your firm by any client or third party that alleges a breach of trust or confidentiality, negligence or defamation. The policy covers the cost of defending the claim (whether it has merit or not) any damages awarded, as well as the claimants’ costs.

How to obtain a quotation?

The ideal time to begin the process of obtaining a quotation is around 60-90 days before the renewal date of your existing coverage. You should be sent a proposal form to complete by your existing insurer or broker and we can happily use this completed form to undertake our market assessment for you, or alternatively please download and complete our own form using the download button below.

You will see details of the various additional information we require to accompany your completed proposal form; it will greatly assist in the underwriting of your case to make your submission to us as complete as possible.

If you should have any questions or queries at all then please reach out to us as we will gladly assist you with every step in the process.