Providing professional advice or services could you make you liable for claims from third parties, including clients, shareholders and creditors. Allegations commonly stem from breach of professional duty or trust but can also include breach of confidentiality, defamation and loss of documents.
Professional indemnity claims are proliferating and the cost of defending a claim can be substantial. A Professional Indemnity (PI) policy provides a cost-effective mechanism for transferring your exposure to PI claims.
Cover is mandatory for many professionals including alternative investment managers, mortgage intermediaries and independent financial advisers. It is, also, commonplace for other professionals to purchase this cover both to protect themselves and because it’s frequently a contractual requirement for entering a new trading relationship.
Our clients benefit from our knowledge and expertise and access to a broad range of insurers, including specialist and Lloyd's markets. This allows us to create bespoke solutions with competitive premiums.
We engaged Protean to provide the full range of insurance for Crowdcube. As a rapidly growing business, we needed a specialist broker that can provide the depth of expertise, whilst retaining a personal service and having been personally introduced to Protean, we are delighted that they have met all of our expectations and we would happily recommend them.
When starting a new business from scratch you meet a lot of new people and can be pleasantly surprised. This has been the case with Protean Risk, who I had not dealt with previously, but were introduced to whilst gaining FCA approval for our investment management firm. They have proved to be efficient and effective in obtaining competitive PI terms for us from the start and during our subsequent rapid growth.
I was referred to Nathan Sewell by a mutual friend and he worked tirelessly, under severe time pressure given our position, to secure PI coverage for my firm after a competitor firm had let us down badly during the renewal process. Nathan’s approach was refreshingly different to other PI brokers we have worked with in the last 15 years in that he clearly took pride in placing our cover on the best terms and as similar sized firm to ours, there was clearly a much stronger alignment of interest. We felt our business was valued. I would commend Nathan and Protean Risk to any other private wealth management business.
As an Independent Financial Advisor business, our PI is very important to us. We moved to Protean because they have the depth of specialist expertise and experience we need but with a very personal service. In our case, we stayed with the same insurer but benefitted from improved terms because Protean took the time to understand our business and to present it more effectively to the Insurer. We are happy to recommend Protean.
Protean were recommended to us by one of our industry contacts and were able to find the right solution for us where other brokers had failed. We would highly recommend them.
Julian Brincat contributes to an interesting FT Adviser article. Read more...