We are a commercial insurance brokerage. We offer business insurance for any type of business from plumbers to accountants. We have specialist insurance schemes for media companies, technology companies, IT companies, film and photographic companies.
We are focused on putting our clients first and organizing insurance which is in their best interests. We’ve earned ourselves a very strong reputation and as such we recommend that you take a look at our reviews on our website but also on Google. We don’t just organize the insurance, we also handle the claims, advising you on how to make the claim and also negotiating with insurers on your behalf. If you like the sound of what we can offer, please give us a call and we’ll be happy to independently review your insurances.
For more videos and information, please visit www.whinneyinsurance.co.uk.
We work with over 150 regulated financial services businesses, so we understand your insurance needs. We know experience and continuity are incredibly important, particularly when it comes to complex and sensitive insurance matters.
These relationships, that are a holistic part of our claims offering, make us unique.
The pace of technological change is frightening and as we become more reliant on technology, small problems can become big problems for technology companies, even bringing them to a standstill.
We know your clients are reliant, if not dependent on your service, and that their expectations are higher than ever before. If things go wrong, your clients are not afraid to point their finger in your direction.
More than ever, you need insurance to cover you against the wide range of risks you face. It has to be the right insurance and while there are plenty of insurance companies willing to insure IT and technology companies, very few understand your industry and very few will cover your key risks.
Insurance for this sector is usually purchased in a package or portfolio. This means the financial lines insurance form part of a single package with a single insurer. This is particularly common for small and medium-sized financial services companies, asset managers, financial institutions or fund managers.
The most common package combines professional indemnity, crime insurance and directors’ and officers’ insurance. Recently, some insurers have started to offer cyber insurance, and in some cases public and employers’ liability extensions.
We advise you get professional indemnity and directors’ and officers’ insurance as a minimum. In fact, depending on your Financial Conduct Authority (FCA) permissions, professional indemnity might be compulsory.
Depending on whether you handle client funds on your own platform, crime insurance might or might not add value. We can help advise you.
In recent years, we have seen an increase in claims, in part driven by social media and campaigns by some law firms, often referred to as ‘claims farmers’. These campaigns, previously focused on large investment providers, are now targeting companies of any size.
This can be complicated but insurers, and brokers, should be transparent about exclusions.
We will be able to advise but it’s worth knowing that:
It is crucial that you understand your policy excess and how it can be applied in practice because excesses for this sector can be very high, with some starting at £25,000.
It can be complicated too but we can advise you.
Some excesses will apply to “each and every claimant”. This means that if your investment portfolio suffers a sudden crash due to unforeseen external forces and you receive several claims from investors simultaneously, your excess will apply to each claimant. If you have a £25,000 excess and receive five investors complaints, that would result in a total policy excess of £125,000 for the business.
Other policies will state that claims related to the “same originating cause” are deemed to be one claim and one excess – a more favourable approach for financial services
We can cover:
If you aren’t sure if we can cover you, contact us.
There’s no straightforward answer to this but we’re here to advise.
We insure some funds that have over £100million of assets under management, but only the very largest firm could afford to buy £100million of insurance.
Your Financial Conduct Authority (FCA) requirements might determine how much you need. Depending on your FCA permissions it may be compulsory for you to have a minimum level of cover, particularly if you have exposure to consumers. That minimum for consumer-related business (advisory) is often £1,850,000.
For larger businesses, you need to weigh up the cost of insurance versus the policy limits purchased and you’ll need to consider several factors, such as the assets under management (AUM), fees charges, types of investors, class of investment, previous complaints and claims.
Some policies are determined by a percentage of funds under management, for example, if you have £100million funds under management you might purchase cover for 5% of that, giving you £5million professional indemnity.
Directors’ and officers’ insurance can be more prescriptive if your firm has external officers that support the functioning of the firm, such as professional investors. Professional investors and venture capitalists, may insist that the funds managed have a minimum level of directors’ and officers’ insurance linked to the level of investment. It’s also common for those investors to insist upon key person insurance for the lead fund managers.
Professional indemnity covers you for allegations of mistakes and negligence.
In financial services that is typically anything that is deemed to be a complaint under Financial Conduct Authority rules.
It will help you provide a formal response to any complaints and will also cover any compensation that the Financial Ombudsman Service (FOS), you or your insurers deem payable.
Typical claims include allegations of negligent advice (where applicable) or allegations of poor performance.
You need cover because clients rely on your software and services more than ever, and the UK is becoming more litigious.
Our insurance products safeguard your business if things go wrong. It provides legal protection and also compensation to your clients if you are liable for any errors or downtime.
The right insurance protects you and your business.
Professional indemnity covers you for allegations of mistakes and negligence.
It provides compensation to your client (or a third-party) in circumstances where you are liable due to professional negligence, and usually covers associated defence or legal costs.
Public liability will protect you in cases of bodily injury or property damage associated with an incident involving your business.
You work with clients on their brand and media presence in a fast-paced environment where publicity, good or bad, can go viral. You need insurance that protects and defends you because it’s easy for allegations to be made when things go wrong.
Our business insurance provides a legal defence for your business and helps cover the costs of putting things right, if you are liable.
The right insurance will protect your business, its reputation and balance sheet.
You’ll need a tailored package that includes:
Professional indemnity covers you for allegations of mistakes and negligence.
It provides compensation to your client (or a third-party) in circumstances where you are liable due to professional negligence, and usually covers associated defence or legal costs.
A tailored professional indemnity package should include extensions important for creative professionals such as breaches of infringement of intellectual property rights including copyright infringement, or any misappropriation of musical compositions, graphic material, or artwork.
Public liability will protect you in cases of bodily injury or property damage associated with an incident involving your business.
Employers’ liability will protect you from legal costs should an employee sustain a bodily injury in the course of their employment.
Yes, because sometimes things go wrong.
In most cases a comprehensive film and photography insurance policy won’t break the bank and can save you a lot of time, stress and money in the long run.
Most clients will expect you to have insurance and some will ask to see your policy so it’s important to make sure you’re covered.
As the appointed broker to the Association of Photographers (AOP), we understand your industry needs and can ensure you have adequate cover.
We advise all photographers have:
All-risks insurance is fully comprehensive cover which includes loss, accidental damage and theft.
Yes, our policies cover you worldwide, apart from areas of conflict and areas with UK and US trade sanctions.
If you are travelling to a high-risk location, speak to your insurer and always check the wording on your policy.
If you need it, in certain circumstances we can restrict a policy to ‘premises only’ cover for a reduced premium.
Yes, our policies cover you for worldwide travel apart from areas of conflict or areas with UK and US trade sanctions, whether that’s a work-related trip or a holiday.
Not necessarily.
Typically, when hiring equipment you will be responsible for insuring it and your insurance must include 13 weeks ‘loss of hire’ cover, which compensates the hire company for lost income should their equipment be lost or damaged whilst in your possession.
Some hire companies may offer their own insurance but this can be expensive and the majority don’t.
We advise you insure any borrowed equipment along with your own, particularly if borrowing it for an extended period.
