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.
