Frequently Asked Questions
We know you’ll have questions about your insurance. If you don’t find the answers you need in our FAQs, call our dedicated team of expert advisers.
Financial Services FAqs
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:
- Some insurers will exclude unregulated investment products or offshore investments.
- Whilst not usually relevant to financial services unless you have an independent financial adviser or advisory department, in recent years insurers have been very concerned with advice on defined benefit pension transfers.
- Most policies will exclude claims in the USA and Canada and some insurers will restrict to UK claims only. More obvious exclusions are fraud, unless the fraud relates to an employee acting without consent or knowledge of directors and managers.
- Many insurers will ‘aggregate’ coverage meaning insurers will apply a policy cap to all claims. This can restrict cover significantly. For example, you may purchase £1,000,000 professional indemnity, £1,000,000 crime and £1,000,000 directors’ and officers’ insurance, but the insurers will apply an overarching policy limit of £1,000,000 meaning the total for all such claims will be £1,000,000 throughout the policy period. The result is £1,000,000 professional indemnity insurance can exhaust the cover, leaving directors with no cover. Sometimes, you’ll only be offered aggregated cover but with separate policy limits for each module (professional indemnity, crime and directors’ and officers’ insurance). If this is affordable it’s an approach that should be carefully considered.
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:
- Firms on any size.
- Regulated and unregulated investment companies.
- Any firm with Financial Conduct Authority permissions, be it consumer advisory permissions or solely professional investor permissions.
- Clients that specialise in unique areas of investment advice, such as carbon credits, emerging markets and high-end real estate.
- Clients that operate in non-regulated areas such as UK property investment agency work.
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.
Yes, you can make changes by contacting us.
No, we don’t charge administration fees.
However, an increase in cover may result in an additional premium due.
You can pay in full, by two instalments or by direct debit.
Some of our partner insurers offer monthly instalments at no extra cost.
If you have been transparent with us and declared all previous claims it will not affect your policy with us.
In most cases we will need to declare the claim to the insurers.
We partner with a number of high-quality insurers. Their details will be shared on all quotes.
All our quotes are personalised, and the premium is typically linked to the size of the business and your precise business activities. We find that in most cases, our policies are incredibly competitive.
technology companies FAQs
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 insurance – This is crucial. It 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.
- Cyber insurance – This mustn’t be underestimated. Even the largest companies can be hacked. You know IT security better than most but it only takes a small oversight for your systems to be compromised. We provide specialist support and our insurance will get your business back on its feet quickly if the worst happens.
- Public and product liability – This covers physical injury and damage and can be added to packages at a low cost.
- Employers’ liability – This will protect you from legal costs should an employee sustain a bodily injury in the course of their employment. If you have any employees it is compulsory in the UK to have employers’ liability and it can be added to packages at a low cost.
- Computers, laptops and office equipment – We advise insuring your IT equipment from theft and destruction and can offer cover for portable IT on a worldwide basis.
- Directors’ and officers’ insurance – This covers claims against directors or senior managers made in a personal capacity and is especially relevant if you have external investors who could hold company directors liable for failures or missed targets.
- Breach of contract – Allegations software fails to meet the contractual provisions, including missed deadlines, non-compliance, non-performance and failure to meet uptime requirements.
- Cyber-attacks – Incidents affecting either your systems or your client’s (where you are liable).
- Counter claims and tactical litigation – Increasingly claims are being made tactically, for instance, by clients with cash flow challenges who make unfounded allegations in a bid to get your business to write off or reduce genuine invoices.
- If you have American or Canadian clients or contracts, they will probably be excluded and some insurers will restrict cover to UK claims only. However, policies can be extended to include USA and Canada protection for an additional premium.
- Most policies will exclude any claims related to patents. In the software sector, you may not need it, but we can explore additional coverage if you do.
- Deliberate acts, dishonest or fraudulent acts are usually excluded unless committed by an employee without the knowledge of senior management.
- Disputes which are purely commercial in nature and not linked to your supply or service provision, such as a commercial dispute with a supplier may be excluded. Disputes with clients are usually covered, especially if they allege your business has been negligent or breached a contract.
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.
Employers’ liability will protect you from legal costs should an employee sustain a bodily injury in the course of their employment.
Yes, if you have any employees, it is compulsory in the UK to have employers’ liability.
We know the creative industries are unique because of the prevalence of freelancers. Even if you employ an extra pair of hands for a short period of time, such as assistants, you should always maintain employers’ liability.
Yes, you can make changes by contacting us.
No, we don’t charge administration fees.
However, an increase in cover may result in an additional premium due.
You can pay in full, by two instalments or by direct debit.
Some of our partner insurers offer monthly instalments at no extra cost.
If you have been transparent with us and declared all previous claims it will not affect your policy with us.
In most cases we will need to declare the claim to the insurers.
We partner with a number of high-quality insurers. Their details will be shared on all quotes.
All our quotes are personalised, and the premium is typically linked to the size of the business and your precise business activities. We find that in most cases, our policies are incredibly competitive.
Marketing & Media FAQs
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 insurance – We suggest you to have professional indemnity. This covers you for allegations of mistakes and provides compensation where you are liable due to professional negligence. It usually covers associated defence or legal costs too which is vital when you are working with companies bigger, and more able to litigate, than yours. It will cover you for claims from clients and third parties.
- Cyber insurance – Cyber criminals are acutely aware that marketing and media companies have access to sensitive commercial data which they can exploit. You’ll need cover if they gain access to your systems.
- Public and product liability – This covers physical injury and damage and can be added to packages at a low cost.
- Employers’ liability – This will protect you from legal costs should an employee sustain a bodily injury in the course of their employment. If you have any employees it is compulsory in the UK to have employers’ liability and it can be added to packages at a low cost.
- Computers, laptops and office equipment – We advise insuring your IT equipment from theft and destruction and can offer cover for portable IT on a worldwide basis.
- Directors’ and officers’ insurance – This covers claims against directors or senior managers made in a personal capacity and is especially relevant if you have external investors who could hold company directors liable for failures or missed targets.
- If you have American or Canadian clients or contracts, they will probably be excluded and some insurers will restrict cover to UK claims only. However, policies can be extended to include USA and Canada protection for an additional premium.
- If you are involved with advertising production, some policies will exclude work away for the office unless you buy an extension.
- Most media policies will exclude any claims related to patents. We can explore additional coverage if you need it.
- Some insurers will apply a retro-active date, which means complaints or claims related to work prior to that date are excluded.
- Deliberate acts, dishonest or fraudulent acts are usually excluded unless committed by an employee without the knowledge of senior management.
- Disputes which are purely commercial in nature and not linked to your supply or service provision, such as a commercial dispute with a supplier, may be excluded. Disputes with clients are usually covered, especially if they allege your business has been negligent or breached a contract.
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, if you have any employees, it is compulsory in the UK to have employers’ liability.
We know the creative industries are unique because of the prevalence of freelancers. Even if you employ an extra pair of hands for a short period of time, such as assistants, you should always maintain employers’ liability.
Yes, you can make changes by contacting us.
No, we don’t charge administration fees.
However, an increase in cover may result in an additional premium due.
You can pay in full, by two instalments or by direct debit.
Some of our partner insurers offer monthly instalments at no extra cost.
If you have been transparent with us and declared all previous claims it will not affect your policy with us.
In most cases we will need to declare the claim to the insurers.
We partner with a number of high-quality insurers. Their details will be shared on all quotes.
All our quotes are personalised, and the premium is typically linked to the size of the business and your precise business activities. We find that in most cases, our policies are incredibly competitive.
Film & Photography FAQs
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:
- Equipment and camera insurance.
- Liability (public and employers’ liability).
- Professional indemnity.
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.
It’s best practice to have an up-to-date list as it makes the claims process quicker and smoother, but it’s not mandatory.
‘New for old’ means that your broken, damaged or stolen equipment will be replaced with the latest, state-of-the-art model, even if your original was out-of-date or obsolete.
Our insurance provides ‘new for old’ cover as standard, providing the values you have submitted are the new replacement values. You should ensure the values insured are sufficient to cover replacement at today’s prices.
This relates to equipment you have hired.
In the event of a claim, a supplier would expect their loss of earnings to be reimbursed.
In addition, our policies will allow you to rent equipment whilst your own equipment is being repaired or replaced.
Public liability will protect you in cases of bodily injury or property damage associated with an incident involving your business.
Professional indemnity covers you for allegations of mistakes and negligence.
Your policy should include important extensions tailored to creative professionals, such a breach of infringement of intellectual property rights including copyright infringement, or misappropriation of musical compositions, graphic material, or artwork.
Yes, we always recommend you get professional indemnity.
We are seeing an increase in claims relating to copyright and intellectual property. It’s very easy for a third party to bring an allegation of negligence or breach of intellectual property, even if the grounds for doing so are unfounded.
Yes, you can make changes by contacting us.
No, we don’t charge administration fees.
However, an increase in cover may result in an additional premium due.
You can pay in full, by two instalments or by direct debit.
Some of our partner insurers offer monthly instalments at no extra cost.
If you have been transparent with us and declared all previous claims it will not affect your policy with us.
In most cases we will need to declare the claim to the insurers.
We partner with a number of high-quality insurers. Their details will be shared on all quotes.
All our quotes are personalised, and the premium is typically linked to the size of the business and your precise business activities. We find that in most cases, our policies are incredibly competitive.