top of page
Financial Advisor 1.jpg


At Simcox Brokers, we can arrange Professional Indemnity insurance for Financial Advisors.


As an independent broker we have built strong working relationships with a wide panel of specialist insurers in this sector, allowing us to deliver the highest level of professional indemnity insurance for financial advisors.  We can assist you throughout the application process, helping best present your firm to the insurers and fully supporting you in the event of a claim.  


  • We have a thorough understanding of the complex needs and risks of those working within the financial sector. This helps when placing your risk as we need to factor in the suitability of the insurer and wording, as well as the price for the cover required.

  • We’ll take the time to get to know your business as if it were our own, working with you to ensure your policy meets the distinct needs of your business yet remains as cost-effective as possible

  • As an independent broker that is not tied to a single insurer, we can search the market to find for the right cover for your firm, at the right price


Independent & Specialist Insurance Broker

Transparent & Simple Communication

Friendly & Personable Approach


Valuable insight and industry knowledge

Understands your industry specific risks

Impartial & objective


Consultative approach

Access to a wide panel of Insurers

Comprehensive selection of products & services


If you are responsible for causing financial loss to your client due to error or omission in the services you have provided, your professional indemnity (PI) policy will protect you. As a Financial Advisor, you strive to avoid making mistakes, but occasionally they do happen. PI insurance protects you and your business if your client alleges a financial loss for:


  • A breach of a professional duty of care or unintentional breach of contract

  • Unintentional breach of confidentiality or copyright

  • Loss of documents or data



The Financial Conduct Authority (FCA) requires IFA’s to maintain Professional Indemnity insurance (PII) in order to trade. The FCA does not recommend a minimum level of cover but do state that the policy must not be subject to conditions or exclusions which unreasonably limit its cover where the firms Professional Indemnity Insurance requirements must meet the demands and needs of the IFA it is being issued to.

When putting in place professional indemnity insurance for financial advisors, it is important to consider that all PI Insurance is on a claims made basis, that means you must have an active PI policy at the time a claim or allegation is made against you. It is important to remember that once a PI policy expires you can no longer make any claims against it. Therefore, you need to consider maintaining your PI insurance once you cease trading. This is called Runoff Insurance and provides protection against any claims which may arise from work you undertook in the past. Runoff is an annually renewable policy, the premiums will usually reduce each year to reflect the reducing exposure to insurers.


What is Professional Indemnity insurance for Financial Advisors?

Professional Indemnity (PI) insurance will cover any damages and/or expenses which may be awarded against your business if it is alleged that you caused your client a financial loss, as well as legal fees incurred.

What determines the cost of a Professional Indemnity policy?

Insurers consider a number of factors when assessing Professional Indemnity insurance for Financial Advisors. This could include areas of practice i.e. low or high risk, the experience/qualifications within your firm, your claims history, fee income and the types of contracts you are involved in. This will include the total contract value, as well as your own fees. Insurers may also consider what risk management procedures you have put in place.


To secure the best premiums from the insurers, it is essential to put together a comprehensive proposal, that is as clear and easy to read as possible. This will need to include full details of your experience, the services you offer to your clients and the procedures you have put in place to mitigate your risk. This proposal will also help your broker negotiate the most competitive premium on your behalf.

What limit of Professional Indemnity cover should I buy?

When dealing with Professional Indemnity Insurance for Financial Advisors, there are a few areas that need to be considered when determining the amount of cover your business needs.


Firstly, it will depend on the type of clients you provide financial advice to. Further consideration will also need to be given to your regulatory or contractual responsibilities with the work you carry out and the maximum amount you could potentially be held labile for, should a claim be made against you.


In addition, you will need to ensure that the limit of indemnity meets your regulatory bodies' requirements, or has met the limit your clients may have stipulated within a service contract.

Do Financial Advisors need Cyber Insurance?

As a financial advisor, you will be dealing with sensitive and personal information on a daily basis. With this in mind, we believe it is highly unlikely that your business is not at risk from cybercrime.


Cyber risks such as data breaches, ransomware, phishing, social engineering and funds transfer fraud are where many financial advisors still remain unprotected!


We encourage all financial advisors and firms to review their risk and need for Cyber Insurance and Simcox Brokers can support you through this process.

I have my own financial advice firm; do I need Directors & Officers Insurance?

Company Directors have specific duties and responsibilities within the business. If they are found to be in breach of these duties, they may become personally liable.


This could be the result of litigation from various parties such as regulatory bodies, shareholders and creditors.


In the event of any legal action being taken against a director or officer for an alleged wrongful act, a Directors & Officers (D&O) policy will cover their legal defence costs and any expenses.


After drowning in complicated forms, confusing small print and expensive quotes, Simcox Brokers were like a breath of fresh air – clear, informative and approachable. They managed to negotiate a very competitive quote, saving me over 25% from the previous year. Excellent service, thanks


Simcox Brokers have provided me with an excellent service this year, not just in providing quality insurance cover and advice but also in support too. I had a claim during the year which (not through our or Simcox’s fault) lasted for around five months and their support throughout has been fantastic in terms of guiding me, keeping me regularly updated without me having to prompt and reassuring me. They made the whole process much simpler and so much less stressful than it could have been. Thank you to the Simcox team!


Simcox Brokers was able to navigate the complexities of our market and offer us a solution that perfectly met our needs. This was undoubtedly derived from taking the time to understand our business thoroughly


bottom of page