Professional indemnity insurance for Paradigm members

Marsh Commercial is the exclusive, appointed insurance broker for Paradigm members’ professional indemnity (PI). We know how challenging it is for financial advisers to secure PI in the current market. With so few insurers willing to underwrite the risk, it can be difficult to get the level of protection you need. 

How Marsh Commercial can help

Professional indemnity (PI) insurance has been compulsory for financial advisers since the 1980s and is generally considered to be high risk by the industry. Over the years, there have been significant problems regarding mis-selling, which has generated a high volume of PI claims. This, coupled with uncertain risks concerning the introduction of Pension Freedoms, has had a knock-on effect on the market. As a result, it’s difficult to find the right PI coverage at a price that’s affordable.

As a specialist PI broker, backed by global leading insurance broker, Marsh – we have the expertise, scale and leverage to source the cover you require. We have close relationships with niche PI insurers, some having more than 40 years’ experience in underwriting financial advisers’ risks.

Cover enhancements include, but not limited to:

• civil liability cover.
• employee dishonesty.
• loss of documents cover. 

Extensions of cover:

• innocent non-disclosure.
• Ombudsman extension - cover for Ombudsman awards within the relevant award limits.

Just as your clients have individual needs, not all PI insurance is the same. We can arrange a policy that provides the right protection you need to support your clients with confidence. You'll receive these benefits as standard on most PI policies:

• free tax advice helpline for you and on behalf of your clients
• instalment facility to help spread the premium costs throughout the year
• dedicated claims team
• free 24-hour legal and counselling advice helplines.

Our expert team

We have a dedicated team, based in Bristol who is focused on delivering excellent customer service for Paradigm members; whether you’re a member of Paradigm Mortgage Services, Consulting or Protection. 

Our team draws on a wide range of expertise and experience to ensure we deliver valued support to members. This includes:

• dedicated client advisers providing members with exceptional service
• specialist claims advisers who are on hand to guide members through the claims process
• regular communication to members including news and updates on relevant topics – helping to support them in navigating the increasingly complex risk landscape.

Members can also benefit from packaged cover that includes directors and officers, office and cyber insurance, helping to eliminate gaps and overlaps in cover.