Professional Indemnity (PI) insurance is becoming an increasingly worrying issue for brokers, according to specialist finance trade body, FIBA.
FIBA, part of the SimplyBiz Group, which established its own PI insurance proposition last year for members, says it is seeing an increase in enquiries from brokers who are looking at new PI quotes to cover their commercial activities.
In early 2019, FIBA announced its own block PI scheme for members, in partnership with The PI Desk, and it has proved to be a particularly welcome addition to the member benefits package.
The scheme comes with competitive premiums from an ‘A’ rated insurer, a simple application process providing same-day indicative quotes (subject to underwriting), no administration fees, free monthly premium instalments and quick and easy renewals.
“We always planned our PI product as a major plank of our offering to members and prospective members,” Adam Tyler, executive chairman of FIBA, comments.
“As it has turned out, the changing landscape and the overall trend of increasing premiums in recent years, has seen adviser firms approach us, which would not normally have been seen as the most natural candidates for FIBA membership.”
He says FIBA’s main focus is on specialist finance in the commercial arena, and the team is keen to assist those who are already involved in the sector or those thinking of expanding their business activities into the commercial arena.
Tyler adds: “Our PI scheme is, therefore, an increasingly important benefit for members and those who want to join us, as well as providing the necessary protection for them and their customers.”