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Professional Indemnity Insurance for Company Search Agents

Professional Indemnity Insurance for Company Search Agents

Why is professional indemnity insurance for company search agents so important these days?

As a Company Search Agent you provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge.

When things go wrong you may well be held to account for any financial losses with legal action, and Company Search Agents professional indemnity insurance is designed to mitigate the effects of such actions.

Hensure Business Insurance has an online solution that allows you to quote and buy your professional indemnity insurance for Company Search Agent in a matter of minutes. We can provide cover for public liability, employers liability and professional indemnity all from one simple to fill out on line procedure.

What limit of indemnity does a Company Search Agent need for professional indemnity insurance?

The limit of indemnity you require under your policy is generally for you to decide based upon your own assessment of the exposures that you face in your business. It is worth bearing in mind that the costs involved in defending professional Indemnity claims can be astronomical so this needs to be taken in to account.

Click on the quote button to progress an instant competitive quotation in minutes. If you require any further information, please do not hesitate to contact us today.

Claims Made Basis of Cover rather than claims occurring basis.

It is important to understand that professional indemnity policies are written on what is called a ‘claims made’ basis. This means that they provide cover for claims made against you during the policy period (i.e. after the inception or renewal date) that relate to work that you have done at any time after the retroactive date.

What is the retroactive date under a professional indemnity policy for a Company Search Agent?

Policies on a claim’s made basis should include a retroactive date to protect the policyholder against claims in respect of work undertaken prior to the current policy year. The retroactive date should coincide with the date you started trading or the effective date of your first Company Search Agents professional indemnity policy. It is possible to arrange a policy with retroactive date of none, which effectively provides cover in respect of all previous periods.

How much is Company Search Agents professional indemnity insurance going to cost?

This will very much depend on the underwriter’s assessment of the risk

What will professional indemnity insurers look for to assess the risk?

Company size – The overall size of the firm. The insurer s will want to understand the size of your firm in terms of the number of directors and qualified staff who give advice and the turnover of the firm.

Qualifications and experience – Insurers will most probably want to see a CV which shows that the relevant people within the firm have a minimum of five years’ experience.

Type of work – Insurers will want to understand the nature of the work that you are involved in.

Retroactive exposure – Does the business have an exposure to claims arising from past work, whether in the current business or a previous company.

Overseas exposure – Does the practice carry out work for overseas clients. Insurers are particularly interested in exposure to North America given the potential for litigation that comes with this.

Claims experience – The claims experience is an important factor in the assessment of a risk. This information reflects on the type of work carried out by a company. It also reflects the quality of the company’s work, experience, staff & internal risk management.

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