Rapidinsure.co.uk, the UK online insurance website, is to offer professional indemnity (PI) insurance for independent financial advisers this summer, writes Catherine Tennant.
The move follows the recent inclusion of PI on the site for other professionals such as IT consultants, media and marketing consultants, accountants and brokers.
Rapidinsure said that cover for IFAs is taking slightly longer to develop due to the high incidence of claims in this area, but should be available later this summer.
The current range of products offered by specialist PI insurers Hiscox Insurance Company, Charrington’s and PI Direct can be tailored to meet the needs of a specific profession, providing industry-relevant clauses as well as standard benefits such as civil liability, fidelity and loss of documents.
The service allows applicants to be insured online in under three minutes, with a quote given after five straightforward questions have been answered. Once the premium is paid the cover note is sent to the applicant via e-mail. The service also offers a 24-hour dedicated helpline as well as e-mail support.
Richard Dunbabin, managing director of Rapidinsure, said: “No one is perfect, which is why it is so important to take out the right level of professional indemnity. With the range of insurance we are offering, consultants and professionals across a wide range of trades can now obtain industry-specific protection instantly online.”