Professional Indemnity Insurance Matters
We can assist you with ensuring that your professional indemnity insurance programme meets the requirements of your regulator, and advise you on how to handle complaints and potential claims if they arise.
One of the hallmarks of the profession is the requirements which professional bodies place upon their members to hold professional indemnity insurance. This upholds the reputation of the profession by providing protection for clients in the event of a claim.
We are not regulated by the Financial Conduct Authority and do not carry out any form of regulated activity. However, we have many years’ experience of putting large-scale professional indemnity insurance programmes in place within independent firms and can work with you in compiling your own submissions.
Even with the best risk management systems and quality control procedures in place, client dissatisfaction and potential claims can sometimes arise. Professional bodies recommend that practices have formal complaints procedures, and require as a minimum that they notify new clients of their right to complain and whom they should contact in this respect.
Timely identification of potential complaints and claims, and appropriate intervention at an early stage, can minimise the risk of such matters escalating. It is also vitally important to be able to identify the stage at which circumstances should be notified to your insurers.
We can advise you on handling complaints and potential claims, and assist you in determining when matters should be notified, and the most effective means of doing this.