Get quotes for public liability, professional indemnity, tools and employers' liability insurance for UK financial advisers — quotes are provided directly by FCA-authorised insurers, not by us.
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Every trade faces unique risks. Here's what could go wrong and why the right cover matters.
Professional indemnity is a regulatory requirement for financial advisers, with a minimum set by the FCA. But the regulatory floor and an adequate level of cover for your actual risk are often two different numbers.
FCA-authorised advice firms must hold professional indemnity insurance meeting minimum terms set out in the FCA Handbook (MIPRU 3.2). For most investment and financial advice firms this currently means at least €1.25 million per claim and €1.85 million in aggregate over 12 months, reassessed in sterling-equivalent terms at each renewal. This is a regulatory floor, not a recommendation of what's adequate for your business.
A single client's pension transfer value or investment portfolio can run into hundreds of thousands of pounds. If advice on a transaction of that size is later found unsuitable, the resulting claim or Financial Ombudsman Service award can sit well above a policy sized only to the regulatory minimum.
The Financial Ombudsman Service's compensation limit for most complaints is reviewed each April in line with inflation, and stands at £455,000 for complaints referred from 1 April 2026 about acts or omissions from 1 April 2019 onwards. Your policy limit needs headroom above this, since legal defence costs are paid on top of any award, not from within it.
Because PI is claims-made, a complaint about pension transfer advice given years ago can still land after you've retired. The FCA expects firms ceasing regulated advice to maintain appropriate run-off cover, typically for at least six years and often longer where defined benefit transfer advice was given.
A strong policy covers the specific risks of your trade — from unsuitable advice claims to data breaches and client disputes.
Protects against claims of negligence, errors or bad advice from clients. Essential for any business that provides advice, designs or professional services. Covers legal costs and compensation.
Covers injury or property damage to clients or third parties at your office or client premises. Required by most co-working spaces and client contracts.
Legally required if you employ anyone. Covers employee injury or illness claims arising from their work. Minimum £5 million required by law.
Covers data breaches, cyber attacks and GDPR fines. Professional service firms handle sensitive client data — cyber insurance is increasingly essential.
Covers your office equipment, computers and business contents against theft, fire and accidental damage at your premises.
Covers legal costs for contract disputes, employment tribunals, HMRC investigations and debt recovery.
A few things worth checking before you buy, whichever UK insurer or broker you compare.
Check the limit matches what your contracts, landlord or clients require — common tiers are £1m, £2m, £5m and £10m depending on trade and risk.
Professional and liability covers are often "claims-made" — cover depends on holding a live policy when a claim is made, not just when the work happened.
Read what's excluded, not just what's covered. Sub-contractor work, specific activities, or work carried out overseas are common gaps.
Before buying, confirm any insurer or broker is authorised and regulated by the Financial Conduct Authority — check the register at register.fca.org.uk.
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