Professional Indemnity (PI) insurance is a crucial safeguard for companies operating within the financial technology (FinTech) sector.

 

This form of insurance is designed to protect businesses against legal costs and claims for damages from clients or third parties, which can arise from alleged negligence, errors, omissions, or breaches of professional duty in the services provided.

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For FinTech companies, where the offering often includes innovative financial services and products through technology platforms, the risk of such claims can be particularly pronounced. This is due to the complex regulatory environment, the critical importance of data security, and the high expectations of customers engaging with financial services. Mistakes, system failures, or data breaches can lead to substantial financial losses for clients, who may seek compensation.

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We also recommend Cyber insurance along with Director & Officers Liability when taking out PI insurance for your Fintech company. 

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PI insurance is important for Financial Lines companies as it provides a financial safety net, allowing them to defend against claims without bearing the full cost of legal fees and settlements, which can be crippling.

 

Not only is it an important level of cover that can increase credibility and trustworthiness in the eyes of clients, PI is generally a requirement for companies operating in the finance sector, particularly those operating on an AFSL (Australian Financial Services License. 

 

In an industry with a high level of regulatory and where reputation and trust are paramount, PI insurance is not just a risk management tool, but a critical investment in a company's future viability and success.

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Download the application form below, fill and send to info@stronginsurance.com.au

and our team will be in contact with a competitive quote. 

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