Professional indemnity insurance for a Co-operative Society

Co-ops
1

Our professional indemnity insurance is due to expire in April. I went to renew and was told by Hiscox that because we’re now a Co-operative Society and under the FCA they are no longer able to cover us.

Does anyone have any recommendations for insurance (professional indemnity) providers for a new Co-operative Society?

2

Hey, where is your coop based? Try using our broker, they’ve been fantastic.

Tysers Insurance Brokers
https://tysers.com
020 3037 8000

3

Thanks Liam, much appreciated.

1 Like
4

We’ve been using https://www.johnheath.com/ and they seem pretty good. Mind you, we are an LLP, not a co-op society. Not sure if that makes a difference.

Simon (Cetis LLP)

5

For the record being a Co-operative Society does make a difference.

Apparently premiums are more expensive if you’re regulated by the FCA. This is because under FCA regulations you’re required to ‘prove your innocence’ if a client claims your negligence, whereas under Companies House the claimant is required to prove you’re negligent.

Our Hiscox insurance as Limited Company was ~£700. The quote we’ve had from John Heath (thanks @asimong) is ~£1,800.