My Account
Working with UK insurers who understand financial & regulatory risk
FINANCIAL SERVICES CONTRACTOR INSURANCE FOR UK PROFESSIONALS
Cover Built Around Regulated Environments, Governance & Stakeholder Scrutiny
Financial Services contractors work in highly regulated, tightly governed environments – often under FCA, PRA and internal risk frameworks. When you operate through your own limited company, you still carry personal and professional exposure for the work you deliver.
Insure24 arranges contractor insurance for Financial Services professionals that reflects your role, day-rate, regulatory environment and contracts – helping you satisfy client, agency and governance requirements.
Core Insurance Covers for Financial Services Contractors
Tailored for project, change, risk, compliance and specialist advisory roles.
Professional & Liability Protection
- Professional Indemnity – covers negligent advice, mis-statements, errors in reports and project delivery.
- Public Liability – third-party injury or property damage while working on client premises.
- Financial Loss extensions – where required for non-tangible financial loss exposures.
- Employers’ Liability – required where you employ staff or use labour-only subcontractors.
- Contractual Liability – aligned with MSAs, consultancy agreements and framework terms.
- Optional Crime/Fidelity extensions (where available) for certain roles.
Business, Cyber & Regulatory Support
- Office / Home Office Contents – laptops, monitors, documentation and equipment.
- Portable Equipment – devices used between office, home and client sites.
- Cyber & Data Insurance – phishing, ransomware, email compromise and data breach costs.
- Legal Expenses – contract disputes, regulatory investigations and tax enquiries.
- Directors’ & Officers’ (D&O) – personal protection for directors of your limited company.
- Optional business interruption extensions for certain contractor set-ups.
Who Is Financial Services Contractor Insurance For?
For UK-based Financial Services professionals working through limited companies or as self-employed consultants.
Typical Contractor & Consultant Roles
- Change & Transformation consultants in banks, insurers and asset managers.
- Risk & Governance contractors – enterprise risk, operational risk, model risk.
- Regulatory change, FCA compliance and remediation project specialists.
- Finance & accounting contractors in regulated firms.
- IT, data and cyber specialists working exclusively in FS environments.
- Project and Programme Managers delivering FS-specific initiatives.
Niche & Higher-Risk Financial Services Areas
- Conduct risk and customer outcome remediation projects.
- Financial crime, AML, sanctions and fraud remediation work.
- Capital, liquidity and prudential regulation projects.
- Payments, fintech, open banking and digital banking initiatives.
- Insurance product, pricing or underwriting transformation projects.
- Data migration and system replacement in core banking or policy systems.
Key Risks for Financial Services Contractors
High expectations around conduct, documentation, governance and regulatory impact.
Professional & Advisory Risks
- Incorrect advice or analysis leading to financial loss for the client.
- Errors in regulatory change documentation or interpretation.
- Inaccurate MI, dashboards or reporting used in management decisions.
- Failure to identify or escalate key risks or control weaknesses.
- Disputes over scope, deliverables, milestones or acceptance criteria.
- Alleged contribution to poor customer outcomes or conduct issues.
Regulatory, Data & Contractual Risks
- Projects connected with FCA/PRA reviews or remediation exercises.
- Handling or accessing sensitive customer or trading data.
- Strict contractual requirements for PI, PL and sometimes cyber limits.
- Multi-supplier environments with complex responsibility matrices.
- Scrutiny from internal audit, compliance and risk functions.
- Potential involvement in enforcement, redress or remediation work.
How Financial Services Contractor Insurance Is Arranged
Practical, fast and based on your role, day-rate and regulatory environment.
1. Understand Your Role, Clients & Contracts
- We discuss what you do – change, risk, regulatory, IT, data, advisory, etc.
- We review contract and framework requirements for limits and wordings.
- We consider your day-rate, turnover and whether you use subcontractors.
- We identify whether your work is advisory, delivery, remediation or mixed.
- We check any existing PI/PL cover to avoid duplication or gaps.
2. Build a Policy Around Your Regulatory Context
- PI levels that reflect your contract value and regulatory sensitivity.
- PL for office, home and on-site work in FS environments.
- Cyber and legal expenses options where appropriate.
- D&O cover for directors of your limited company.
- Clear policy documents to share with agencies, MSPs and clients.
My contract with a large bank required specific PI and cyber limits before I could start. Insure24 understood the regulatory context and arranged cover and documents quickly so onboarding wasn’t delayed.
Financial Services Change Consultant, London
PROTECT YOUR FINANCIAL SERVICES CONTRACTS
& YOUR LIMITED COMPANY
WHY FINANCIAL SERVICES CONTRACTORS CHOOSE INSURE24
- Experience with FS change, risk, compliance and IT roles.
- Understanding of FCA-regulated environments and governance structures.
- Ability to meet strict PI, PL and sometimes cyber/cyber-crime requirements.
- Joined-up approach to PI, PL, cyber, D&O and legal expenses.
- Fast documents for onboarding with banks, insurers and asset managers.
FREQUENTLY ASKED QUESTIONS
+-
Why do Financial Services contractors need Professional Indemnity?
FS contractors work on projects and advisory work that can affect customers, regulators and the firm’s
finances. If your work is alleged to have caused loss, regulatory issues or poor outcomes, PI protects your
limited company and can fund defence and settlements (subject to policy terms).
+-
What PI limit do Financial Services contractors usually need?
Common limits range from £1m to £5m or higher depending on the firm, project size and contractual
requirements. Large banks and insurers often specify minimum PI limits in framework or contract documents.
+-
Does this insurance help with IR35 status?
Insurance alone does not decide IR35, but having your own PI, PL and business cover is one factor that
supports the picture of being “in business on your own account”. We structure cover to match how you work.
+-
Will this cover me if a regulator reviews my project or area?
If allegations are made that your professional work contributed to an issue, PI may respond. Regulatory
investigations can also be supported via legal expenses cover where appropriate. We’ll explain how the
cover interacts with regulatory matters.
+-
Does this cover work at multiple FS clients and locations?
Yes. Contractor policies are designed to cover work across multiple client sites, head offices, remote
working and occasionally international branches, subject to territorial limits being agreed.
+-
Do I need cyber insurance as a Financial Services contractor?
If you access client systems, handle data or rely heavily on email and online tooling, cyber cover is
strongly recommended. It can help with incident response, data breach costs and business interruption.
+-
What happens if I stop contracting in Financial Services?
Because PI is claims-made, you may still face claims relating to past projects. Run-off cover can protect
you for several years after you stop trading; we’ll discuss options before you close your company or change career.
+-
How much does Financial Services Contractor Insurance cost?
Costs vary depending on role, PI limits, contract size, client type and claims history.
FS contractors typically pay more than generic roles, reflecting higher risk and scrutiny, but we work with
insurers that understand specialist project and advisory work.
+-
Can I increase my limits quickly for a new FS contract?
Yes. Limits can often be increased mid-term, subject to insurer approval and any additional premium.
Sharing contract or framework requirements early makes this smoother.
+-
How do I get a quote for Financial Services Contractor Insurance?
Contact Insure24 with details of your role, day-rate, clients and contract requirements. We’ll review any
existing cover and arrange tailored Financial Services Contractor Insurance quotes for your limited company.