Professional indemnity insurance for advisors

Changes are constantly taking place in the insurance market and our goal is to create added value for our members in terms of correct coverage, premiums and conditions, adapted to market conditions. This means that you get a better product that is tailored to you and your insurance needs.

It's human to make mistakes but advising your business customers can even make small mistakes cost you dearly. If you take out professional indemnity insurance, you are correctly covered if your advice results in a financial loss to the customer.

As an advisory firm, it is essential to inform and guide the customer correctly, but if an employee commits an error, advisor liability is indispensable security. The error could consist of an error in design, supervision or programming that results in a financial loss to the customer.

Retrospective coverage

Retrospective coverage

The insurance covers claims occurred the previous 3 years before the start of the insurance.

Attractive, extended coverage

Attractive, extended coverage

Claims due to improper negligence are covered.

No retrospective payment

No retrospective payment

Your premium is agreed when you buy the insurance and it is regulated according to your actual output.

What does advisor professional indemnity insurance cover?

The table is only indicative and is an extract from the insurance conditions. Any compensation will be calculated in accordance with the rules of the insurance conditions.

Advisor professional indemnity insurance
Always with

The insurance covers if you, or an employee, advise a customer resulting in financial loss. The insurance also covers serious negligence. However, insurance does not cover intentional errors.

The insurance covers if your company is held liable for damages caused by the company's services. For example, if you drop your measuring equipment on the customer's glass table and the table breaks.

If you provide a service or product that is defective or directly causes a claim, the product liability coverage will cover the financial loss for the customer.

The insurance covers claims that a customer raises against you retroactively. This means that the insurance covers even if the claim is raised due to an error that has occurred before the insurance is purchased. However, it is important to point out that insurance does not cover if you are aware that the claim is being raised when you take out insurance.

The insurance includes expenses (up to DKK 1,000,000) for the death of a key employee (e.g. a partner or a director) or permanent incapacity e.g. recruitment, PR/communication or otherwise.

The insurance also includes communication losses (up to DKK 1,000,000) to repair/neutralise the company's damaged reputation if, for example, it has been negatively reported through the media.

Special benefits of advisor professional indemnity


Retrospective The insurance covers claims that a customer raises against the company retroactively. In other words, if the claim is raised because of an error made before the insurance has been taken out, the insurance covers. However, it is important to stress that the insurance does not cover if you are aware that the claim is being raised when you buy the insurance. 
Extended coverage The coverage has been extended to cover claims caused by gross negligence. Normally, gross negligence is not covered by advisor professional indemnity, but if you take out insurance with us, you will get this additional benefit. 
Premium savings The insurance is part of a pooling which, among other things, provides premium savings for the companies included in this pool. If we compare with other companies, you get at IDA an attractive and very low premium. 
No periodic adjustments We do not make periodic adjustments, which means that the premium is determined based on the company's income at the start of the insurance period. In order words, we do not make a retrospective adjustment at the end of the insurance term.
Insurance sums and excess

You have three options of insurance sums and excess:

  • DKK 5 million / excess 10,000
  • DKK 10 million / excess £25,000
  • DKK 15 million / excess DKK 50,000

On business and product liability coverage there is already an excess of DKK 5,000.