Frequently asked questions about this product.
Who is this insurance for?
This insurance is for any licenced professional who offers consulting services for a fee. This insurance can be for companies as well as freelancers.
Is professional indemnity insurance obligatory in Cyprus?
For particular professions like lawyers, doctors, physiotherapists, real estate agents and insurance agents, professional indemnity insurance is obligatory and a requirement for participation in any organised groups or associations. There is, however, a large group of professionals who choose to have this insurance due to its being a requirement or a conventional obligation of partnership with clients or suppliers.
How can I restrict the cost of professional indemnity insurance?
The better you describe the breadth of your activities to us, the better we will be able to comprehend any possible dangers arising from them, thus offering you coverage that is more specific and tailored to your particular needs instead of a more generalised and by extension more expensive cover. In certain cases, we might also examine the possibility of adding a sizeable excess amount.
What are the odds that my application will be rejected?
Our reinsurance agents are committed to examining and evaluating each case separately. We offer insurance coverage to a large number of companies regardless of the nature of their activities, their size, their coverage requests, the number of their branches abroad or the nationality of their directors. It is more difficult for us to provide insurance coverage to companies whose directors are not involved in the company’s main activities (i.e. non-executive directors such as lawyers and accountants). Furthermore, we might face some difficulty when all the employees of a company are freelancers and not registered to the social security authorities of Cyprus. In this case we might require from the freelancers to acquire a professional indemnity insurance from any insurance company operating in the country where the freelancers hold their tax residency
Why are you cheaper than your competitors?
In our 40-year presence in the Cyprus Insurance Industry, we have managed to create an extensive network of partners from around the globe. Depending on the nature of your activities, we directly forward your application without intermediaries to at least three large reinsurance companies abroad. The reinsurance companies we are in partnership with are in the USA, the UK and the Netherlands.
What are the most common activities of your current clients?
Our biggest clients at the moment are English, Russian, German, Cypriot, Swedish, Ukrainian and Belarussian companies. The breadth of their activities covers technology (IT, mobile apps, Artificial Intelligence, CRM, web developing), economics (finance, holding companies), currency exchange (Forex, binaries, cryptocurrencies), maritime (shipping), advertising and marketing, legal services (trust, alternative funds), real estate services etc.
My company is new in Cyprus (start-up), can I get insurance coverage for it?
In the case of new companies or newly established branches of foreign companies, we may provide coverage under certain conditions. In case your company’s activities can be grouped under a ‘traditional’ sector (like lawyers, real estate agents, engineers, accountants), we only require you to report the exact number of your workers and your expected turnover. If, however, your company’s activities stray from the conventional, you will need to present us with your company’s website, organizational chart and perhaps a feasibility/business plan so that we can better understand you and your company. In the case of newly established branches of foreign companies, we will need more information regarding the parent company and your relationship with it.