26 July 2010,

Groupama sets the pace for SME PI cover with launch of Optima Professional Indemnity

Groupama Insurances has expanded its Optima Online product range with the launch of a stand alone Professional Indemnity cover for SMEs. The policy provides cover for a wide range of trades and professions with indemnity limits ranging from £50,000 to £5 million.

Created to offer brokers serving the SME community a viable alternative to the major PI insurers, Optima PI focuses on trades outside the "traditional" professions with up to 20 fee earners or up to 40 fee earners on referral to Groupama's Broker Trading Team.

Malcolm Smith, Commercial Lines Director said: "In our increasingly litigious society, the value of PI cover cannot be overstated. It is also becoming a common contractual requirement and in some instances a condition of membership to professional trade bodies. Optima PI therefore represents a huge revenue opportunity for brokers looking to tap into the growing demand for PI cover from the SME community, filling a gap in the market for a simply-administered PI product at a competitive premium.

"The beauty of Optima PI is that it not only covers the policyholder but can also cover contractors working on their behalf. This is important for smaller businesses that cannot afford to hire permanent specialist staff in other disciplines to their own. And business can be quoted and bound very simply via Optima Online, Groupama's SME trading platform."

Professional Indemnity cover can be selected in isolation, or brokers can up-sell to a range of additional sections including Public and Products Liability, Employers Liability, Business Equipment, Office Contents Package, Legal Expenses and Personal Accident. As with many other Groupama products, variable commission is also a feature allowing brokers additional flexibility when competing for business.

Optima PI covers a wide range of trades and professions including 'computing and telecoms', 'consultants and trainers', 'advertising, design and marketing' and 'interpreters and translators'. Many contracting trades are also available such as shop fitters, electricians, plumbers and lift engineers where advice or certification may be provided.

Malcolm Smith concludes: "From research and broker feedback it is clear that Professional Indemnity is fast becoming a standard insurance requirement for many SME's from a wide range of trades and professions. Optima PI provides a slick and competitive solution, and has enormous potential in the SME marketplace. We are committed to helping our brokers maximise this opportunity to the full."

Optima Professional Indemnity

Cover is rated on a per capita basis, and brokers can administer the product quickly online for up to 20 fee earners, with up to 40 fee earners available via referral to the Broker Trading Team.

Variable commission is available and limits of indemnity range from £50k to £5m.

Cover is worldwide (excluding USA/Canada) for UK-based businesses. The following additional covers can be added to the policy:

• Public and Products Liability
• Employers Liability
• Portable Business Equipment
• Legal Expenses
• Personal Accident
• Office Contents Package (including business interruption)

More information about Optima Professional Indemnity