Allianz Commercial has introduced a new e-traded product, Complete Professional Indemnity (Complete PI), in the UK broker market.
The company has specifically developed the product for small and medium-sized enterprises (SMEs) with a turnover of up to £7.5m or £2.5m for the professions operating on a fee income basis.
Complete PI, which is available on firm’s e-trading platform QuoteSME, allows customers to cover their legal liability to compensate third parties for injury, loss or damage due to a breach of duty in the conduct of their profession.
Allianz Commercial speciality lines underwriting account manager Stephanie Ogden said: "We have listened to brokers, through an extensive pilot period, to develop a product which is truly in line with their needs.
"In addition, we provide the widest cover available, profession-specific wordings and a wealth of underwriting and claims expertise to make this a dynamic proposition."
The product includes wordings for a wide range of professions such as accountants, architects and management consultants.
Complete PI comprises 11 different policy wordings that accommodate specific needs of industry sectors and provide cover for a breach of professional duty, confidentiality, defamation, infringement of copyright and other types of civil liability with a limit of indemnity up to £5m.
In addition, the product can be accessed on Allianz’s free online risk management service Access to Risk Director.
Allianz launched its first e-traded product Complete Directors & Officers in 2014 for the financial lines sector.