In order to deliver a first class experience to our clients and brokers in the SME space, we have created a new composite policy wording that provides broad professional indemnity coverage as well as many add-on covers that were previously only available on a stand-alone basis.
The idea behind Evo Pro is to enable brokers to build an entire suite of specialist covers around the core PI insurance needed by professionals. This means the firm of professionals only have one policy that covers a broad range of niche exposures ranging from professional indemnity and cyber liability to directors & officers liability and even personal accident. All available at the click of a button for brokers who are registered to use our unique Pocket Underwriter system.
Remember, this modular insurance product is aimed at SME professionals so be sure to read below to find out what the qualification criteria are.
To qualify for Evo Professional, the insured business must:
- be a provider of professional services
- have annual fee income below R10m
- have less than 100 employees
- have less than R200m in assets
- have an annual wage-roll of under R10m
Note that if your client or business is outside the above, you can of course place business through our specialist PI division here
If you're a broker using our Pocket Underwriter to do the quotation, the system will alert you of these parameters so it's impossible to make a mistake.
Access a range of products for SME’s available on our digital platform, the Pocket Underwriter. Ideal for a professional needing a great packaged solution.
Our system caters for the following professions:
Accountants & auditors, advocates, attorneys, notaries & conveyancers, architects, engineers, land surveyors, management consultants, project management, quantity surveyors, compliance officers, environmental consultants, estate agents, labour brokers & personnel agencies, loss adjusters & assessors, occupational health & safety officers and many other miscellaneous professions.
Remember, the policy structure is modular to there are many permutations of the combinations of cover below, all in the hands of the insurance broker on the Pocket Underwriter system:
Core PI covers
Negligent breach of duty, neglect, error, misstatement, misleading statement or omission by the Insured in the rendering of professional services to others
Liability following employee dishonesty
Loss of documents
Fee recovery
Sub contracted duties
Claims preparation costs
Joint venture and consortium agreements
Misappropriation of trust funds (attorneys and accountants)
Fidelity guarantee (attorneys and accountants)
The modular structure of the Evo Pro policy gives brokers the ability to add combinations of some non-traditional PI covers to the Core Evo Pro policy:
Specialist liability covers
Public liability
Statutory legal defence costs
Wrongful arrest and defamation
Directors and officers liability
Cyber liability
Employment practices liability
plus
Non-liability covers
Death
Permanent disability
Temporary total disability (income protection following accident or serious illness)
Emergency expenses
Serious illness
If the insured's business has a fee income above R10m per annum or requires more than the maximum limits and sub-limits available, then our specialist PI team will take care of the insured's needs.
As from 1 June 2019 all of SHA's existing professional indemnity clients that qualify for Evo Pro will be automatically migrated onto the new policy wording as they come up for renewal.
Brokers can then manage and maintain their portfolios on the Pocket Underwriter system.
All existing SME PI business will start moving automatically onto the new Evo Pro policy form as from 1 June 2019 as each policy comes up for renewal. So unfortunately the old coverage will no longer be available to small to medium sized professionals. This is to create efficiency and consistency in the service and products we deliver to all our clients.
We acknowledge that there is always an element of concern for brokers when there is a shift to a new wording which is why we emphasise that if the insured has a claim that is not covered, or is adversely impacted by the new wording, which would have been covered by the expiring SHA wording, we will honour the claim as if the expiring wording remained in place.
The new wording and policy structure facilitates SHA's initiative to give brokers greater control over their renewals and new business whilst simultaneously ensuring that clients can obtain wide cover at pricing aimed specifically at SME's.
As from 1 December 2019, SHA brokers can obtain their own quotes and policy documents online through the Pocket Underwriter system.
Cyber insurance policies generally provide a combination of first and third party insurance covers. Some businesses have more of a liability exposure, especially where they store confidential personal information. The Evo Pro cyber cover is only third party liability coverage. For comprehensive coverage you should chat to our cyber team.