Why choose Hensure for PI insurance
Our business is not a call centre, but instead provides a personal service and dedicated team to assist with your queries.
Our team has a wealth of experience and knowledge to help you and your business get the most appropriate cover for your needs.
Our full 24/7 quote and buy facility allows you to run a personalised quotation, at a time that suits you and your business.
Why professional indemnity insurance for Compliance Consultants is recommended.
As a Compliance Consultant, you provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge.
If the advice that you give is misleading, or causes problems for the client, then you could find yourself in bother. When things go wrong, you may be held to account for any financial losses with legal action. Professional Indemnity Insurance can give you peace of mind that you will receive financial support to cover these costs.
It is important to remember that professional indemnity policies are written on what is called a ‘claims made’ basis. This means that they provide cover for claims made against you during the policy period (i.e. after the inception or renewal date) that relate to work that you have done at any time after the retractive date.
Policies on a claims made basis should include a retroactive date to protect the policyholder against claims in respect of work undertaken prior to the current policy year. The retroactive date should coincide with the date you started trading or the effective date of your first Compliance Consultants PI policy. It is possible to arrange a policy with retroactive date of none, which effectively provides cover in respect of all previous periods.
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- Company Size – the overall size of the firm, based on total turnover, is taken into consideration.
- Type of business – insurers will want to know the split of annual income derived from the proportion of temporary and permanent staff. Clerical and office-based staff are considered low risk. Trades such as medical, nursing, community care staff, heavy industrial, railway, aviation, petrochemical, offshore workers, financial and banking, fall into the high-risk category.
- Qualifications – insurers will most likely want to see the CV belonging to the core people within the firm, demonstrating they have a minimum of five years’ experience.
- Contract size – with reference to large contracts, insurers will be interested in the extent of the recruitment consultant responsibilities and whether they are adequately resourced.
- Claims – if there is a history of PI claims then this usually reflects the quality of the consultant, their staff and their internal risk management.
- Overseas Exposure – insurers are interested in knowing if the consultant deals with clients overseas due to the potential litigious nature of dealing with clients in those particular countries.
- Retroactive Exposure – does the practice have an exposure to claims in the current firm or a former practice arising from past work?
A typical Professional Indemnity insurance policy for Compliance Consultants will normally cover the following areas:
- Breach of Civil Liability
- Negligent act, error or omission
- Negligence of sub-contractors
- Irrecoverable fees
- Bodily injury or property damage arising from breach of professional duty
- Defence costs
- Unintentional intellectual property rights infringement (other than patents)
- Unintentional breach of confidentiality
- Unintentional defamation
- Loss of third-party documents or data
- Computer virus transmission
- Court attendance costs
Your policy coverage may vary between insurer.
- Professional Indemnity provides cover for claims that arise as a result of the work you have completed or advice you have given.
- Public Liability provides cover should members of the public receive an injury or property damage due to your work. This protects your business should a compensation claim be made, also covering any legal costs that result from this.
- Employers’ Liability provides cover for compensation claims and associated legal costs, arising from employee injury or work-related illness.
- Cyber Insurance provides support in the event of cyber-crime and unintentional data breaches, offering cover against the cost of revenue and fines.
Directors and Officers
- Directors and Officers insurance policies protect you financially against any claims that are made against you personally in your position as a director, partner or officer of your business.
Legal expenses insurance
- If you were involved in a legal battle, knowing that any money you spend on legal bills would be reimbursed could make all the difference. Legal expenses insurance does just that. It ensures that your business remains financially stable after a legal case by helping to compensate the business for incurred costs.
Contact us to find out more about the right cover for your business.