01270 758056
Computer Consultants professional indemnity insurance, Manchester, Stockport

Computer Consultants Professional Indemnity Insurance

Computer Consultants Professional Indemnity insurance has proved invaluable to clients in the past and should be activley considered.

If you work as a professional sole trader in the computer consultancy industry, then it’s a must to have specific insurance to cover the risks, requirements and problems that arise as part of your day-to-day business.

For many small businesses, one claim can be enough to lead to bankruptcy if you don’t have the correct insurance in place.

As Computer Consultants you act in a professional capacity and offer advice and a professional service to clients who rely on the accuracy of your service. If you make an error or omission in the advice that you give and this causes a third party to suffer a financial loss then you could be held liable.

Its important to carry professional indemnity insurance as mistakes can be costly and so can the legal fees that are incurred in the defence of such claims. It is therefore prudent to carry a sufficient limit of professional indemnity cover.

The cost of your Professional Indemnity cover will depend upon a few key factors including the exact nature of the work you undertake, your annual turnover, your previous experience and whether you have previously had any claims made against you.

What limit of indemnity does Computer Consultants Professional Indemnity insurance provide?

The limit of indemnity you require under your policy is generally for you to decide based upon your own assessment of the exposures that you face in your business.

Costs in defending Professional Indemnity claims can be astronomical so this needs to be taken into account at all times. It may also be that your client insists on you having certain cover levels so the decision may be taken out of your hands.

Apply for a quote now or for further information do not hesitate to contact us or call 01270 758056 now.

Any one claim or aggregate cover?

It is important that you know the difference between the types of cover that are available in the market and they can make a huge difference to the cover in the event of a claim and also to the premium charged.

If a policy is written with cover’ in the aggregate’,  with say a limit of indemnity of £1m it means that this is the maximum your insurer will pay for all accumulated claims in one policy period, including associated legal costs.

If your policy is any one claim, that same £1m level of cover applies to each claim – regardless of how many claims you make. Usefully, the legal costs are paid in addition to this and to the same level of cover.

In effect, each claim has a £2m total fund, split half and half for damages and legal costs.

Claims made basis of cover rather than claims occurring basis.

It is important to understand 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 retroactive date.

What is the retroactive date under a Professional Indemnity policy ?

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 Professional Indemnity policy. It is possible to arrange a policy with retroactive date of none, which effectively provides cover in respect of all previous periods.

How much is your Professional Indemnity insurance going to cost ?

The cost of your Professional Indemnity cover will depend upon a few key factors including the exact nature of the work you undertake, your annual turnover, your previous experience and whether you have previously had any claims made against you.

Please follow the link to get a competitive quote with wide cover today.

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