Why choose Hensure for PI insurance
Personal Service
Our business is not a call centre, but instead provides a personal service and dedicated team to assist with your queries.
Experienced Team
Our team has a wealth of experience and knowledge to help you and your business get the most appropriate cover for your needs.
Online System
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 would professional indemnity insurance for Computer Engineers be recommended?
As a Computer Engineer, the systems that you design are relied upon by organisations to achieve their business goals. If your system does not work as expected, or fails to perform the functions needed to achieve these goals, then your client could hold you liable.
These kind of mistakes can be extremely costly, as even if you feel that you have not done anything wrong, the cost of legally defending yourself can be expensive. Holding professional indemnity insurance means that you will not have to cover these legal costs, and any resulting compensation claim, from your own pocket.
It is important to know the difference between the types of cover that are available in the market, as they can make a huge difference to the cover in the event of a claim. It can also make a big difference to the premium charged.
If a policy is written with cover ‘in the aggregate’, with say a limit of indemnity of £1m, then it means that this is the maximum that 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.
For more information on Professional Indemnity for Computer Engineers, contact us today.
Things we look for
- Company Size – the overall size of the firm, based on gross annual income of the company and the number of partners/ directors/ employees.
- Qualifications and Experience – insurers will want to know how many relevant years’ experience that you have in the trade and may want to see relevant CVs.
- Type of Work – insurers will want to know the split of annual income derived from each discipline that the firm is involved in; some areas are considered high risk and some areas are considered low risk from a claims point of view.
- Claims Experience – this information reflects on the type of work carried out by a company. It also reflects the quality of the company’s work, experience, staff & internal risk management.
- Turnover Split by Territory – a large exposure to USA/Canada in particular can be perceived as a problem due to the claims culture in North America and the likely costs involved in defending negligence claims in those countries.
Policy coverage
A typical Professional Indemnity insurance policy for Computer Engineers will normally cover the following areas:
- Breach of Civil Liability
- Negligent act, error or omission
- Negligence of sub-contractors
- Irrecoverable fees
- Rectification and loss mitigation costs
- 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.
Insurance types
Professional Indemnity
- Professional Indemnity provides cover for claims that arise as a result of the work you have completed or advice you have given.
Public Liability
- 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
- Employers’ Liability provides cover for compensation claims and associated legal costs, arising from employee injury or work-related illness.
Cyber Insurance
- 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.
