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Computer Engineers professional indemnity insurance, Manchester, Stockport

Computer Engineers professional indemnity insurance

Hensure Business Insurance has an on line solution that allows you to quote and buy computer engineers Professional Indemnity insurance getting cover within a few minutes. We can also provide cover for Public Liability, Employers Liability at the same time if you also need to consider this cover.

If your risk profile does not fit the underwriting appetite for our on-line scheme, then as an Independent Commercial Insurance Broker with a number of years experience writing Professional Indemnity risks, we can also access a number of different Professional Indemnity insurers until we find the right insurer for you.

What limit of indemnity does Computer Engineers Professional Indemnity insurance offer?

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. It is worth bearing in mind that the costs involved in defending Professional Indemnity claims can be astronomical so this needs to be taken in to account. It may also be that your client insists on your buying a certain level of cover as part of the tendering process so the decision may be taken out of your hands to some extent .

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 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 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 (ie 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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