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Facilities Managers Professional Indemnity Insurance, Manchester

Facilities Managers Professional Indemnity Insurance

Why do you need Facilities Managers Professional Indemnity insurance?

Professional Indemnity insurance covers you in respect of compensation that you may have to pay to your clients arising out of problems associated with the work you have carried out for them. The insurance is designed to cover the cost of defending you against any allegations of wrongdoing as well as covering damages that may be awarded against you. It may also cover the cost of correcting mistakes in order to avoid a more costly legal action.

Regardless of how many years experience your firm may have, there is always the possibility you (or one of your team) could make a mistake. Professional Indemnity insurance covers against a wide range of scenarios, including:

  • Professional negligence (i.e. making a mistake in a piece of work for a client)
  • Loss of documents or data
  • Unintentional breach of copyright and/or confidentiality
  • Defamation and libel
  • Loss of goods or money (your own or for which you are responsible

Hensure Business Insurance has an on line solution that allows you to quote and buy your Professional Indemnity insurance in a matter of minutes. We can provide cover for Public Liability, Employers Liability and Professional Indemnity all from one simple to fill out on line procedure.

What limit of indemnity does a Facilities Manager need for Professional Indemnity insurance?

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.

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 for a Facilities Manager ?

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 Facilities Managers Professional Indemnity insurance 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 Facilities Managers Professional Indemnity insurance going to cost?

The cost of your Facilities Managers Professional Indemnity insurance 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.

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