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 Information Technology Consultants makes sense.
As an IT Consultant, your clients rely on and trust your expert knowledge. If your advice doesn’t work out as planned, it could cause a financial loss to the client. Professional Indemnity insurance provides financial cover for the cost of defending your claim, as well as any compensation that you may have to pay.
The main areas that give rise to litigation against IT companies are:
- Failure of the software/ system to do the job which it was intended for (fitness for purpose)
- Failure to deliver the system on time
- Failure to deliver the system to budget
These can give rise to three types of claims:
- Client withholds or claims for return of the purchase price/fees paid
- Direct financial loss arising from the negligence of the IT company
- Consequential loss
If you require any further advice or guidance on Professional Indemnity Insurance for Information Technology Consultants please do not hesitate to contact us.
- Written contracts – insurers’ first line of defence is the written contract between the insured and their client. Insurers will often ask to see the insureds standard terms and conditions. If smaller IT firms are asked to sign onerous contracts with larger customers it is important for the insured to understand the extent of cover offered to meet these contractual liabilities. Whilst cover for the first two types of claim are available in the market, insurers often expect that consequential losses will be excluded, or at least limited, by insured in their contract terms and conditions.
- Type of client – a prime underwriting criteria is what kinds of businesses an IT professional is involved in. Areas of particularly concern to insurers include:
- The financial sector
- Games development
- Trading systems
- Process control systems
- ASPs (Application Services Provider) or ISPs (Internet Service Providers)
- Managed Service Providers
- Mission and safety critical systems
- Contract sizes – there is a direct relationship between the size and complexity of the job and the exposure.
- Retroactive exposure – does the firm have an exposure to claims arising from past work, whether in the current firm or a former practice?
- Claims experience – the claims experience is an important determining factor in the assessment of risk. This information usually reflects the type of work carried out by a firm. It also reflects the quality of the firm’s work, staff, internal risk management and experience.
A typical Professional Indemnity insurance policy for Information Technology Consultants 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.
- 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.