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miscellaneous consultants professional indemnity insurance

Miscellaneous Consultants Professional Indemnity Insurance

Miscellaneous consultants professional indemnity insurance from Hensure provides you with the cover and peace of mind should you need support.

Professional indemnity (PI) insurance is an insurance cover designed to protect a business offering professional advice or services.

Historically this insurance has been taken out by the traditional professions such as Accountants/Architects/Surveyors/Engineers. However times have changed and there is now a long list of people who provide a service and are considered to be ‘professionals’. A ‘professional’ is now generally regarded as any person who offers ‘specialist advice or services’.

The following is a list of occupations that should consider taking out professional indemnity insurance due to the nature of the advice that they give:

Business and Management Consultants, Careers Consultants, Catering Consultants, Compliance Consultants, Education Consultants, Facilities Managers, Food Safety Consultants, Health and Safety Consultants, Human Resources Consultants, Interim Managers, Procurement Consultants, Training Consultants
Data Protection Consultant

These occupations can be covered on a miscellaneous consultants professional indemnity insurance policy wording and typical covers would include:

Policy Coverage:

  • Breach of civil liability
  • Negligent act error or omission
  • Unintentional intellectual property rights infringement (other than patents
  • Unintentional breach of confidentiality
  • Unintentional defamation
  • Loss of third party documents or data
  • Computer virus transmission
  • Negligence of sub-contractors
  • Irrecoverable fees
  • Bodily injury or property damage arising from breach of professional duty
  • Defence costs
  • Court attendance costs

Professional Indemnity will pay all reasonable costs incurred in the defence (i.e. legal fees) or settlement of such claims arising from the above.

Some points to be aware of when buying Miscellaneous Consultants Professional Indemnity Insurance:

  • A lot of consultants buy professional indemnity insurance so that they can fulfil the requirements set out in the contract with their customer. The consultant basically has to prove that he has Professional Indemnity insurance in place before he can start the contract with a potential customer. However, Professional Indemnity should NEVER be purchased just for the duration of a contract. All Professional Indemnity is written on what’s called a “claims made” basis – i.e. it’s the policy you have in force when the claim is made that pays out, rather than the policy you had when the work was carried out. So, if you complete your contract and then cancel your Professional Indemnity cover and a claim comes in subsequently then you will NOT BE COVERED. Basically, if you take out professional indemnity it’s a long-term commitment.
  • If you decide to ‘shop around’ at renewal of your policy then you should ensure that the quotes that you receive are on a “like for like” basis. Care should be taken to ensure that the policy covers all your civil liabilities rather than just your errors and omissions. It is also important to check the limits of indemnity and check whether it is on an “ Any one/each and every claim” or “in the aggregate” basis. You should also check the excesses applicable under the policy as they can vary dramatically from one insurer to the other.
  • If you already hold Professional Indemnity and decide to change insurer at renewal you MUST ensure that the new policy has “RETROACTIVE COVER” built in to cover the work carried out in the past that was insured by your previous policy.

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