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Professional indemnity insurance for Interim Managers

Professional indemnity insurance for Interim Managers

The importance of Professional Indemnity Insurance for Interim Managers cannot be understated.

As an Interim Manager you are more than likely an experienced executive with specialist skills and a track record of achievement.

Definition of an Interim Manager;

  • A top level independent executive or project manager.
  • An expert in their field.
  • A high level performer with a track record of quantifiable achievement.
  • A possessor of drive and energy.
  • A perceptive individual capable of adapting to new environments and delivering results

When you are hired by an organisation on a project basis as an Interim Manager then your client will expect the job to be done to the highest of standards.

A Professional Indemnity policy could help to cover you if you make an error in the role and the work that you carry out falls below the standards that would normally be expected of an Interim Manager.

The UK is becoming increasingly litigious and the development of a ‘blame vulture’ means that it is now more important than ever to ensure that your Professional Indemnity insurance for Interim Managers is arranged on the correct basis and provides you with full protection.

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What Insurers are looking for to assess the risk:

Company Size – One of the major factors that determine insurers’ rating and underwriting criteria is the size of the business practice. This can be established in two ways, the gross annual income of the company & the number of partners/directors/employees.

Qualifications and experience – As with all professions, insurers will want to satisfy themselves and may ask for a CV that shows that the contractor is suitably qualified and/or experienced to carry out the work undertaken on behalf of their client.

Contract Sizes – Professional Indemnity Underwriters see a direct relationship between the size and complexity of the job and the exposure.

Claims Experience – The claims experience is an important factor in the assessment of a risk. 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.

Retroactive Exposure – Does the business have an exposure to claims arising from past work, whether in the current business or a previous company.

Overseas Exposure – Does the practice carry out work for overseas clients. The United States and Canada can be seen as a particular problem for the majority of UK Insurers, especially if contract is to be governed by United States or Canadian Law.

Professional indemnity insurance for Interim Managers – Typical Policy Coverage.

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
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