Why choose Hensure for PI insurance
Personal Service
Our business is not a call centre, but instead provides a personal service and dedicated team to assist with your queries.
Experienced Team
Our team has a wealth of experience and knowledge to help you and your business get the most appropriate cover for your needs.
Online System
Our full 24/7 quote and buy facility allows you to run a personalised quotation, at a time that suits you and your business.
Professional indemnity insurance for Quantity Surveyors makes sense.
As a Quantity Surveyor, you provide a service that comes with expectations of a certain level of professionalism and specialist knowledge. Your expertise in costs and financial management are an essential part of major construction projects which could leave you vulnerable to claims of negligence when projects go wrong.
If you are a RICS member then we have a specific RICS approved Surveyors wording available, otherwise a construction professionals wording will be available for all other surveyors.
When a business ceases to trade, run off cover will be required. It is a requirement of the RICS regulations that run off cover is maintained for a maximum period of 6 years, although contractually the requirement may be longer. Run off cover will usually be offered by the insurer at the time the business ceases to trade.
For further information on all aspects of professional indemnity insurance for Quantity Surveyors, please contact us today.
Things we look for
- Company Size – the overall size of the firm, based on gross annual income of the company and the number of partners/ directors/ employees.
- Qualifications and Experience – insurers will want to know how many relevant years’ experience that you have in the trade and may want to see relevant CVs.
- Type of Work – insurers will want to know the split of annual income derived from each discipline that the firm is involved in; some areas are considered high risk and some areas are considered low risk from a claims point of view.
- Claims Experience – 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.
- Turnover Split by Territory – a large exposure to USA/Canada in particular can be perceived as a problem due to the claims culture in North America and the likely costs involved in defending negligence claims in those countries.
Policy coverage
A typical Professional Indemnity insurance policy for Quantity Surveyors will normally cover the following areas:
• Negligent act error or omission
• Unintentional intellectual property rights infringement (other than patents)
• Unintentional breach of confidentiality
• Unintentional defamation
• Fraud & dishonesty
• Loss of third party documents or data
• Computer virus transmission
• Negligence of sub-contractors
• Collateral warranties (limited to 2 assignments)
• Adjudications under the Housing Grants Construction & Regeneration Act
• Irrecoverable fees
• Bodily injury or property damage arising from breach of professional duty
• Defence costs
• Court attendance costs
• Breach of health & safety legislation
Your policy coverage may vary between insurer.
Insurance types
Professional Indemnity
- Professional Indemnity provides cover for claims that arise as a result of the work you have completed or advice you have given.
Public Liability
- 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
- Employers’ Liability provides cover for compensation claims and associated legal costs, arising from employee injury or work-related illness.
Cyber Insurance
- 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.
