Professional Indemnity Insurance for Project Managers

As a Project Manager, decisions you make come with their own level of risks. A good insurance policy provides reassurance in a range of situations.

Why choose Hensure for PI insurance

01

Personal Service

Our business is not a call centre, but instead provides a personal service and dedicated team to assist with your queries.

02

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.

03

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 Project Managers can ease worries.

Your client relies on you to manage the project in question, and this includes hitting the deadline. Missing the deadline could result in increased costs and delays for their operations or customers. Professional indemnity insurance can provide reassurance that you have financial protection, should your role as a Project Manager cause problems for the client.

It is important that you specify exactly what you do when you buy a policy or else you could end up with the wrong policy wording and no cover for the activities that you carry out.

Example Claim

A client had purchased a policy online as a project manager, without seeking advice from a broker. However, it turned out that they were actually managing the construction of new build premises. Their miscellaneous policy wording had an exclusion written into the cover for construction projects and the client did not spot this.

One of our experienced account handlers pointed out the problems to the clients when they approached us for an alternative quotation at renewal of their cover. We were able to arrange the cover on the right basis and a construction professionals wording and although it was more expensive, the cover was more appropriate for the work that the client undertook.

For further information on all aspects of professional indemnity insurance for Project Managers please contact us today.

Professional Indemnity insurance for Project Managers , PI insurance cover.

  • 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.

A typical Professional Indemnity insurance policy for Project Managers 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

  • 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.

A client bought a policy online as a project manager without seeking advice from a broker, but it turned out they were actually managing the construction of new build premises. Their miscellaneous policy wording had an exclusion written into the cover for construction projects and the client did not spot this. One of our experienced account handlers pointed out the issues to the client when they approached us for an alternative quote at renewal of their cover. We arranged the cover on the right basis and a construction professionals wording. Although it was more expensive, the cover was more appropriate for the work that the client undertook.

PI insurance – Everything you need to know

Professional Indemnity Insurance covers legal expenses incurred in defending a claim against you, even if the claim is false. It will also cover the compensation awarded, should they win their case, and the cost of any losses that they incurred as a result of your negligence.

If your business ceases operations, there is still a chance that a claim could be made against you in the future. PI Insurance can provide run-off cover to ensure that these claims are still covered and you are still protected.

You can buy short-term PI Insurance cover, but it comes with a significant risk that must be considered.

Professional Indemnity Insurance works on a claims made basis, meaning that the insurance policy that you hold at the time the claim is made is responsible for the claims and any associated costs. If you cancel the policy after your contract has ended, and a client then makes a claim against you after this time, you do not have any insurance to cover this and will be solely liable.

You must hold insurance at both the time the incident occurs, and the time that the claim is made, to be protected.

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R K Henshall & Co Ltd, The Grove, Mill Lane, Wheelock, Sandbach, Cheshire CW11 4RD.

Copyright © Hensure | Hensure Business Insurance Consultants is a trading name of RK Henshall & Co Ltd. www.rkhenshall.com. RK Henshall & Co Ltd are authorised and regulated by the Financial Conduct Authority. Registration Number: 308865. Directors: J.R. Henshall B.A.(Hons) ACII Cert CII (FS), A.J.Simpson ACII, A.Brown FCCA. Company Secretary: A.Brown FCCA. www.fca.org.uk. Written quotations, policy terms, conditions and exclusions are available on request. Privacy policy, Cookie policy, Terms, Complaints Procedure, Consumer Duty Statement

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