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Project Managers Professional Indemnity insurance, Manchester

Project Managers Professional Indemnity Insurance

Hensure Business Insurance has an online solution that allows you to quote and buy Project Managers professional indemnity insurance in a matter of minutes. Highly competitive quotes can allow you to get covered from today for the ultimate in peace of mind.

We can also provide cover for public liability, employers liability at the same time if you also need to consider this cover.

The type of cover and policy wording that you require really depends on the type of project management that you carry out. It is important that you specify exactly what you do when you buy a policy or else you could up with the wrong policy wording and no cover for the activities that you carry out.

Whatever your requirements, click on the quote button and gain competitive cover quickly today. If you need more information, please do not hesitate to contact us.

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 and although it was more expensive the cover was more appropriate for the work that the client undertook.

Hensure has an online quote and buy solution for;

What limit of indemnity do you need?

The limit of indemnity you require under your policy is generally for you to decide based upon your own assessment of the exposures that you face in your business. It is worth bearing in mind that the costs involved in defending professional Indemnity claims can be astronomical so this needs to be taken in to account. It may also be the case that your client insists on your buying a certain level of cover as part of the tendering so the decision may be taken out of your hands to some extent.

Anyone claim or aggregate cover?

It is important that you know the difference between the types of cover that are available in the market and they can make a huge difference to the cover in the event of a claim and also to the premium charged.

If a policy is written with cover’ in the aggregate’, with say a limit of indemnity of £1m it means that this is the maximum your insurer will pay for all accumulated claims in one policy period, including associated legal costs.

If your policy is anyone claim, that same £1m level of cover applies to each claim – regardless of how many claims you make. Usefully, the legal costs are paid in addition to this and to the same level of cover.

In effect, each claim has a £2m total fund, split half and half for damages and legal costs.

Claims made basis of cover rather than claims occurring basis.

It is important to understand that professional indemnity policies are written on what is called a ‘claims made’ basis. This means that they provide cover for claims made against you during the policy period (ie after the inception or renewal date) that relate to work that you have done at any time after the retroactive date.

What is the retroactive date under a professional indemnity policy?

Policies on a claim’s made basis should include a retroactive date to protect the policyholder against claims in respect of work undertaken prior to the current policy year. The retroactive date should coincide with the date you started trading or the effective date of your first professional indemnity policy. It is possible to arrange a policy with retroactive date of none, which effectively provides cover in respect of all previous periods.

How much is your Project Managers professional indemnity insurance going to cost?

The cost of your professional indemnity cover will depend upon a few key factors including the exact nature of the work you undertake, your annual turnover, your previous experience and whether you have previously had any claims made against you. Please follow the link to get a competitive quote with a wide cover today.


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