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Software Developers Professional Indemnity Insurance Manchester

Software Developers Professional Indemnity Insurance

Having the right software developers professional indemnity insurance gives you the peace of mind to focus on what really matters, running your business.

Hensure Business Insurance Consultants have developed a hassle-free way to buy insurance without the need to complete any lengthy proposal forms providing a wide range of covers for professionals in the IT industry.

As a software consultant you will be hired by clients to provide software recommendations and modifications to software programmes. As you will be giving advice and recommendations to your clients the need for professional indemnity cover is crucial.

It is important that you know the difference between the types of cover that are available as this can not only make a difference to the cover in the event of a claim but also 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 any one 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.

Software Developers Professional Indemnity insurance 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 (i.e. after the inception or renewal date).

Policies on a claims made basis should include a retractive date. The retroactive date should coincide with the date you started trading or the effective date of your first professional Indemnity policy.

Typical covers under a Technology and media policy wording:

  • Breach of Civil Liability
  • Negligent act error or emission
  • Unintentional breach of confidentiality
  • Unintentional defamation
  • Loss of third-party documents or data
  • Computer virus transmission
  • Negligence of sub-contractors
  • Irrecoverable fees
  • Rectification and loss migration costs

Bodily injury or property damage arising from breach of professional duty.

For further information or advice on any aspect of this cover please do not hesitate to contact us now.

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