Project management insurance
Pick a project management insurance package (if your turnover's under £25,000) or build your own.
The best prepare for the worst
Anything that can go wrong, will go wrong. Remember that and you've won half the battle.
But, even if you've seen a problem coming, your client won't be pleased if it leads to their loss. And as you're in charge, they'll ask you to pay for that loss.
So it's nice to know that project managers' professional indemnity insurance picks up the tab and fights your corner. Foresight is a wonderful thing.
Deadlines are funny things. If you're not careful they'll slip away quietly, leaving chaos in their wake. Good job you're around to keep an eye on things, then.
Thing is, your clients' plans and budgets rely on those deadlines being hit. If it's your job to make sure that happens, you'd better be prepared for when it doesn't.
Professional indemnity insurance isn't exactly a fail-safe, but it'll certainly help. If you've got some explaining to do, your policy pays for a solicitor to find the right words. But if the words aren't enough, you've made a mistake and you have to compensate your client, it pays for that too.
Having it means you can spend more time on plan A: running your business.
This depends almost solely on what you do and how much it's worth to your client. And that doesn't just mean what they're paying you – you need to think about the whole project value too.
Worst case, if everything went wrong, how much could your client claim against you? Twice your contract value? Four times? Ten times? Whatever it is, it's a good idea to have a level of cover higher than your most pessimistic 'maximum probable loss' figure.
That way, you can be sure everything's covered, right down to the last zero on your solicitor's bill.
It’s a tricky one to get right. Have a read of this guide or call us if you need more help.
Negligence claims and allegations made against you by clients and third parties, because of mistakes you’ve made and things you’ve failed to do.
Specifically (but depending on the policy wording):
- Intellectual property infringement
- Loss of documents or data
- Negligent misrepresentation or misstatement
- Employee dishonesty
- Virus transmission
- Breach of confidentiality
- Failure of third-party equipment
But that’s not all. Some professional indemnity policies can fix a mistake before your client is even aware of it, thereby preventing a claim in the first place.
Public liability insurance is for when you go out and about on business, or have visitors to your office. It’s for claims of physical damage to property and people. Useful if you’re clumsy.
Employers’ liability insurance covers your business if an employee sues it for damages. Claims are usually because they’ve suffered injuries and illnesses as a consequence of working for you. It’s a legal requirement for UK businesses with employees.
Office and property insurance covers the things in your office (furniture, plants, fixed IT equipment etc) and portable insurance covers gadgets and technical equipment away from the office (laptops, tablets, projectors etc). If you’re not sure it’s worth insuring, add it all up – it’s probably worth more than you think.
Business interruption insurance means you can still work when your office is out of action. Be it flood, fire or flea infestation, you’re covered for the costs of setting up elsewhere and for any lost revenue in that time.
Directors’ and officers’ insurance covers your company bosses. Anyone from regulators to shareholders to competitors can accuse you of not running a business with due care. Worse, directors are personally liable for their actions. The good thing is this insurance covers your defence costs and any compensation you have to pay. So you can put away your chequebook.
Glad you asked.
The simple answer is: we know what we're doing. Professional insurance is all we do so we know what you need, even if you don't.
We also know that buying insurance can be, well, a bit of a pain. So we make sure getting yours is quick and hassle-free.
We do all that while treating you like a human being, too. You won't find a call centre here. Or a phone menu. And we've banned nonsense insurance jargon.
Plus, every insurance-related question you can think of is answered in our School of Risk, and you'll get our quarterly risk advice email – 'The Waggle' – to help you avoid problems in the first place.
If you're after a second opinion, have a look at our customers' feedback. They're the ones you should really listen to.