What is project managers insurance?
Get reliable cover for your specific profession
As a project manager you will provide advice to your clients to help them to deliver projects within the constraints of time, budget and quality, all the while providing a professional and sound service. That is why your Project Managers Insurance needs to protect you should a client make a claim against you for any advice or service that you give should they believe it to be negligent and have caused them damage in any way.
All of The Insurance Octopus’ personalised business insurance policies are designed to be flexible, ensuring that you can add or remove any extra covers that you need to provide all of the essential cover in one, simple insurance policy. With our help, you will be able to put together a bespoke Project Managers Insurance policy that suits the needs of your business to ensure that you are protected whatever happens.
What your project managers insurance policy includes
Professional Indemnity cover for project managers
Professional Indemnity insurance is a key element of cover to ensure you stay protected if mistakes are made or have been claimed to have been made. PI insurance will protect you and/or your business against any financial or trading loss that may be caused. Professional Indemnity cover limits are available from £50,000 to £10m.
Employers’ Liability insurance cover
Employers’ Liability insurance cover is required by law if you have one or more employees. Standard Employers Liability cover is £10m and will protect you as the employer against claims from your staff should they be injured or become ill because of the work they do for you.
Public Liability cover
Public Liability cover protects you if a customers or a member of the public is injured, or their property is damaged. Public liability insurance protects you against the cost of repairs or any legal proceedings that could be filed against you. Standard levels of cover are available from £1m to £5m, with additional levels of cover available upon request and subject to insurer’s terms and conditions.
Cover for legal expenses
The costs of defending a claim can be huge – so get legal expenses cover to protect your business against the costs of legal representation.
Additional covers available for project managers
Include Business interruption cover, business equipment and tools insurance and more.
Why you need project managers insurance
Because your business provides a professional service providing forms of advice, your clients have an expectation of receiving expert guidance and a good service. If this service is not given or if a client of yours believes that it hasn’t been given, then they could make a legal claim against you.
As a project manager, your services will be pivotal in successfully shaping a business and its projects, meaning that the potential cost to your business if a claim is made can be high. As well as any resulting legal expenses there could also be compensation costs to pay if a claim against you is successful, both of which could be detrimental to your business.
The Insurance Octopus can add cover for your business equipment at home, in the office or while on the move, as well as provide options for covering you in sector specific situations as required. We will help you to put together a business insurance package specifically tailored to your business needs by working with a selection of UK insurers who provide the widest choice of PI insurance. It couldn’t be easier to get covered.
Commercial insurance brokers
We cover a variety of trades and occupations, including project managers insurance, and are experts in providing professional indemnity insurance which means you will get a bespoke policy that ensures you only pay for the cover that you need the most.
Finding the payment options for you
In most cases, we can provide you with your business insurance and documents on the same day (subject to time of day restrictions), offering a range of flexible payment options, including Direct Debit. Get in touch with us today for more information.
Why choose us for your Project Managers Insurance?
We proudly make buying insurance different and our cover comes with a range of benefits.
Up to £5 million of cover
We can't stop accidents from happening but our Professional Indemnity insurance will give you up to £5m worth of cover - with up £5 million worth of public liability insurance cover also included.
Fast specific cover
To help save you both time and money. We compare prices from a range of different insurers so you don’t have to.
Specialists who understand your profession
Connecting you with agents who specialise in your field. They understand many of the challenges you face, & can tailor a policy to your needs.
Easy claims process
Accidents can happen, so when something does go wrong you can rest easy knowing our team is on hand to make the claims process as quick and stress free as possible.
Octopus customer rewards
We pride ourselves on the value we offer our customers, and with Octopus Customer rewards we give our customers a few additional benefits to their insurance such as discounts and offers to save them money.
No mid term fees, ever
We don’t charge any mid-term fees at all during the life of your policy – so there are no hidden fees following any changes you might need to make.
Project Managers insurance FAQ’s
Get the answers you're looking for
Do I need employers' liability insurance as a self-employed project manager?
That depends entirely on the set-up of your business if you work solo, then there’s no need to consider employers' liability as a requirement as this relates directly to cover against the people who work for you. But if you currently have, or are planning to hire, your own employees, then this cover is essential as it is a legal requirement,. It protects you in the event a member of staff is injured or becomes ill in the workplace as a result of your negligence.
What are the benefits of professional indemnity insurance for project managers?
As with any self-employed role that needs cover, professional indemnity insurance is of enormous benefit to project managers. Especially when working on large, complex or ever-changing projects, ensuring you’re covered should any mistakes occur is key as a way to protect yourself from legal issues and concerns. Claims often occur when you least expect them so there’s never a wrong reason to insure against a potential loss.
Can I pay for my insurance monthly?
There are various ways that project managers can choose to pay for their insurance, and monthly direct debit is one such method that we provide to our customers. Working your coverage to fit in with your finances is vital for any flexible self-employed project manager, allowing payments to be spread out easily over the year into more manageable amounts.
How project managers insurance works
Examples of Project managers insurance in action
A nightmare project
Nothing was going right for a project manager when she managed to mislay some vital documents at an airport. Even worse, the documents fell into the hands of a competitor of the company that she was performing freelance work for. This led to major consequences and the client taking legal action against the project manager. Much to her relief, she found that she was able to call on professional indemnity insurance to cover the significant costs that arose from this.