Professional Indemnity for IT professionals
In today’s ever changing technology market, we can arrange Professional Indemnity for IT professionals.
Can protect your business:
We can arrange cover for:
Please note that this list of professions is not exhaustive
Limit of indemnity options ranging from £250,000 to £5,000,000
Policy excess options ranging upwards from £250 each and every claim.
Aon Claims Solutions
Tel: 01737 783600
Fax: 01737 783600
Professional Indemnity insurance protects your business from financially crippling and often reputation-damaging claims by dissatisfied clients.
Professional Indemnity insurance covers the cost of defending a claim as well as settling any damages payable. In some cases, clients may even insist that you are covered by a Professional Indemnity policy before hiring you.
Below are just some of the areas you, as an independent IT professional, could be exposed to:
This means that the policy excludes claims arising from work undertaken prior to this date. If you have an existing policy in force, it is important that the retroactive date is carried over from the old policy on to any new insurance.
Your policy covers claims up to the limit of indemnity in respect of any number of claims arising from separate acts of negligence notified to insurers during the period of insurance. For example if, a £1 million limit of indemnity is purchased and separate claims are notified to insurer(s) during the insurance period, the full £1 million limit is available for each claim.
Your policy will pay out court awards to a claimant as well as the legal costs incurred in investigating / defending a claim. If multiple claims arise from one single act of only a single limit of indemnity will apply.
The policy must be in force when the claim is made against the contractor. This is irrespective of when the work concerned was carried out. It is essential that the insurance is maintained to provide protection for claims which may arise in the future from work done in the past. If a policy is cancelled, it is as if the cover was never purchased. Clients and/or funders may make it a contractual provision that PI insurance be maintained for a number of years after the completion of the services i.e. 3, 6 or even 12 years.
The minimum limit of cover many require is £1 million on any one claim. Customers need to consider their level of cover carefully. There is no exact science in calculating what level of cover should be carried although the following should be considered:
This figure represents the uninsured portion of a successful claim that you will have to pay.
From an insurance point of view, this will not materially affect the quotation provided. Should you change the status of your business during the insurance year, please contact us immediately so that we may notify underwriters.
For full terms and conditions please contact us.
The notification guide contained within your policy schedule sets out guidelines in relation to reporting claims. This should be read in conjunction with your policy document.
It will depend on the size and nature of the claim and its ultimate outcome. Insurers may set a reserve during the handling of the claim, which is the amount in the insurers opinion of costs they are likely to incur. In most cases, the reserve will include the estimated damages and legal costs in defending the claim. If the claim or reserve amount is large the premium is likely to increase.
Yes, the policy will cover your IT contractors or consultants. This is only provided, if you have taken reasonable steps to ensure that our rights of recovery against your sub-consultant are not restricted or financially limited by a specific term in a contract or other agreement. Also, the insured will need to declare the sub-consultant fees in the proposal form.
If you need to cancel your policy prior to the expiry date then you may not be entitled to receive some of your premium back.
All policy administration fees will be deemed fully earned upon inception of the policy.Any return premium that the insurer agrees to make will be pro-rata'd subject to a minimum time on risk charge and no refund of administration fee.
In the event that you have made a claim under the policy the premium shall be deemed fully earned. In the event of cancellation you shall be entitled to any amount of the premium paid over and above the earned premium.
This insurance will be arranged by Aon UK Limited (Aon) on behalf of the Insured.
Maven Underwriters is the Managing General Agent which is part of Aon UK Limited operating under a delegated underwriting authority on behalf of Novae, Argo & Marketform. Maven Underwriters is a trading name of Aon UK Limited.
Aon UK Limited is authorised and regulated by the Financial Conduct Authority. Aon UK Limited, The Aon Centre,The Leadenhall Building, 122 Leadenhall Street, London, EC3V 4AN. Telephone calls are charged at a local rate and may be recorded and monitored.