Project Management Insurance

The insurance policy will provide cover for claims including:

Alleged negligence

You oversee the development of a new in-house project, but due to unforeseen circumstances you lose control of the schedule and the project misses the agreed launch date. Your client understands the situation, but is forced to pursue a professional indemnity claim against you to recover the extra costs incurred because of the delay. Professional Indemnity insurance would provide cover in this instance.

Budgeting errors

Errors in your budget calculations mean that the project requires more funding than originally agreed. The client makes a claim against you for your error to recoup the extra costs incurred. Professional Indemnity insurance would respond to provide cover in this instance.

With Caunce O’Hara’s intuitive online quote and buy system you can get an indicative quotation for your project management insurance in a matter of minutes.

As an example: a project manager with an annual turnover of up to £50,000, who needs Professional Indemnity insurance with an indemnity of £500,000 of cover (in any one claim) could pay as little as £271.25 per year. (Figure correct at 18.11.2021).

Apart from Professional Indemnity insurance, project managers will likely be asked to ensure they carry Public Liability insurance as part of their contractual to protect the clients’ property and members of staff.

It is also important to note that if you are a self-employed business owner, a claim can be made against you personally with unlimited personal liability, therefore Directors and Officers insurance is a valuable insurance policy which will cover you in this instance.

Public Liability insurance and Directors and Officers insurance are provided as part of our Business Combined Liabilities insurance policy.

Our Legal Expenses insurance will provide you with cover for costs incurred from a legal occurrence that your indemnity and liability insurance doesn’t cover, such as the costs incurred from an IR35 tax investigation or the expenses incurred from jury service.