Professional Indemnity Insurance

[DiscoStu]

If I accidentally destroyed a client's laptop then it would be cheaper for my company to reimburse them for it then to claim on any insurance even if the cost was more. I don't touch any other equipment of a client that is more expensive.

If a permie tripped over my laptop cable they would go after their employer first as permies don't know what insurances we do and don't have, and most clients would be aware of what insurances we have due to what was agreed with the agency. The employer's insurance would then only chase you if they knew you were insured and the claim was massive.

For the 2 quid a week (I think) it cost, I'd rather have the peace of mind that if the worst happened I wouldn't end up being bankrupted

[Bill84]

Ok, i dont have a laptop, i dont drink coffee and I dont bring a bag to work. So, could somebody let me know why would I need professional indemnity insurance, thanks.

[DiscoStu]

Ok, i dont have a laptop, i dont drink coffee and I dont bring a bag to work. So, could somebody let me know why would I need professional indemnity insurance, thanks.

In case you screw up, it costs your client money and they decide to recover the cost from you.

[Bill84]

Ok, but if I screw up, whats going to happen is that I am going to be sacked. Thats all.

[malvolio]

Ok, i dont have a laptop, i dont drink coffee and I dont bring a bag to work. So, could somebody let me know why would I need professional indemnity insurance, thanks.

Always assuming it's because it's not a condition of your contract, perhaps find out what it covers first, then it may become clear. What you're talking about is PLI, not PI.

If you write some code that accidentally destroys the index structure of a live database and your client has to spend a million quid recovering the data and the lost income it represents and then sue you for damages, how do you intend paying for the court case and subsequent damages? That's PI.

PLI is a fraction the cost, and ELI - which you will need if you exercise your ROS - is about fourpence. FFS, for most IT people the whole package is a day's income. Just do it.

[DiscoStu]

Ok, but if I screw up, whats going to happen is that I am going to be sacked. Thats all.

So don't buy insurance if you're confident you won't need it.

[stek]

Ok, but if I screw up, whats going to happen is that I am going to be sacked. Thats all.

Who's going to sack you? Your Ltd?

Fine, do that, in the meantime the client is suing your Ltd for damages and oh, there's no insurance, so they go after the Directors which is you.

[Bill84]

The client as I have a very clear contract of employment.

[stek]

The client as I have a very clear contract of employment.

So you're not a contractor?

[stek]

I re-read the thread, seems to be just a rehash of Monty Python's Argument Sketch so I'm outta here....