Prof liability insurance

[contractor79]

I wonder what level of cover have you taken out for professional indemnity insurance. I took out £1m but there was also a £2m option. Do you know of anyone who's ever had to claim on these insurances?

[cykophysh39]

So far in my travels I have never met a contractor who has.

But I'll probably meet 3 tomorrow, or I could be?

That is how fate works.

[RichardCranium]

I've got £1m but only because a government contract insisted.

I have never heard of anyone that heard of anyone that has claimed against it in my 12 years of contracting.

[Moscow Mule]

I've got £5M, but only after badgering the clientco down from wanting £10M.

I've never had (or known) anybody claim, but then I try save rather than lose banks money.

[dang65]

I have never heard of anyone that heard of anyone that has claimed against it in my 12 years of contracting.

I guess everyone's saving it up for their last contract before they retire, then just make one almighty cock up and enjoy the show, all covered by those years of insurance premiums.

[Integrity]

I've got £1m but only because a government contract insisted.

I have never heard of anyone that heard of anyone that has claimed against it in my 12 years of contracting.

Anyone needing to make a claim would not want it becoming public knowledge due to the lack of credability and bad PR it would generate.

I don't know anyone with PI insurance that has claimed, but I do know of a few that needed it, but didn't have it.

If your client insists on more PI Insurance, then you will need to charge more because of an increase in risks.

[Archangel]

I wonder what level of cover have you taken out for professional indemnity insurance. I took out £1m but there was also a £2m option. Do you know of anyone who's ever had to claim on these insurances?

Zip, nada, nowt.

Never heard of a claim.

HTH