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martin sprange  
#1 Posted : 07 October 2019 13:54:05(UTC)
Rank: Forum user
martin sprange

Hi all,

what level of cover do you think is the right amount for professional indemnity insurance?

#2 Posted : 07 October 2019 14:46:48(UTC)
Rank: Super forum user

I have 10 mil. My client base is a recycling company, social care, POS, FM and education

#3 Posted : 25 October 2019 15:09:20(UTC)
Rank: New forum user

You need to look at your largest customers and think about how much you would need to

  • pay someone to correct the mistake you have made
  • deal with the legal costs both yours and theirs
  • cover any loss of business
  • provide compensation
  • etc

also check your contracts sometimes customers will specify an amount.

Then when you obtain quotations check the limit as they will either be

  • any one loss
  • in the aggregate per insurance year
  • the limit can include legal costs or be in addition to

Like with anything lowest cost is not always the best

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