Frequently Asked Questions
The following frequently asked questions and answers are to help you when applying for a quotation. Naturally, if you have a question which isn't covered here, please feel free to contact us on 0800 454 632.
I have no idea what amount of turnover or wage roll I'll be achieving next year, what do I do?
We need you to give us an estimate of the sort of income you are expecting to achieve at this stage and your forecast should be as accurate as possible. We will send you a declaration at your renewal asking you to tell us what you have actually achieved, and your insurance premium will then be adjusted accordingly.
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How quickly can you prepare a quotation?
We can turn around a quotation within two working days. In reality, we can normally provide a quotation sooner than this.
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Can I obtain a quotation over the phone?
As each quotation is individually tailored to your particular circumstances, we are NOT able to give you accurate premiums over the phone.
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I’ve had the quotation, I’m happy with the premium and terms, and I would like cover. What do I do now?
Call us on 0800 454 632 and we'll do the rest.
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What payment options are there?
We offer a range of payment options to suit you, including interest free instalments and payment by most major debit or credit cards.
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Why do you ask for a copy of my CV?
Professional Indemnity cover protects you in the event that a client of yours alleges professional negligence, errors or omissions. We ask for your CV to ensure that you have adequate experience in your chosen professional field.
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Why do you want to know my turnover?
We rate professional indemnity policies on your turnover because it gives us the best idea of how active you are likely to be in the industry in which you are involved. From a risk-measurement point of view, if you are earning £100,000 from one client we can see that you are professionally more at risk, than if you were working for 1000 clients at £100 each.
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What does 'claims made basis' mean under a Professional Indemnity insurance policy?
This means that you claim under the policy in force at the time you are advised of a third party's intent to claim. Most other types of insurance stipulate that you claim under the policy in place at the time the incident occurred (i.e. 'claims occurred basis'). This is a very good reason for maintaining continuous professional indemnity cover even if you cease trading or retire, for at least 12 years if you fulfil contracts in the building industry.
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How do I decide on the level of Professional Indemnity cover that I need?
Try to visualise the worst possible scenario of a financial loss that a client could suffer if you are negligent. Then try and make a balanced decision from there. Naturally, if you undertake work that stipulates a minimum level of cover in the contract, you should ensure that your cover is adequate. We can provide quotations for various levels of protection and would advise you to take as much cover as you can afford.
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I only need Professional Indemnity cover for 3 months, as that is the length of my contract. Can you do this?
Short period professional indemnity policies are NOT available. Bear in mind that even if the contract is for 3 months, your client can still sue you 12 years or more after you fulfilled the contract if they discover that you have been negligent, made an error or there has been an omission. For professional indemnity policies, cover has to be in force at the time that the claim is made not just when you are carrying out the work.
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