Professional Indemnity Insurance issue

[Ken Figenus]

Just won a tender and they now want PI insurance on it in addition to std PL and EL. Stumped up for £25k cover which is more than adequate given value of contract but they want £1m cover. This is costly at around £700.

Broker is back on it but anyone any tips for getting lower cost or specialist cover actually based on a project etc? Its a hyper low risk case study project (and a re-commission, so they like us!) so its quite absurd but its still a box that needs ticking (maybe in case we say something slanderous about Donald 'peach hamster' Trump and that gets past all stages of governmental sign off and he sues!

Thanks

[Ken Figenus]

Thanks chaps - looks likely to have a positive outcome based on the above and that our just renewed main insurer is too heavy on this. Especially as we don't dig tower block foundations we just create digital media!

[Ken Figenus]

nyt said:

I used to need £10m cover. I used: http://www.qdoscontractor.com/insurance/business-i...

It cost a lot less than £700

£258 here as a stanalone - phew! Job done - thanks.

[Ken Figenus]

Simpo Two said:

So in the tender they didn't state this as a requirement, and added it afterwards?

Goalposts, moved.

So how about you complete the work and then just bill them an extra £700, 'afterwards'?

Soz, felling punchy.

Yes - bit unusual for a behemoth with dedicated contracting dept's to bring that up afterwards and AFTER we submitted our costs. At sub £300 though its not worth making waves.

[Ken Figenus]

12m, £1m.

[Ken Figenus]

Terminator X said:

As a business owner why wouldn't you have PII regardless? If you ever get sued how were you planning to deal with it?

TX.

I think it really depends on what it is that you do. If you run the risk of screwing up PR for a multinational or a service or product for the NHS or give mistaken legal advice as a lawyer then it would be quite prudent to have it!