Insurance for project managers
Secure project manager insurance quickly and without fuss. We're simply-priced, flexible and upfront.

Contract project managers face many risks

Contract non-compliance
Most contracts you will engage with as a project manager will stipulate you must have and show proof of professional indemnity insurance.


IR35 enquiries and unpaid invoices
Depending if you use an umbrella company or contract directly you may be exposed to IR35 enquiries from HMRC. Regardless of how you're engaged you still could be subject to late or non-payment of invoices.

Damage to your work equipment
You are likely to use your own laptop or computer for your work, if that gets stolen or damaged could you afford the repair or replacement costs?

Accussation of causing a financial loss
An unhappy client may allege your management services ended up costing them money which they now want to recover from you.
Your need project managers insurance that gives contract compliance, offers run off cover and has competent legal defence in the event of a claim.
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Pay less when not working by hibernating your PI cover.

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What insurance do project manages need?
Choosing the right insurance for you depends on the size and nature of your business. Key insurance covers project managers should consider include:

Professional indemnity
Provides you with legal defence against claims of professional mistake, causing a financial loss or failing to deliver contractual obligations.

Business legal protect
Pays legal costs & expenses including appeal costs if you or your business face a legal threat or an HMRC/IR35 enquiry.

Electronic business equipment
Pay for repair or replacement of your portable electronic equipment (and accessories) you need to do your work.
Why is professional indemnity for project managers important?
By the title of your job, as a project manager you have responsibilities and the extent will vary depending on the size of the project and its future impact on your client.
There have been numerous examples of project managers getting involved in client disputes. One of the most common ones are delays or the final capability delivered is deemed not fit for purpose.
But there are some less common accusations which can lead to legal claims as well. Such as your communication style that could upset a client or their staff. Another example is revealing sensitive information to the public or direct competition. You could face serious reputational and financial damage if a situation of this kind isn’t handled professionally.

As a project manager you juggle several balls at any given time, especially on a multi stream project. Despite doing everything right there are always unpredictable circumstances such as unexpected staff turnover or a change in a third party supply chain that can affect the outcome of your work.
Whether or not the issue is your fault may not stop a dissatisfied client coming to you for a financial remedy. You are their project manager and they will be looking to you for answers and solutions, very often at your own cost.
What is project manager professional indemnity insurance?
In essence it is a legal protection cover that comes to your aid if you face an accusation of making a professional mistake by an unhappy client who demands some kind of compensation.
If you have the good sense of protecting your business with project manager professional indemnity insurance, you will have access to legal advice and defence paid for by the insurers. You will also gain that peace of mind knowing that someone has your back and works towards a resolution to save your business reputation. And of course your bank balance will not get eroded by legal fees and compensation amounts if you become liable.
Professional indemnity insurance for project managers is widely available in the UK and the extend of cover or the price you will pay will depend on the industry in which you work. For example architects are considered a much higher risk than IT project managers.
Your industry will also determine how many questions you will have to answer during professional indemnity application and whether you will be able to buy cover online.

What to look for when selecting project manager professional indemnity insurance.
Price is everyone’s concern and most buyers start with that aspect. However, since professional indemnity insurance is a service, it’s important to understand who you are buying your cover from, how they do business and what will happen in the event of a claim.
Price
The cost of insurance is the primary concern of every buyer in the UK but reviews revolving around cover changes and claims often reveal that it may not be the best strategy.
Fees and charges
Make sure you understand how easy it will be to make changes to your cover and whether it will cost you anything. Also watch for any APR if you select monthly. The interest rate should be reasonable and in proportion to your premium. Is there a policy fee?
Claims
Is it clear to you what is required of you if you find yourself in a difficult situation with a client. Who will be handling your claim, will you have to pay anything toward the legal costs, is compensation part of the deal? Make sure you understand the level of service behind the cover you select.
Cancellations
Can you cancel or ‘hibernate’ your cover when you are in between contacts or decided to finish? Some insurance providers make it lengthy, charge a fee and demand a month's notice. All these are extra costs that you may not want to pay.
Conditions
All insurance providers have the duty to provide access to full cover documentation before you buy. Legal covers contain complex and, let’s be honest, makes for very boring reading. However, the product summary is something you should always read through as minimum. It should outline the basis of cover but also what is excluded.
When you decide to protect your business with Suited we want you to get more than just insurance. That's why with every policy subscription we include Business Legal Protect. From the moment you sign up you gain access to extra support services which are all part of our price.

- IR35 & HMRC investigations
- Legal matters concerning your business
- Negative PR (£25,000 cover)
- Criminal prosecution
- Compliance & regulation issues
- Unpaid invoices (over £200)

- Free tax advice
- Free commercial legal advice
- Counselling for you and your staff
- Access to a legal template library
- Identity theft assistance
How much does insurance for project managers cost?
Price depends on many factors including business activity, the cover you choose and the level of protection (also known as the limit). With Suited you can mix and match covers and limits. Below are some cover examples, but you will be able to build your own.
Common questions
How much does professional indemnity insurance for project managers cost?
Prices usually start with a few pounds per month, depending on your industry, limit and earnings.
Does Suited professional indemnity insurance cover work of subcontractors?
Suited PI cover does cover the work of your employees and subcontractors.
Does Suited offer PI run off cover?
Yes. It is called ‘hibernation’ which means reducing your PI cover to past work only while paying less. You can also turn it back to full cover if you find yourself back at work.
Is cover for past work included in Suited project manager professional indemnity insurance?
Yes as long as you are not currently facing a possible legal claim. Whether or not you have been insured before is not a condition with Suited.
No problem, with Suited you can flex your insurance as your business evolves.

Save money by not paying extra to change your cover.

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