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Professional Indemnity Insurance

  • 28-06-2007 6:28pm
    #1
    KTRIC
    Closed Accounts Posts: 9,463 ✭✭✭


    Does anyone know anything about Professional Indemnity Insurance ? I set myself up with a limited company and I'm contracting as a computer engineer through an angency.

    I was just wondering if this insurance is nessesary ?


Comments

  • #2
    pow wow
    Closed Accounts Posts: 5,288 ✭✭✭pow wow


    I used to sell it, but mainly to those involved in consulting, particularly financial. Do you just fix things or advise on them aswell? Sorry for sounding like a pleb, but I don't know anything about computer engineers!


  • #3
    KTRIC
    Closed Accounts Posts: 9,463 ✭✭✭KTRIC


    ellscurr wrote:
    I used to sell it, but mainly to those involved in consulting, particularly financial. Do you just fix things or advise on them aswell? Sorry for sounding like a pleb, but I don't know anything about computer engineers!


    I fix things , but I don't fix anything that would loose the company money if I broke it.


  • #4
    pow wow
    Closed Accounts Posts: 5,288 ✭✭✭pow wow


    So long as you aren't writing any programs etc I personally would not bother. If you are a straight 'it's broken I fix it' engineer then there is no need.

    You could always chat to a broker anyway. PI isn't expensive so they most likely wouldn't sell it to you just to make a commission!


  • #5
    zoemax
    Closed Accounts Posts: 117 ✭✭zoemax


    Professional Indemnity insurance's purpose is to provide a level of cover in the event of any monetary loss suffered by a client through for example the provision of poor professional advice by you as a consultant or through the failure of a piece of equipment that is due to inadequate or poor installation or design by you or your company. As long as there is no potential risk of significant monetary loss by a client due to negligence on your part then it is not necessary. In my experience it can be very expensive. In the past I have paid €1,500 pa for €100k cover.


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