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Generally insurers deem IT consultancy low risk but they may raise some concerns if the company builds live trading systems in the financial sector or is involved in very large contracts.
If your company is involved in higher risk areas, it is important to support your proposal form with details of your terms of business, a copy of your business brochure and a CV which shows details of all the Principals qualifications and experience.
With many professional bodies now making it a requirement that IT companies have their own professional indemnity insurance, we can help arrange a suitable policy which is tailored to your individual requirements. This means carefully reviewing the market and going through the various products to ensure you are happy with all of the covers and terms of the policy.
From straight forward consultancy and project management work to the development of bespoke systems and trading platforms, we understand IT companies offer a wide range of services to their clients.
Due to the diverse nature of this sector a number of insurers offer different products so the policies are never a one size fits all. The main exposures that IT companies could be faced with are the failure of a software system or the failure to deliver a project on time and to budget. As a result, a consequential loss or significant cost to correct this problem could occur.
The key to arranging a competitive quotation on your behalf is to ensure we have a detailed understanding of your business. That way, we can present your risk to underwriters in the right way.