is primarily designed to respond to financial loss arising from faulty advice, design or specification by the service provider.
Public & Products Liability
is primarily designed to address the personal injury or property damage that may arise from the service providers activities. In other words they deal with the physical outcomes of faulty services.
Why do you need Professional Indemnity & Public Liability?
In our experience we have seen that legal uncertainty exists regarding the activities provided by IT professionals. In providing software advice or design, are they providing a ‘service or a product’ and therefore, should the claim be treated as a ‘service’ which is covered under a Professional Indemnity policy or should the claim be treated as a ‘product’ and covered under a Public & Products Liability policy. To avoid this uncertainty, it is recommended that IT professionals have a combined two in one Professional Indemnity & Public Liability policy which provides comprehensive protection.
But most importantly, for your own protection you should at least have a minimum level of Professional Indemnity & Public Liability. In the event that the services you provide for a client lead to a claim against that client they will generally look at claiming against the contractor. Professional Indemnity will protect you in the event that this occurs. In addition, the majority of jobs you are contracted to do, and most tenders you respond to call for proof that you have a minimum level of Professional Indemnity and Public Liability cover. You will find that you may not be considered for a contract without it!
- Up to $10,000,000 for Professional Indemnity
- Up to $20,000,000 for Public & Products Liability