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9 Replies Last post: Nov 26, 2008 2:20 PM by proInsurance

Professional Indemnity Insurance

Sep 22, 2008 8:51 PM

Click to view AtlantaKid's profile Authority AtlantaKid 15 posts since
Jun 21, 2008

I am an internet marketing consultant with a few months of experience working with all industries. I wanted to join a network of internet business consultants so that I can get referrals, however, I am told I need professional liability insurance, not just a business insurance. Does any one has a professional indemnity insurance or knows who offers such a service?

thanks much,
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Click to view Lighthouse24's profile Mogul Lighthouse24 2,396 posts since
Oct 10, 2007
1. Re: Professional Indemnity Insurance Sep 23, 2008 11:43 AM
For your profession, this will generally be sold in the U.S. as "Professional Liability" and/or "Errors and Omissions (E&O)" insurance. You can check with any business/commercial insurance agent in your area, or search on one of those terms (plus maybe "internet consultant") to find listed providers and options. Best wishes.
Click to view LUCKIEST's profile SCORE LUCKIEST 7,932 posts since
Aug 6, 2007
2. Re: Professional Indemnity Insurance Sep 23, 2008 1:11 PM
Professional Indemnity Insurance

Anybody in business should have an Accountant, a Lawyer and an Insurance Agent.

Now is the time to talk to the professional.

Good luck, LUCKIEST
Click to view green.ins's profile Professional green.ins 6 posts since
Sep 18, 2008
3. Re: Professional Indemnity Insurance Sep 24, 2008 10:15 AM
AtlantaKid-

Just an FYI, if you have your business liability policy with The Hartford, they have a 'technology E&O' form that is available as an addition to your current general liability. It is very cost effective and broad in scope in terms of coverage. Drop me your email and I will forward you a brochure. If you have any questions, please don't hesitate to call or email. 405/973-1735 or jason@ticokc.com

Jason
Click to view green.ins's profile Professional green.ins 6 posts since
Sep 18, 2008
4. Re: Professional Indemnity Insurance Sep 24, 2008 10:28 AM
AtlantaKid-

Here is the verbiage directly from The Hartford's website:

+FailSafe++®++ *MEGA Technology Errors or
Omissions Liability Coverage (Form SS 02 71)*+

+This form provides coverage for damages the insured is
legally required to pay because of damages or expenses arising out of a glitch -
negligent act, error or omission in the performance of technology services or
failure of technology services or products to perform the function or purpose
intended. "Technology services" is a defined term in the form. See form for
coverage specifics.+

+Coverage is provided on a claims made and first
reported in writing basis. Defense costs are included in the limit of
liability. Several per glitch limit options are
available+

+A Retention amount applies to this coverage. Damages
or expenses under the Retention amount are required to be paid by the insured.
Covered claim expenses and damages within the Retention do not reduce the limit
of liability. A minimum, mandatory Retention of $2,500 applies. Several other
Retention amount options are available+

I think this may be what you need.


Jason


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Click to view AtlantaKid's profile Authority AtlantaKid 15 posts since
Jun 21, 2008
5. Re: Professional Indemnity Insurance Sep 24, 2008 10:50 AM
in response to: green.ins
Thank you so much for everybody's input. I will definitely follow up with the deal at Hartford.
Have a great day!
Click to view BizCover's profile Start-up BizCover 1 posts since
Nov 23, 2008
6. Re: Professional Indemnity Insurance Nov 23, 2008 7:14 PM
in response to: AtlantaKid
Hey mate,

I stumbled across this thread by doing a search on professional indemnity insurance. This may be interesting to you, as I work for a company called BizCover (www.bizcover.com.au) which allows people to compare between professional indemnity insurance prices, from multiples insurers, online (for many industries).

I'm obviously not trying to sell you, as we're in Australia, but the point is: look for online comparison sites before purchasing. I'm hoping they'll have some in your country. Try not to settle for a single quote - make sure you're getting the best price and appropriate coverage. Speak to multiple brokers if necessary, as they're qualified to provide advice.

Cheers,

Stas
Click to view proInsurance's profile Professional proInsurance 7 posts since
Nov 17, 2008
7. Re: Professional Indemnity Insurance Nov 26, 2008 1:34 PM
If you need a hand with the Hartford Ins Co,. Let me know. I am an agent of theirs.
Click to view AtlantaKid's profile Authority AtlantaKid 15 posts since
Jun 21, 2008
8. Re: Professional Indemnity Insurance Nov 26, 2008 2:17 PM
in response to: proInsurance
Thanks Guys. I will contact you both when I am ready to purchase one. I am not sure if I have mentioined this but I am in the process of applying for analytics consultant rep with Google Analytics. Google requires a professional indemnity insurance along with other requirements. If you are familiar with what Google is requiring or have clients who purchased insurance from you, they is a plus for me.

thanks much,

www.dynamicwsiconsulting.com
Click to view proInsurance's profile Professional proInsurance 7 posts since
Nov 17, 2008
9. Re: Professional Indemnity Insurance Nov 26, 2008 2:20 PM
in response to: AtlantaKid
You Got it. Google will have a spec sheet that i can look at and decifer the insurance end of it.

All the best,
Charlie D.