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Why do project managers require an insurance solution?
Among the many responsibilities a project manager has, the most important ones are the following:
- Consulting with the client to identify a problem or need, as well as determine the purpose of an investigation that should lead to a definite result.
- Handling surveys and studies as means of acquiring data necessary for solving a problem.
- Examining data for pinpointing the source of a problem. For instance, modifying machines or equipment, or redesigning certain services or products.
- Advises and informs clients of alternative approaches to various problems.
- Is in charge of managing project implementation.
As one can observe, a project manager’s responsibilities abound. Project managing implies balancing and weighing things well. Not doing so may lead to an array
of irreversible consequences. Namely, a slight error or incorrect advice while performing one’s duties may be the source of a costly lawsuit.
In this kind of circumstances, the project manager is held responsible for the imminent failure of the project, whether the problems were within one’s control or not. On that account, Professional Indemnity Insurance offers each project manager full financial protection in case of a lawsuit, by covering the legal defence costs.
Bluewell Insurance provides public liability and professional indemnity for project managers
If you, as a project manager, or any of your employees do something that may lead to causing injuries while visiting a client’s premises, you are held liable. Equivalently, if, say, an unexpected accident occurs while an outsider comes to your business, and he/she suffers from an injury, you could be held responsible. Consequently, public liability insurance ensures optimal protection in case an accident happens and a claim is made against you.
Moreover, public liability insurance will cover the damage caused by third party property at the customer’s business. Let’s say that an employee breaks a valuable item while delivering something to a client’s home. The insurance will cover the claim of replacing the particular item.
- Essential exposure points for project managers
- Conflict of interest
- Offering wrong advice and information
- Failing to manage a project
- Breaching confidentiality rules
- Establishing an ineffective communication strategy
Why should you choose Bluewell Insurance Brokers for your coverage?
Bluewell Insurance Brokers presents a vast experience when it comes to providing the very best insurance packages for project managers. We look forward to hearing from you and offering you insurance packages that are suitable for your individual requirements. Don’t risk the security of your financial future, and contact our company today – we’ll be more than happy to assist you, offer you a quote or answer any question you may have.