INSURANCE FOR PROJECT MANAGERS
As a project manager, you have a responsibility to deliver a project on time and on budget. Sometimes things go wrong. When they do, you need to make sure you have the right type of insurance for your business. So what type of insurance does a project manager need?
Liability Insurance for Project Managers
Liability Insurance is there to protect you for injury to or damage to third parties and their property as a result of your actions and those of your direct employees. As this type of insurance covers direct actions, a project manager who operates on site with direct manual labour will have a higher risk profile in this area; so it is important to ensure your insurance covers you for manual labour if you or your employees engage in manual labour as a project manager.
Professional indemnity for project managers
Professional Indemnity insurance is to protect you if a claim is made against you for a breach of your professional duty arising from an alleged act, error, or omission in the performance of your Project Management Services.
Management Liability Insurance
As a director of a company, you have obligations under many different laws including employment, occupational health & safety, pollution control and trade practices laws. A management liability policy can cover defence costs associated with an alleged breach in these areas.
For many businesses, their largest asset is their unsecured debtors; the money owed to them by their customers. With trade credit insurance you can protect these assets against your customer becoming insolvent, failing to pay or refusing to make payment within your credit terms.
Workers Compensation Insurance
Workers Compensation Insurance is compulsory in most states and territories and provides cover for injury to employees whilst at work. In some states like New South Wales and Victoria directors cover is compulsory, in other states it is optional, whilst in states like Queensland directors are not covered at all.