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Project Manager Insurance

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Project manager insurance

Project manager commercial insurance NZ

Project manager insurance, in its simplest form, is a protection plan tailored for project managers. It covers liabilities that might arise from their decisions, oversights, or unanticipated events during a project. This includes potential mistakes, missed deadlines, or any issues that lead to financial losses for the client.

Why is project manager insurance important? 

Imagine being responsible for an unforeseen error during a project that results in substantial financial loss. Not only does this affect the client, but it can also bring hefty legal fees your way. Project manager insurance provides a safety net, ensuring you’re not financially burdened due to unforeseen complications.

In New Zealand, the average cost of project manager insurance typically ranges between $200 – $300 per month. 

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It’s crucial to have project manager coverage if your business:

  • Manages multiple complex projects
  • Deals with high-stake clients
  • Faces potential legal claims
  • Requires financial risk mitigation

What insurance covers are typically included in project management insurance? 

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Project Manager Professional Indemnity

Professional indemnity insurance for project management provides coverage against claims of negligence, mistakes, or omissions in the services a project manager delivers. This insurance helps protect management professionals from potential legal costs and damages awarded to a client if their advice or service is found to have caused a financial loss.

Best For
  • Negligence claims 
  • Errors & Omissions 
  • Professional mistakes 
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Public Liability

This policy covers common business risks including bodily injuries, customer property damage, and advertising injuries. Project manager liability is required for most commercial projects. 

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection
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Statutory Liability

This cover is a type of protection that helps project managers cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties
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Management Liability

Management liability insurance in NZ shields project management company leaders from legal and financial risks due to their managerial responsibilities.

Best For
  • Directors liability 
  • Employment disputes
  • Legal defence
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Cyber Insurance

Insurance that helps protect project management businesses from financial losses caused by cyber-related incidents, like data breaches and computer attacks.

Best For
  • Ransomware attacks
  • Phishing scams 
  • Cyber extortion 
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Business Contents Insurance

Business contents insurance in NZ is for protecting all the important stuff inside a project management business. If there’s a problem or accident, the insurance can help with the expenses.

Best For
  • Accidents 
  • Floods
  • Fires
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Business Vehicle Insurance

Protects vehicles used for work purposes. It covers accidents, damages, and injuries related to the vehicle while it’s being used for business and personal activities.

Best For
  • Repair costs
  • Third party damages
  • Injuries 

How much does project management insurance cost?

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Project management insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Project managers insurance in NZ typically costs between $200 to $300 per month

Who needs project management insurance?

Any professional who manages, leads, or oversees projects can benefit from this insurance. This isn’t limited to just construction or IT project managers. Event planners, consultants, or even marketing campaign managers can face risks where this insurance becomes invaluable.

While it’s not legally required, many clients and businesses might demand it as part of their contract stipulations, especially for high-value projects. Having insurance also bolsters your professional credibility.

Yes, many insurance providers offer bundled packages, which might be cost-effective. Discuss your needs with your broker.

How do I get a project managers insurance quote? 

We understand the unique needs of project managers in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive project management insurance quotes from the top insurers in the country and globally. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.

To obtain a project management insurance quote we may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

How do I get proof of project management insurance?

You can usually get proof of project management insurance same day when you purchase insurance through Gerrards.

Acquiring a project management insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project.

To obtain insurance coverage promptly, contact one of our project managers insurance brokers. 

What does project managers insurance not cover?

Personal Data Breaches

 Losses resulting from cyber attacks or data breaches require cyber liability insurance.

Intentional Wrongdoing

Deliberate acts or fraudulent behavior aren’t covered.

Uninsured Acts

Specific actions or areas of work that aren’t mentioned in your policy may not be covered.

Other common questions about project managers insurance

Coverage is typically limited to NZ. However, global coverage can be added if required.

Yes, larger businesses with more projects might face higher premiums due to the increased risk.

Always inform your insurance provider about changes. Your coverage might need adjustment to reflect the updated risks.

Most policies have deductibles, which is the amount you pay out-of-pocket before the insurance kicks in.

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