I am an independent project manager and often work through staffing agencies via my Canadian incorporated company. I was recently asked to be covered for $1,000,000 errors and omissions insurance in addition to $1,000,000 commercial general liability insurance. Two questions:
1) have you, as an independent project manager, ever been asked for this insurance?
2) Is there a company that specializes in providing PMs with this insurance? Saving Changes...
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Wallace
For the O&M, I see this usually required for design consultants so if you are doing both design and build, then this will be required. The second one is a normal industry practice.
Check Westland Insurance, they specialize with different insurances.
1. I needed it when I did work for a US company two decades ago. I had got $2M of coverage (as per their requirements) via LMS Prolink. Here's a link to a potentially suitable page on their site: https://prolink.insure/management-consulta...fessional-needs
2. I don't know that there are any PM-focused firms, but Management Consultants would be a close fit.
Just remember to add the premium costs to your hourly/fixed rate as it can be pricey...
Kiron Saving Changes...
Peter RapinSubject Matter Expect; Project Delivery| Independent ConsultantOntario, Canada
I operated much like you until recently when I retired. One of the significant reasons I offered project management services through an agency was to avoid the insurance issue. The agency provided insurance as well as a number of other administrative services in return for the fee markup. Otherwise I would have worked for the ultimate client directly.
Keep in mind that insurance coverage typically applies to your entire operation based on total sales and is not normally client specific. Also, insurance coverage extends beyond contract completion date so you may have to pay premiums well after the service has been provided.
As a final point, make sure to know specifically what the client wants, what is covered and not covered, the deductible, etc. Get yourself a good broker that understands your industry. A good place to start may be with the broker that provides services to you current agency. Saving Changes...
It depends on the project, its nature, and its owners. Saving Changes...
Latha Thamma reddiSr Product and Portfolio Management (Automation Innovation)| DXC TechnologyMckinney, Tx, United States
It depends on the project, delivery method and other aspects. Saving Changes...
Elizabeth ReidPM Consultant| Reid Roberts Digital Studios Inc.Toronto, Ontario, Canada
In some cases, I've asked the potential client if I could remove the condition (based on the nature of the project). Some have agreed to remove it if you can make a case that your work product does not require that level of risk mitigation on their part. Saving Changes...
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