Interim managers occupy insurance's most interesting consulting seat: you're not advising the decisions, you're making them – hiring, firing, signing, committing – inside someone else's company, usually through your own limited company, often in situations already distressed. That blend of executive authority and outsider status creates exposures neither standard consultant PI nor the client's own policies reliably cover. This guide untangles it.
What insurance does an interim manager need?
Professional indemnity. The base layer for the advisory dimension of the role – recommendations, plans, professional judgement. £1m–£2m is the working range and client terms usually specify it. But PI alone misses the distinctive exposure:
Directors' & Officers' / management liability – the interim's real question. Interims who take statutory directorships, officer roles or de facto executive authority face personal liability for management decisions: wrongful trading in distressed situations, employment decisions, regulatory breaches on their watch. The client's D&O policy may extend to you – but verify in writing before day one (are interims and NEDs named? what happens if the company fails and the policy lapses?), and consider your own management-liability cover where you serially take director roles. In turnaround work especially, personal exposure is the job's shadow price.
Employment status mechanics. Most interims trade through PSCs into IR35-sensitive engagements; the contractor specialists (Kingsbridge, Qdos) and Markel's contractor proposition bundle PI/PL/EL with IR35-adjacent services built for exactly this structure.
Also: public liability, cyber (you'll hold the client's most sensitive data within a week), legal expenses, and continuity discipline – claims from a turnaround surface after you've left, and claims-made cover must still be live.
How much does it cost?
Solo interims: PI at consulting rates (£200–£600/year for £1m–£2m depending on sector; entry floors from £5–£10/month exist), with management-liability cover additional where you buy your own. Financial-services and distressed-situation work rates upward; verify the client D&O position first – it's the cheapest cover you'll ever confirm.
Comparison of providers
| Provider | Type | Notable features |
|---|---|---|
| Kingsbridge / Qdos | Contractor specialists | PSC-world packages; IR35 services; the structural fit for interim trading models |
| Markel Direct | Direct insurer | Contractor focus with IR35 contract-review perk; legal helpline; from £5/mo |
| Hiscox | Direct insurer | Strong PI + management-liability options; 4.4 Trustpilot |
| Superscript | Digital broker | Monthly cover matching engagement rhythms; 4.5 Trustpilot |
| Specialist brokers | Brokers | For serial directors and turnaround specialists – personal D&O needs design |
| Simply Business | Comparison | Benchmark for the PI layer |
Reviews and expert ratings
Superscript 4.5/5; Hiscox 4.4; Simply Business 4.2; Markel 4.0. Which?/Fairer Finance: not rated.
Key takeaway
Before each engagement, answer three questions in writing: am I a director or officer here (and does the client's D&O name me); what does my PI cover of the decisions I'll take (not just advice I'll give); and will cover still be live when this engagement's claims mature? Interim work pays for decisiveness – insure the decisions, not just the advice.
Sources
- markeluk.com (contractor proposition; IR35 perks)
- hiscox.co.uk; gosuperscript.com; simplybusiness.co.uk
- See the management consultant guide for the advisory-side baseline