Insurance Budget

**TheFaQQer** · 4 March 2015, 17:39

What insurances are on offer? What levels of coverage are provided? What kind of company turnover are you looking to insure? How many fee-earners are there? What countries will you operate in?

Without any details, any prices are meaningless.

**Kenny@MyAccountantFriend** · 4 March 2015, 17:41

Will depend on the level of cover required and this may be stipulated in your contract with your agency/client.

Once you know the level of cover required plug some details on a site such as hiscox and they will provide a quote for you.

Please note that other insurance providers are available, I know that they are often recommended for contractors.

**ocs** · 4 March 2015, 17:55

Thanks for the responses.

I am reading the contract via my phone on the commute back so may be missing some details but it only seems to refer to PI and no specific level of cover is mentioned.

The cover offered in the package is

£1m of professional indemnity insurance cover.*
£1m of public liability insurance cover.*
£10m of employer’s liability cover.

**Andy Hallett** · 4 March 2015, 17:55

Worth noting that not every agency will accept 'block policies'. Worth checking the terms of your contract and specified amounts.

**northernladuk** · 4 March 2015, 18:19

LOL... So.. Their basic package is £69 per month without insurance. Premier package is £99 a month with insurance.. BUT the insurance is an option extra of £30 on top of the £69 which makes.... £99!!!! What a crock that is lol...

Bearing in mind we have a thread showing that £30 a month is expensive why the hell would you split two packages out that are the same? What's the point in that?

It also mentions IR35 check as part of the Premier package but the comparison page shows it's with both. Lot of inconsistencies there. Hope that only goes as far as their web page

The stars don't make any sense either. As soon as I saw them I though 'Aye aye, some gotcha here' but it just references a comment in the pricing saying it's included. Very strange.

Apart from all that seems to be a pretty straightforward contractor friendly one stop shop. Am sure there service is OK but it's not for me. Rather pay a bit more and get the experts to do mine IR35 checks and insurance. Just my opinion anyway.

**ocs** · 4 March 2015, 20:28

I have checked the contract more closely and it just cites 'Adequate' as the level of cover.

Hiscox quoted £38 p/month - I am going to try and get some more quotes this evening.

**ocs** · 4 March 2015, 20:48

Originally posted by ocs View Post

I have checked the contract more closely and it just cites 'Adequate' as the level of cover.

Hiscox quoted £38 p/month - I am going to try and get some more quotes this evening.

Qdos are quoting £19.98 p/month for the same cover and IR35 Reviews for an extract £99 p/year - that seems a big difference to me - what sort of reputation does Qdos have?

**SueEllen** · 4 March 2015, 21:32

Originally posted by ocs View Post

Qdos are quoting £19.98 p/month for the same cover and IR35 Reviews for an extract £99 p/year - that seems a big difference to me - what sort of reputation does Qdos have?

I don't think you will find many people who have claimed on their PI insurance. Just ensure your contracts are reviewed properly for all clauses as that decreases the likelihood of you ever claiming.

I also suggest you read the small print of the insurance policies e.g. check the excess, what they coverm then decide.

**northernladuk** · 5 March 2015, 11:16

Originally posted by ocs View Post

Qdos are quoting £19.98 p/month for the same cover and IR35 Reviews for an extract £99 p/year - that seems a big difference to me - what sort of reputation does Qdos have?

If you take PI/PL out with QDOS you get three free contract checks a year.

QDOS are contract specialists and I would expect are one of the, if not the biggest player in this area. I've got PI/PL through them as well as TLC35 and use them for my contract reviews. They are as solid as they come so come highly recommended.

Many accountants offer these service but personally I am much happier with specialists handling each of their areas. Accountants do my accounts, contract specialists do my contract checks and so on. Am sure the offering of these bundled things are probably adequate but it doesn't sit right with me. If QDOS started offering accountancy services I certainly wouldn't be going there just because the are the best contract people. That's just my opinion. We are talking 10's of pounds per month here. It just isn't worth scrimping on IMO. One thing you shouldn't really be judging an accountant on is price (within reason).

Insurance Budget