Professional Indemnity Insurance - necessary or not?

[fiddleabout]

Re: PI

> Freshblue obviously doesn't count

From his past posts on a couple of topics I'd go further than that - he not only doesn't count but apparently cannot count.

[rooney]

PI

"I've never taken out PI insurance and have no intention of doing so unless forced."

and that is the crux of the matter. Unless we are forced we won't do it. As soon as the agencies start demanding PI certificates then we can either get it or go to another agency/job...if there is one!

[antagoneyes]

Re: PI

and that is the crux of the matter. Unless we are forced we won't do it. As soon as the agencies start demanding PI certificates then we can either get it or go to another agency/job...if there is one!

...and your point is??

Better spell it out for me rooney

[rooney]

PI

My point is: that the market will drive whether we have to have (and prove we have) PI. The market is driven by the clients through the agencies to us. The clients are now demanding the agencies they have adequate PI and the agencies will try and pass this on to us. The agencies now ask for VAT registration and company registration details as a matter of course. I believe PI will become compulsory and everyone will have to prove they have got it. The smaller agencies may let it pass but the market is always driven by the larger players. I know for a fact Hays are mandating PI and as a result they have got together a list of "accountancy providers" that their contractors must use.

[Heinzbenes]

PI

Hays cannot dictate which accountant I use.

[rooney]

PI

No they can't but they can dictate that your limited company (which may be your own 1 man band, composite or umbrella) has PI else they will not allow that company to service that contract. So if you have your own ltd company you would be forced to get the PI, use another provider (composite etc..) who would be on their preferred supplier list (i.e. they have the PI which meets the contract reqs) or go and get another contract.

[antagoneyes]

Re: PI

PII is not mandatory for most contractors as their agents and clients do not insist on it.

If several agents were advertising the same contract and Hays was one of them, guess which one I would avoid?

[rooney]

PI

There is an ever increasing trend in contracts to include mandated PI. If the client enforces it then the agencies enforce it. In my last 3 contracts in IT I needed £1M PI cover, no cover at all and then unlimited cover! The £1M contract needed a certificate to prove it (so I had to take the cover out) whilst the others didn't require it.

The choice is yours but in a bad market there are often no other choices. Let's hope the market picks up quickly.


Admin note: professional indemnity insurance and public liability insurance available here :-)

[freshblue]

Magnum PI

Fiddle lends his great intellect to the debate again.

It's a CUK article about PI and they (CUK) then go on to mention their offering! Can CUK please moderate CUK and remove an intersting news article... I think somewhere down the line CUK has to make a living? If you don't like the news go somewhere else. Fool

[antagoneyes]

Re: Magnum PI

It's a CUK article about PI and they (CUK) then go on to mention their offering! Can CUK please moderate CUK and
remove an intersting news article... I think somewhere down the line CUK has to make a living? If you don't like the
news go somewhere else. Fool

I think you'll find it was me freshblue and as usual you totally missed the point!

I guess you may contribute something useful to this forum at some stage but assume concentration at school is the main priority at the moment?