Professional indemnity cover for limited company - sole director

[genji7]

Hi
I'm IT contracting newbie and 3months in a business out of 6month contract which is likely to be extended with agency.

Since my contract with agent whom has contract wtih actual client and i'm a sole director of LTD providing project mgmt, i'm wondering whether taking out professional indemnity cover would be worth it at this point.

I'm asking this question since my initial insurance provider who sold the policy as a part of accounting services has seized as I'm switching accountantancy.

Any comments would be apprecaited. I'm not considering taking out other biz insurance but what other peeps are taking out ?

[northernladuk]

Have you read your contract? Most contracts stipulate your must have it. Its peanuts anyway so you are going to need it at some point in the future even if this contract doesn't stipulate it.

Check the QDOS site for PI/PL. Might be worth having a look at TLC35 or if not that then the IPSE+ which is a no brainer IMO.

[SueEllen]

Yes take out Professional Indemnity. You need it otherwise you would be in breach of contract. Also look to take out public liability.

[genji7]

thanks for all kind reply and info!