Insurance recommendations

[Alf W]

I'm looking for any recommendations for companies that offer general Business Insurances mainly Employers Liability, Public Liability and Professional Indemnity.

I understand all of these so this is not a lazy request, I'm just after any good or bad recommendations to save me having to start research from scratch and sift through recommendations made by people who get a kickback.

Thanks

[itcontractor07]

It would be of great help if someone can advice on this. As I am also looking for the same insurances and did go through qdos, simplyconsultants.co.uk, caunce ohara, but not sure which one should I pick. Another imp point is I am unable to decide what level of PI should I be taking. If I were to do turn over of 70K a year, I am not able to ascertain what is the right PI limit.

Thanks in advance

Cheers

[malvolio]

The cheapest out there for PI/PLI/ELI is the discounted deal available through PCG membership (spot the snag - you have to join...). £100k personal cover, plus £1m shared risk.

Otherwise the rate is up for grabs, but for the average freelance with the average risk Chaunce O'Hara seem to be running the best offer at around £250-ish. Snag is, once you go away from the PCG-style one-size-fits-all options, the cost will be dependent on a lot of factors, so it's tricky to give a real answer.

How much you need is whatever it says in your contract. If it doesn't say anything, you don't need it anyway. And since nobody has ever been sued for it, you don't need as much cover as you think unless you're designing aircraft braking systems or something similar. It has been suggested that once you go much over the £100k mark, it ought to be a chargeable add-on to your contract rate anyway, since the cost ramps up very rapidly.

[Alf W]

ELI is technically compulsory and you should have £5m minimum. As I understand it, costs can be recovered as part of the 5% General Allowance. Failure to have any in place can result in a fine.

Employers Liability (Compulsory Insurance) Act

What's the PCG Deal?

[gingerjedi]

The cheapest I have found is 'Hiscox' PI (£500,000) & PL (£1000,000) £280 combined, you have to pay via DD though.

[Pondlife]

What's the PCG Deal?

As in Mal's post: EL/PL and Prof Indem for about £200 per year (mine was through randall dorling).

[gingerjedi]

ELI is technically compulsory and you should have £5m minimum. As I understand it, costs can be recovered as part of the 5% General Allowance. Failure to have any in place can result in a fine.

Employers Liability (Compulsory Insurance) Act

What's the PCG Deal?

Not true if you are a one man band, unless you plan on suing yourself???

[Alf W]

True that it's not required for one person companies. However, without ELI you couldn't employ someone else and therefore any substitution clauses in your contracts are technically invalid as you can't fulfill them.

Nice trap set by the government to have you on IR35.

[Gonzo]

True that it's not required for one person companies. However, without ELI you couldn't employ someone else and therefore any substitution clauses in your contracts are technically invalid as you can't fulfill them.

Nice trap set by the government to have you on IR35.

A lot of people argue the same point, and others argue that you could hire a Ltd co contractor, so don't in fact need it to invoke the substitution.

I am not sure either way. Employers' Liability is not the most expensive part of the package so my co has it and I don't worry about it.