New Ltd, and new contract. Do I need all these insurance policies?

[PinkPoshRat]

I have finally taken the plunge to the other side - I started my Ltd company yesterday. I am also about to start on a new contract and I have been asked to send several documents to the agency (or consultancy as they like to be known as..)

Do I really need to have 3 insurance policies;

 Current Professional indemnity insurance certificate
 Employers Liability Insurance Certificate
 Public Liability Insurance Certificate

Oh and the last document seems strange, a Trust and confidentiality document (would that be between me and me?)

I'm thinking it was so much easier using an umbrella!!!


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

[SueEllen]

Read the first timers guide on here and the one on the PCG website.

In short you should have professional indemnity insurance.

Some agencies insist on Public Liability and Employers Liability insurance depending on who you employ and where you work from you need or don't need them it's up to you to point this out to the agency.

BTW do a search on where to get a policy from as this has also been covered many times.

[Wanderer]

I have finally taken the plunge to the other side - I started my Ltd company yesterday. I am also about to start on a new contract and I have been asked to send several documents to the agency (or consultancy as they like to be known as..) Do I really need to have 3 insurance policies;

You don't need Employers Liability Insurance if you are the director and the only employee. It's a waste of money in my opinion, but if they ask you to stand on your head and sing the national anthem then you pretty much have to do it if you want the job.

Shop around, it doesn't cost that much to get these policies. I guess this goes some way to understanding what the chances of actually needing this type of insurance is - I mean where else can you get insured for millions of pounds worth of liability for a couple of hundred quid.

Joining the PCG might be a good bet as they include these policies...

[h8mmer]

I have finally taken the plunge to the other side - I started my Ltd company yesterday. I am also about to start on a new contract and I have been asked to send several documents to the agency (or consultancy as they like to be known as..)

The whole insurance thing seems a grey area to me, the financial site I work on has a tonne of contractors of which some have never been asked by their agencies to get insurance, others were and got theirs via online shops.
Having never worked for a finance org before I rang up the brokers and as soon as they heard who the client was (a v.large bank) the premiums went through the roof.

I suspect the contractors here who bought theirs online for a pittance would have problems if they ever had to make a claim, of all that I spoke to not one gave a rats a#se about looking at the T&C's.
As someone else said, the likelihood of ever having to make a claim must be v.v.small but hey its all about hedging bets and from my POV it adds to my defence (if ever needed) that I'm running my LTD co as a proper business.

[SackmanandCo]

you should have PII. It helps defend against any IR35 enquiries