Cost of PII

[Ellla]

Hi

I think I'm losing the plot! I've just done a quote for PII with Hiscox, and been quoted c£40 for £1m cover and £100k legal fees (Business Consultancy, company since 2008, based from home, turnover between £100k - £150k). I've never paid this little before.

When operating alone in previous years it's typically been £500-600 and with hubby contracting last year was c£800 but that was turnover in a higher bracket too obviously. Looking back I had "Business Combined" which was PII and Employers Liability. I don't think I actually need the latter so haven't selected it this time, but can the EL cover make that amount of difference or am I being an idiot?

Many thanks

Lisa

[Ellla]

Hiscox quote monthly, so most likely yes, you are.

A case of boiling frogs with them, they gradually put up the rate as the years roll by. They also know you will be back for the PII and EL as larger more anal clients require it, that's how they will get you up to £600+ a year.

Thank you! Schoolgirl error then!

Just waiting for contract to come through, so based on what you said re: larger clients....I suspect it will require EL, and should explain why I took it out last time.

Thanks for the reply, much appreciated!

[JRCT]

I pay about £16 per month for my PII. Also £1m.

Don't really understand the insistence on EL. I've only ever had one contract that insisted I have EL. Even when I explained that I am my only employee and I'm not allowed to claim against myself therefore the policy is pointless, they still insisted. That was about £7 a month, if I remember correctly. Not worth arguing about, but nevertheless, pointless.

[SueEllen]

I pay about £16 per month for my PII. Also £1m.

Don't really understand the insistence on EL. I've only ever had one contract that insisted I have EL. Even when I explained that I am my only employee and I'm not allowed to claim against myself therefore the policy is pointless, they still insisted. That was about £7 a month, if I remember correctly. Not worth arguing about, but nevertheless, pointless.

If you subcontract then you need EL so it's easiest for them if you have it now.

Though it's daft because if you do, then you can go online and get EL that day.

[PerfectStorm]

I got mine from Morethan, was £65 cashback off topcashback! Made it about £70 if I recall

[Sausage Surprise]

I don't understand these £600 quotes... Mine costs less than £120 for PII and EL with Simply Business and has done for years.


Edit: Renewal quote just come in for £132.00 for PII (£2m) and Public Liability (£500,000) - I mistakenly thought I had EL.

[Jack Kada]

Hi

I think I'm losing the plot! I've just done a quote for PII with Hiscox, and been quoted c£40 for £1m cover and £100k legal fees (Business Consultancy, company since 2008, based from home, turnover between £100k - £150k). I've never paid this little before.

When operating alone in previous years it's typically been £500-600 and with hubby contracting last year was c£800 but that was turnover in a higher bracket too obviously. Looking back I had "Business Combined" which was PII and Employers Liability. I don't think I actually need the latter so haven't selected it this time, but can the EL cover make that amount of difference or am I being an idiot?

Many thanks

Lisa

Hiscox are quite expensive - Think it is about 500 to 600 a year.

QDOS for me was the easiest and cheapest so give them a try

[quackhandle]

I don't understand these £600 quotes... Mine costs less than £120 for PII and EL with Simply Business and has done for years.


Edit: Renewal quote just come in for £132.00 for PII (£2m) and Public Liability (£500,000) - I mistakenly thought I had EL.

SS, was that £132 for both PII and PL?

qh

[GazCol]

I pay about £16 per month for my PII. Also £1m.

Don't really understand the insistence on EL. I've only ever had one contract that insisted I have EL. Even when I explained that I am my only employee and I'm not allowed to claim against myself therefore the policy is pointless, they still insisted. That was about £7 a month, if I remember correctly. Not worth arguing about, but nevertheless, pointless.

Do you ask for a right to substitute clause in your contracts?

[JRCT]

Do you ask for a right to substitute clause in your contracts?

No. I understand the IR35 implications of that, however in reality I am never going to do that and QDOS have never come back after a review and suggested that it's an issue.