Professional indemnity insurance recommendation.

[ItRYmyBEst]

I am a software contractor (who doesn't write professional games or trading systems) and I'm looking for professional indemnity insurance to cover £500k - 1M. The quotes I've got range from £280 - £350 per year. This seems expensive, can anyone point me to a cheaper alternative?

[TykeMerc]

I am a software contractor (who doesn't write professional games or trading systems) and I'm looking for professional indemnity insurance to cover £500k - 1M. The quotes I've got range from £280 - £350 per year. This seems expensive, can anyone point me to a cheaper alternative?

That does seem a bit pricey to me, fairly sure I pay less.

I got mine from Qdos who others on here use too. Qdos Consulting - Taxation and VAT - Employment Law - HR - Insurance - Contractor Insurance - IR35 - PI Insurance

Contractor shop on the right side of the page.

[PerfectStorm]

Morethan do it for about £160 and if you use Topcashback you get £65 off.

[TheFaQQer]

That does seem a bit pricey to me, fairly sure I pay less.

I got mine from Qdos who others on here use too. Qdos Consulting - Taxation and VAT - Employment Law - HR - Insurance - Contractor Insurance - IR35 - PI Insurance

Contractor shop on the right side of the page.

I paid £176 this year for mine through Qdos.

Randell Dorling via IPSE might have been cheaper but offered a lower level of protection, and in the past I've had agencies question it, so I went elsewhere.

[malvolio]

Last time I looked (a long time ago though!), RD cover was slightly wider than QDOS, but not by much.

£1m cover for a £150k pa company operating as a one man band offers the same business risk and hence the same insurance risk. Since most are based on Hiscox policies and underwritten at Lloyds, it is worth doing a line-by-line comparison to make sure you are comparing the same cover. No point in having PI if personal mistakes aren't covered, for example...

But £170 or £250 a year to safeguard £150k income and potentially £1m in damages? Is it really worth worrying about it?

[jamesbrown]

Minor point, but the RD cover is the one to go with if you have clients overseas, as they offer very competitive rates for non-UK jurisdiction and governing law, providing you have IPSE+ (whereas most insurers won't touch this or only offer bespoke cover).

[TheFaQQer]

Minor point, but the RD cover is the one to go with if you have clients overseas, as they offer very competitive rates for non-UK jurisdiction and governing law, providing you have IPSE+ (whereas most insurers won't touch this or only offer bespoke cover).

I haven't been through it with a fine-tooth comb, but my Qdos policy covers worldwide except USA and Canada. I could have added cover for those, though, but I chose not to since my contract is with the UK Ltd company wholly owned by the Canadian company

[jamesbrown]

I haven't been through it with a fine-tooth comb, but my Qdos policy covers worldwide except USA and Canada. I could have added cover for those, though, but I chose not to since my contract is with the UK Ltd company wholly owned by the Canadian company

Yeah, but the RD cover is way more flexible, offering non-UK jurisdiction and governing law (including USA and Canada). The devil is always in the detail with these things (i.e. you have to know what cover you really need), but I appreciate that this may not apply to many people here, for which plain vanilla PI/PL/EL is generally fine.

[Jack Kada]

I am a software contractor (who doesn't write professional games or trading systems) and I'm looking for professional indemnity insurance to cover £500k - 1M. The quotes I've got range from £280 - £350 per year. This seems expensive, can anyone point me to a cheaper alternative?

I just did mine with QDOS - They were very simple to deal with and I had no problems at all

[FatLazyContractor]

I am a software contractor (who doesn't write professional games or trading systems) and I'm looking for professional indemnity insurance to cover £500k - 1M. The quotes I've got range from £280 - £350 per year. This seems expensive, can anyone point me to a cheaper alternative?

Could be cheap for a reason!

After a bit of research on this forum, I went for QDOS this year. Not cheap, but in the grand scheme of things it is worth it.