Indemnity Insurance

[oracleslave]

By getting insurance you do open up the possibility of them chasing you, without it why would they bother.

So that when you screw up they can have you declared bankrupt and reposess all you btl's and every last bit of your nest egg.

£350 -£500 is a small price to pay for peace of mind in my opinion.

[VectraMan]

Randell & Dorling PCG policy says £357 for £1m, and that includes PLI and ELI (got the renewal letter today). I've just got the basic which gives you £100K. My contract doesn't say anything about it.

Do you need the employer's liability insurance if the only employees are directors?

[DiscoStu]

So that when you screw up they can have you declared bankrupt and reposess all you btl's and every last bit of your nest egg.

£350 -£500 is a small price to pay for peace of mind in my opinion.

Isn't that the point of having a limited company? That you're not personally responsible?

[SueEllen]

Do you need the employer's liability insurance if the only employees are directors?

Legally you don't anymore.

Others argue you should still have some because it shows you are a business and operating outside IR35.

[SueEllen]

Isn't that the point of having a limited company? That you're not personally responsible?

Yep.

http://www.companieshouse.gov.uk/abo...tml/gba1.shtml

The key point to recognise is that a company is a separate entity.

* This means that it is a legal person in its own right.
* It is separate from those who own or run it, and has 'limited liability'.

They would have to prosecute the directors of the company.

[r0bly0ns]

Isn't that the point of having a limited company? That you're not personally responsible?

Yep, but directors can be held personally reponsible for some things, e.g. neglegence.

It could be argued that a directors neglegent actions directly caused the mistakes.

[VectraMan]

Isn't that the point of having a limited company? That you're not personally responsible?

It would make a big dent in the dividends you hoped to pay yourself.

[BrowneIssue]

Do you need the employer's liability insurance if the only employees are directors?

When the contract is a standard government one and the agency are Elan then "yes, because the client says so". With hindsight I should have sent the bill for that part to Elan.

[rootsnall]

So that when you screw up they can have you declared bankrupt and reposess all you btl's and every last bit of your nest egg.

£350 -£500 is a small price to pay for peace of mind in my opinion.

Not in my opinion. At pleb level there is no way you be held liable for a major cockup. If I was in a role were I thought there might be some danger I'd think again maybe. I wouldn't mind a day in court pointing out the reasons why something went wrong and lining up the managers and working my way through them.

[oracleslave]

Not in my opinion. At pleb level there is no way you be held liable for a major noddyup. If I was in a role were I thought there might be some danger I'd think again maybe. I wouldn't mind a day in court pointing out the reasons why something went wrong and lining up the managers and working my way through them.

What happens if you execute a piece of code against the wrong database? Or if you get emailed a virus that takes down their website for X number of hours causing loss of revenue. Or if you are like a DBA I once knew that copied over Prod from the Development environment. Surely these things are possible regardless of your 'level'?