Agent wants more cover from Professional Indemnity Insurance

[citychap26]

Hi All,

I have just started contracting at a new place and the agency has said that I need to increase my cover from £250k to £1 million. I've had £250k for years.

Should I stick to my guns ? I am already paying £400 quid with hiscox with Public Liability. Hiscox want and extra £200 for the pleasure of increasing cover.

Cheers

Sunil

[FiveTimes]

Hi All,

I have just started contracting at a new place and the agency has said that I need to increase my cover from £250k to £1 million. I've had £250k for years.

Should I stick to my guns ? I am already paying £400 quid with hiscox with Public Liability. Hiscox want and extra £200 for the pleasure of increasing cover.

Cheers

Sunil

Does your contract state the level and amount needed ?

If it does they you are probably best getting it

[Manic]

From what I remember QDOS did a million for around £160.

[The Agents View]

Does your contract state the level and amount needed ?

If it does they you are probably best getting it

£1 million is fairly standard really. You could stick to your guns, but doing so won't really do you any good - if that's either the standard terms of the client, or the agent, then they'll not let you start without it in place. For the sake of a couple of hours work (which can be put in as a business expense anyway) it's not really worth kicking up a stink about.

Plus - do you really want to be lumbered with a £750,000 bill if it all goes the way of the pear?

[spudbynight]

I need to provide €5,000,000

[Moscow Mule]

I need to provide €5,000,000

Expensive, and an arse to get.

[willjohns]

Kingsbridge Professional Solutions

Kingsbridge offer a set package of insurance, I have been with them for 3 years now. They provide £1m Professional Indemnity as standard. I have £1m PI, £5m PL, with £100k Pwersonal Accident and death benefit too which includes £500 weekly benefit. The price has not changed, and you can purchase instantly online.

Most of the guys I know use them, and they range from IT, to Engineers!

Will

[SueEllen]

£1 million is fairly standard really.

Bollocks.

Different contracts want different amounts. Some don't specifically ask for any or give an amount.

Before you get upset with me again pointing out what you write isn't the holy grail there have been other posts on this...............

[The Agents View]

Bollocks.

Different contracts want different amounts. Some don't specifically ask for any or give an amount.

Before you get upset with me again pointing out what you write isn't the holy grail there have been other posts on this...............

It's not your pointing out that gets to me - it's the lack of respect you offer to anyone who doesn't tally up with what you believe. You'll notice I don't post on this forum to generate business, candidates, contracts or margins - purely to give you guys the benefit of my experience - perhaps remember that?

I might sometimes write it as if it's holy grail, for which I tentatively apologise, but in this context, the OP is talking about a couple of hundred quids business expense, to gain a number of thousand pounds worth of business - it's hardly rocket science to suggest that he/she just swallows a couple of hundred quid, and stops moaning - there are many who would bite his/her arm off to be in this situation.

I have not stated that different contracts don't need different amounts - what I'm saying is that £1m PI is pretty standard stuff when no other amount is requested - I've worked for two businesses over the last 5 years, and they've ALWAYS requested £1million PI, unless specifically requested higher by the client.

[kaiser78]

Kingsbridge offer a set package of insurance, I have been with them for 3 years now. They provide £1m Professional Indemnity as standard. I have £1m PI, £5m PL, with £100k Pwersonal Accident and death benefit too which includes £500 weekly benefit. The price has not changed, and you can purchase instantly online.

Most of the guys I know use them, and they range from IT, to Engineers!

Will

Interesting above - how much do you pay if you don't mind me asking ? Monthly/Annually ?