Indemnity insurance - avg cost?

[pangeakiller]

Hi All,

I am in the process of renewing my indemnity insurance for an IT company. (£1 mn limit). I didn't do much research and signed up for one around £500 last year. Is this reasonable? What is the rate you guys are paying for a similar insurance?

Thanks in advance.

[northernladuk]

QDOS is cheapest at mo I believe. £250 ish for PI/PL last time I got mine and that included a few contract checks as well.

[Scoobos]

It's more than I pay for mine - I pay more than NLUK though, through Hiscox with Randall Dorling, via PCG (lol!)

Its worth considering PCG membership and taking insurance through their partners, it gets you a shared pool and a better deal than you have, even taking into account the membership fees.

[pangeakiller]

It's more than I pay for mine - I pay more than NLUK though, through Hiscox with Randall Dorling, via PCG (lol!)

Its worth considering PCG membership and taking insurance through their partners, it gets you a shared pool and a better deal than you have, even taking into account the membership fees.

Hi Scoobos,

Thanks for your reply. I went to PCG website and things are a bit confusing for me to be honest. What exactly should I sign up for? I am with hiscox too but I signed up directly. I haggled them a bit now and they have come back with £315 for the same insurance. Is this any better?

[pangeakiller]

QDOS is cheapest at mo I believe. £250 ish for PI/PL last time I got mine and that included a few contract checks as well.

Thanks for your reply. Are they any good? How is the experience with claims etc? Hiscox is warning me against any brokers since the claims process may not be great. What do you think about this point?

[BolshieBastard]

Hi All,

I am in the process of renewing my indemnity insurance for an IT company. (£1 mn limit). I didn't do much research and signed up for one around £500 last year. Is this reasonable? What is the rate you guys are paying for a similar insurance?

Thanks in advance.

I got £1m PI & Public Liability for £289 via QDOS.

[northernladuk]

Thanks for your reply. Are they any good? How is the experience with claims etc? Hiscox is warning me against any brokers since the claims process may not be great. What do you think about this point?

I don't think we have had a single person on the boards that has ever needed to make a claim.... but the day you decide you don't need it, you know what will happen. For the cost it gives me peace of mind even though I don't see why I should ever need it..oh and some of the contracts I had stipulated it.

[MyUserName]

Also, the IR35 insurance I have make a point of asking whether you have insurance.

[Scoobos]

For what its worth, I've always got mine because I believe (perhaps wrongly) that it's incorrect to run a business where I regularly cable / move equipment in other people's offices and not carry insurance.

[northernladuk]

For what its worth, I've always got mine because I believe (perhaps wrongly) that it's incorrect to run a business where I regularly cable / move equipment in other people's offices and not carry insurance.

Your client got you doing local desktop support now?