Setting up a Limited - Insurance required?

[malvolio]

First post:

Just about to move from an MSC to a Ltd. Trying to sort out necessary insurance. What is a reasonable amount to insure PLI for? I am thinking £500,000.

Is IR35 insurance really necessary - and why?

Thanks in advance

Thud, thud, thud....

Read the second post in this thread again. Then follow its advice. Basically you have two weeks to make the switch, I suggest you start reading.

As for how much PLI, how much does your client want you to have? It is only necessary if you are contractually expected to have it, and a lot of roles don't really justify it. IR35 investigation insurance is pretty much a no brainer (don't faff about, join the PCG under PCGPlus) and if you don't know why, you have read enough yet!

[p902]

First post:

Just about to move from an MSC to a Ltd. Trying to sort out necessary insurance. What is a reasonable amount to insure PLI for? I am thinking £500,000.

Is IR35 insurance really necessary - and why?

Thanks in advance

[malvolio]

Is it normal practice to include VAT when stating your turnover
for the purposes of PI? somebody who I spoke to over the phone
suggested that you do, but I was unable to find out this on their
site or from reading their policy conditions.

VAT is not part of your turnover, it's not even your money, strictly speaking, so ignore it as far as turnover is concerned.

You can keep the difference between VAT charged and VAT claimed if you are on the Flat Rate scheme and that is part of your turnover: if you can estimate it in advance you can include it, but it won't be enough to make much difference to the end result.

[Bright Spark]

Is it normal practice to include VAT when stating your turnover
for the purposes of PI? somebody who I spoke to over the phone
suggested that you do, but I was unable to find out this on their
site or from reading their policy conditions.

[malvolio]

Is there anything else I need for contracting outside of this that I havent considered?

Ta.

Almost everything, it seems. Go read the first timer guides on here and at www.pcg.org.uk...

Meanwhile, PI,PLI and ELI insurances if needed will need to be purchased separately.

[Ledge]

Do I need to purchase indemnity insurance separately, or is this something that either SJD or NW supply in their fees?

Is there anything else I need for contracting outside of this that I havent considered?

Ta.