Reply to: Limited company insurance

[pookgai]

Im looking around and on the qdos website..the navigation on the website could be more intuitive..!! i'm looking at some products but i can only seem to add the standard listed products in to the basket. e.g. it says "from £595" but i can't seem to amend the difference cover levels..

Anyone have thoughts on the qdos "package 1" cover ? This is 595 and gives you all 4 (tlc, pi, el, ei) however package 2 - cheaper - gives you FTP instead of TLC...not quite sure what the difference is... :S

Does anyone have any bad experiences with these guys?

[diesel]

i get a my insurance from KPSOL which is about £370 for EL./PI/PL and some accident cover at work. This price is for Brookson members, but as i was an exBrookson customer last year i managed to haggle with the sales manager to maintain the business, tempting them not to pass on any comission to Brooksons, so we both gained

But heard Caunce Ohara is also worth a shot. But you can get simple cheap PL from directline!

[pookgai]

The PCG are good guys, worth checking them out as they can get all this stuff sorted for you and more.

You can also shop around the usual suspects for the insurance packages individually if you prefer.

Cool. Cheers for the heads up. Looks like lots of reading to do.

Is there / has there been a poll vote to see who is the most popular provider?

[Wanderer]

The PCG are good guys, worth checking them out as they can get all this stuff sorted for you and more.

You can also shop around the usual suspects for the insurance packages individually if you prefer.

[pookgai]

my first post (“oh not another one!” I hear you cry!) so hoping you vets can give this freshy some pointers!

Firstly, I have contracted for a couple of years but have been fairly ignorant until lately, so need to get my house in order. Step 1, sort out my insurance.

I start a new contract next week, and want/need to get PI, PL, EL and also some kind of super cover that will help me if HMRC collar me and decide that I am actually inside IR35 and owe them a whack load of money.

This is an interesting thread which is quite old, but wondering what the best combo is in terms of price and also what I like to call the “weasel” factor; the higher the factor, the more likely the insurers will try to weasel out and use the fine super small print to worm out of it. So I guess what im saying is, reputation.

Ive done some research and qdos and some other company called PCG (??) and also chauce o something or other (affiliated with this forum) have been mentioned…

Any help appreciated.

I have just worked out and found the best deal out of my research as below.

Considering IR35 insurance which also covers your tax liabilities along with the usual legal fees, although the indemnity limit is 50K.

I have given below the comparison of taking all the required insurances from just Qdos and a combination of Qdos and Cuance ohara via Contractor Alliance. If you are ok with just the legal fee cover may be you could just pay 60£ to cuance ohara which saves you 265£ and also saves you froom the burden of maintaing two diff companies. In my case I wanted a little bit more peace of mind so went for Qdos TLC35.

From Qdos

EL & PL for 10 million and 1 million - 152.50£
PI for 250000 - 225.00£
IR35(Incl fee and any tax liability) - 325.00£
********
Total 702.50£
********

From Cuance oHara (Via Contracor Alliance) & Qdos

Membership Fee(Contractor Alliance - 30£
EL & PL for 5 Million & PL 1million - 90£
PI for 250000 -184£
IR35 Ins incl fee & liabil (Qdos) -325£
******
629£
******


Also I have compared Hiscox for a similar specs (excludig IR35 insurance) and found it to be around 360£, so found the best way to take IR35 from Qdos and rest all from cuance ohara via Contractor Alliance

Sorry guys I cannot get the formatting right, please manage with this.

hope this helps

Cheers

How did u manage to get EL & PL for 5 Million & PL 1million - 90£ from Caunce O'Hara ? I have become a CA member though their website says the same thing the caunce o'hara does not give an option to get a quote with just EL & PL , they add lot of extra baggage such as portable equipment,business interruption,office contents etc.

[malvolio]

I'm a service management consultant, specialising in re-organising and improving entire IT departments and advising clients, who so far have been HMG departments or FTSE100s, on how their service support operations can get to meet best-practice guidelines. So fairly mickey-mouse, I suppose.

This line of argument is getting circular and futile. You win, if that makes you happy.

[Cowboy Bob]

Well there you go. I have said all along that the base price was for the average case, and that if you were in a position to cause damage - such as money factoring or building safety critical systems - then obviously the rate will go up because the actuarial risk is higher. So can we stick to arguing about the average, not the exception?



Fine. You may believe that, that's your prerogative. It's wrong in all sorts of ways but why should I care.

Malvolio, you've been around for a while, and a lot of people may look for your opinion on many matters, but in this case you're talking absolute and uncontrovertible bollocks.

Randall Dorling did not offer me a higher quote. They refused to offer me a quote at all. I'm not involved with risky stock trading or anything like that. At the time I was just involved with taking people's credit card numbers. And they wouldn't insure me at all. So did you ask what the poster you quoted insurance costs did for a living? Because as far as I can tell, unless you're a management type who writes a few Word documents and types a few numbers into an Excel sheet, then they're not going to give you a quote, never mind anything within the price region that you're quoting. I'm sure the work you do is very important and very laudable, but with respect, it isn't really grounded in the real world, it isn't real work, and your insurance quotes reflect that.

[malvolio]

We all know you're a PHB so these things don't affect you, but Randall Dorling (the people who command the cheapest quote on the PCG) wouldn't even insure me at all because I deal with money transfers in my work. So much for that...

Well there you go. I have said all along that the base price was for the average case, and that if you were in a position to cause damage - such as money factoring or building safety critical systems - then obviously the rate will go up because the actuarial risk is higher. So can we stick to arguing about the average, not the exception?

It's not that I don't recommend joining the PCG, I do, but only for newbies. They don't really offer much for the experienced contractor...

Fine. You may believe that, that's your prerogative. It's wrong in all sorts of ways but why should I care.

[Cowboy Bob]

Balls. They are not an insurance broker. If they weren't doing what they do, you and all the other "experienced" contractors would be signing up with umbrellas right now along with everyone else.

And I still can't quite see how £350 is more expensive than £630. Not to mention you don't need penalties insurance because there won't be any and you don't need insurance to pay the back tax becuase you won't have to. Ho hum...

BTW, the age of the average PCG member is over 40 - hardly an association for newbies.

Rubbish. We all know you're a PHB so these things don't affect you, but Randall Dorling (the people who command the cheapest quote on the PCG) wouldn't even insure me at all because I deal with money transfers in my work. So much for that...

Secondly, you can put "experienced" in quotes as much as you like, but you know damn well that I have been in this game for a number of years so can at least talk from experience.

Finally, average age doesn't give away any information as to how experienced a contractor is. In fact, I have yet to meet any at all under the age of 30, so I'm not surprised by the average age of PCG members being around 40. From reading the forums you can also attest that the vast majority who post are inexperienced as well.

[malvolio]

Balls. They are not an insurance broker. If they weren't doing what they do, you and all the other "experienced" contractors would be signing up with umbrellas right now along with everyone else.

And I still can't quite see how £350 is more expensive than £630. Not to mention you don't need penalties insurance because there won't be any and you don't need insurance to pay the back tax becuase you won't have to. Ho hum...

BTW, the age of the average PCG member is over 40 - hardly an association for newbies.

[Cowboy Bob]

From which direction? I got mine via the PCG, £1m PLI, £2m PI and £10m ELI, for £201...

Seriously, the PCG is NOT the cheapest, both in insurance and umbrella arrangements. I know you're involved with them heavily and I respect you for that, but you really need to take off those rose tinted glasses.

It's not that I don't recommend joining the PCG, I do, but only for newbies. They don't really offer much for the experienced contractor...

[malvolio]

Or IR35 cover for £120 and PI/EI/ELI for £200-ish...? Still don't see how yours is cheaper.

[itcontractor07]

I have just worked out and found the best deal out of my research as below.

Considering IR35 insurance which also covers your tax liabilities along with the usual legal fees, although the indemnity limit is 50K.

I have given below the comparison of taking all the required insurances from just Qdos and a combination of Qdos and Cuance ohara via Contractor Alliance. If you are ok with just the legal fee cover may be you could just pay 60£ to cuance ohara which saves you 265£ and also saves you froom the burden of maintaing two diff companies. In my case I wanted a little bit more peace of mind so went for Qdos TLC35.

From Qdos

EL & PL for 10 million and 1 million - 152.50£
PI for 250000 - 225.00£
IR35(Incl fee and any tax liability) - 325.00£
********
Total 702.50£
********

From Cuance oHara (Via Contracor Alliance) & Qdos

Membership Fee(Contractor Alliance - 30£
EL & PL for 5 Million & PL 1million - 90£
PI for 250000 -184£
IR35 Ins incl fee & liabil (Qdos) -325£
******
629£
******


Also I have compared Hiscox for a similar specs (excludig IR35 insurance) and found it to be around 360£, so found the best way to take IR35 from Qdos and rest all from cuance ohara via Contractor Alliance

Sorry guys I cannot get the formatting right, please manage with this.

hope this helps

Cheers

[malvolio]

I just got mine from hiscox PI £500,000 & PL £1,000,000 and it came to £278 the companies PCG point to didn't come close.

From which direction? I got mine via the PCG, £1m PLI, £2m PI and £10m ELI, for £201...