Business Insurance costs?

[jayzeer]

Just get it from Caunce O'Hara - make sure you dont let Agency put in silly amounts of cover required; I always work with the basic level of cover most times

[Fred Bloggs]

I hear you, but the premiums quoted cost more than my rate. Not worth it for a few days aircraft work doing it for zero or negative net income! Nuclear was uninsurable by my current broker.

[malvolio]

Agreed, however, no professional should be without it in my opinion if you are in business. Just don't mention words like "nuclear industry or commercial aircraft" when you ask for a quotation!
I've had to decline work on the basis of impossible to insure.

Shouldn't be necessary to lose work. Add the cost into your overall contract cost as an additional expense required by the end client. It's trivial spread over several months but provides them with the level of protection they - not you - require.

[Fred Bloggs]

Indeed it is. But not if it has been purchased for that purpose only!

Agreed, however, no professional should be without it in my opinion if you are in business. Just don't mention words like "nuclear industry or commercial aircraft" when you ask for a quotation!
I've had to decline work on the basis of impossible to insure.

[Alan @ BroomeAffinity]

Carrying PII is an indicator of being in business too I am led to believe.

Indeed it is. But not if it has been purchased for that purpose only!

[Fred Bloggs]

Carrying PII is an indicator of being in business too I am led to believe.

[Alan @ BroomeAffinity]

Check your contract. That will tell you what cover you must have but as a minimum you should have a combined employers and public liability policy which would cost you about £200 at the most.

You'll probably also need PII - but that can be expensive depending on your profession so you might only want to consider that if the contract specifies it. Worst case, if you make a backside of something and the client sues then you always have limited liability to fall back on.

You also might want to consider health insurance as you ain't gonna be paid if you're ill. HTH

[SueEllen]

Who, me?

No sorry.

My post to the OP was ruder but then I changed it before I posted it.

[malvolio]

I suggest you read the first timers guides - there is one on CUK Navigation Menu on the right, the PCG has one on their website, so do some of the accountants that post on here* and you can also google for small business insurance.

*Hint use the search button at the top of the forum to find the appropriate information

Who, me?

[Hemingfield]

I apologise for the evident ambiguity - however you still managed to answer the unanswerable! Many thanks.

I have had quotes and just wanted to make sure I wasn't getting ripped off.

Cheers,

Hem

[SueEllen]

Simple (and uninformed) question. Impossible to answer...

I suggest you read the first timers guides - there is one on CUK Navigation Menu on the right, the PCG has one on their website, so do some of the accountants that post on here* and you can also google for small business insurance.

*Hint use the search button at the top of the forum to find the appropriate information

[malvolio]

Hi guys,

Still getting my limited company together. What sort of annual costs should I be looking at for insurance and what sort of level is advised?

Thanks in advance,
Hem

What insurance do you have in mind?

PI/PEI/ELI - around £300 upwards depending on risk factors. PEI - from £95 up or do the sensible thing and join the PCG. Private Health - £150 up. SSP equivalent - £140 pcm upwards. Jury service cover, permanent disabilty cover, agency bankruptcy cover....?

Simple (and uninformed) question. Impossible to answer...

[Hemingfield]

Hi guys,

Still getting my limited company together. What sort of annual costs should I be looking at for insurance and what sort of level is advised?

Thanks in advance,
Hem