Reply to: Insurance Costs

[oraclesmith]

Perhaps, but if they do, that's what PLI is for - damage to third parties and their posessions.

They may claim they are effectively an employee, even though may be no actual employment contract in place. I don't know whether this would stand up to scrutiny, but I guess there's no harm in having employer liability as part of a package. Also, how about the case of a company secretary (partner/wife) who you maybe pay a nominal annual fee to for their time. They could also claim they are a defacto employee I guess.

[Cowboy Bob]

The Randell Dorling package through the PCG includes all three and is the cheapest realistic deal out there, so it's a no-brainer.

They refused to insure me as some of the work I do involves processing money. It's all very well that they're the cheapest, but they have a very narrow definition of what they consider insurable. Ended up having to use the Coulson Pritchard package which is more expensive.

[malvolio]

Perhaps, but if they do, that's what PLI is for - damage to third parties and their posessions.

[oraclesmith]

Subbies - yeah I guess.... but I'm sure a smart claims lawyer will find a way to sue you if he/she has an accident on one of your contracts.

[malvolio]

There is another thread hereabouts on employer liability insurance. Basically you don't need it if you are on your own - but there may be particular circumstances where it would be handy, for example if you use your substitution clause and you can't be sure your subcontractor is themselves covered. I guess if you don't have it, I guess in theory HRMS may query the validity of the substitution clause, leading to IR35 issues. The thing is, it's usually bundled with the public liability and maybe office equipment etc cover so you may as well have it.

The Randell Dorling package through the PCG includes all three and is the cheapest realistic deal out there, so it's a no-brainer. The sub thing is a bit of a red herring though, since you are sub-contracting to the subbie, not employing the subbie, threrfore EI doesn't apply and you can insist he carries his own PI

[oraclesmith]

There is another thread hereabouts on employer liability insurance. Basically you don't need it if you are on your own - but there may be particular circumstances where it would be handy, for example if you use your substitution clause and you can't be sure your subcontractor is themselves covered. I guess if you don't have it, I guess in theory HRMS may query the validity of the substitution clause, leading to IR35 issues. The thing is, it's usually bundled with the public liability and maybe office equipment etc cover so you may as well have it.

[Pondlife]

Soz to go back to this but was £201 for both Public Liability and Profes Indem ?

Yup, the lot.

[Ivor1]

Can someone who is a member of the PCG comfirm how much it is for the Professional Indem insurance (£250k) with the Pub Liability (£1 mil) thrown in ?

The PI from Randall Dorling via the PCG that I got gives 100K PI cover by default with an extra £2m shared layer (shared between all PCG members). The EL is £10m and the PL £1m. The cost was £201.60.

Soz to go back to this but was £201 for both Public Liability and Profes Indem ?

[css_jay99]

What does PAYE audit focus on ?

when HRMC carry out these TAX/IR35/PAYE/VAT audits, do you have to take time off your contracts to deal with them or do they turn up at Night. I dont think i can handle beign audited and then having to loose money at the same time !


css_jay99

[Hex]

Can someone who is a member of the PCG comfirm how much it is for the Professional Indem insurance (£250k) with the Pub Liability (£1 mil) thrown in ?

The PI from Randall Dorling via the PCG that I got gives 100K PI cover by default with an extra £2m shared layer (shared between all PCG members). The EL is £10m and the PL £1m. The cost was £201.60.

[Ivor1]

Can someone who is a member of the PCG comfirm how much it is for the Professional Indem insurance (£250k) with the Pub Liability (£1 mil) thrown in ?

I've found it for £283, just want to know how much its going to cost in total to sign up to the PCG (standard) and take the insurance, its £141 to join PCG.

[TheMonkey]

Hudson have told me I need the following insurances for my ltd.

Public Liability: £1m
Professional Indemnity: £250k
Employers Liability £5m (if you have anyone else working through your Ltd company)

Im a ltd and my dad is the sectratory he has not contract of employment with me, would be be classed as an employee and therefore would I need 'Employers Liability' insurance ?

You only need employer's liability insurance if you have people under an employment contract basically. If your father is an employee then you will need it. You do not need it if only the director is on the payroll. This is how my Limited works.

[Ivor1]

Hudson have told me I need the following insurances for my ltd.

Public Liability: £1m
Professional Indemnity: £250k
Employers Liability £5m (if you have anyone else working through your Ltd company)

Im a ltd and my dad is the sectratory he has not contract of employment with me, would be be classed as an employee and therefore would I need 'Employers Liability' insurance ?

[TheMonkey]

Note: If you have Jury service, get VERY friendly with your GP - they will write you a letter saying that you cannot cope with the stress and that you are not fit to stand. Works wonders!

[Ivor1]

So let me get this right I need both of the following insurances. And if I join the PCG I can get the lot for £200 ? Are the policies usually exclusive or do they come bundled up ?


-Professional Indemnity
AND
-Company Liability and Public Liability Insurance

I take it I can claim this as an expense / vat etc

Also is the minimum amount of cover required usually ?