Reply to: Has anyone on here ever had to claim......

[BrendonJ]

Things to consider

If you buy cover and constantly cancel it you may not have cover for previous work. Check your policy for the retroactive date....if it is = to inception date of policy you will defo have no cover for previous work. For the sake of small premiums the flipside is big egg on your face if you did ever screw up a project.

[SueEllen]

Travel insurance, car insurance, home insurance, ...

Insurers are losing out in the car insurance market particularly those under 21.

I suspect that if you are the average IT contractor the insurance underwriters know you are are extremely unlikely to have a claim hence the cheap insurance rates, however I know from contractors/freelancers in other professionals their insurance premiums are much higher.

Not having it unless required by contract seems quite reasonable. If the contract requires it, not having it is stupid.

I didn't any until someone ask me to work on a live system.

[GillsMan]

My contract required it, and the agency asked to see the certificate before I started which is fair enough as I'm working for a law firm in a client-facing role, so if I cock up it could cost my client tens of thousands of pounds per project (I'm working on 10 at any one time).

I paid for it through my company (£250 iirc), so it reduced my tax liability anyway, and I bought it through Quidco giving me £100 cashback, so I don't really mind to be fair. As others have said, if the contract requires it, you should really get it.

That said, my first contract required it, but I didn't get it, but then there was never any realistic danger of me getting sued as I wasn't likely to cost the company money in the event that I cocked up. This contract, however, very different, hence I like the protection of the PI insurance.

[d000hg]

WHS. Where else can I get an insurer to underwrite millions of pounds of liability for a few hundred quid?

Travel insurance, car insurance, home insurance, ...

Not having it unless required by contract seems quite reasonable. If the contract requires it, not having it is stupid.

[Clippy]

As I thought - mine is up for renewal. Agent asked to see certificate at the onset of the contract but how would they know if I didn't bother for the remainder. Could then wait until the next gig came along and I was asked for it again before renewing.

Have a read of this before you decide what to do.

[stek]

Nope, but every agent in the past 7 years has asked for the insurance certificate as proof before commencing though. I move my cover up and down based on the requirements of the current contract.

Back in the day the modus operandi was to get the insurance, present it, then cancel it...

Having said that I've never been asked for any proof, contractor since 1992, with two short bouts of permiedom...

To be honest I don't bother now, but if they ever insist I'll get some, then cancel it the day after, I'm skilled enough to cover up any cock ups and blame the offshore team.

[Wanderer]

You can get 7 figure insurance for a few hundred pounds. Insurers aren't going to give out insurance that cheaply if there is any risk at all they'll have to pay.

WHS. Where else can I get an insurer to underwrite millions of pounds of liability for a few hundred quid?

[Bugbait]

Although probably a low risk, I’ve had contracts (possibly all but would need to check) where it stated that adequate insurance was to be maintained for the duration of the contract period. They’re unlikely to check but Murphy’s Law and all that. At the end of the day it’s tax deductible and less than a day’s income for many so why skimp on it?

[Wobblyheed]

As I thought - mine is up for renewal. Agent asked to see certificate at the onset of the contract but how would they know if I didn't bother for the remainder. Could then wait until the next gig came along and I was asked for it again before renewing.

[Bugbait]

Nope, but every agent in the past 7 years has asked for the insurance certificate as proof before commencing though. I move my cover up and down based on the requirements of the current contract.

[wim121]

I think the answer is likely to be "no" for almost every contractor out there. You'd need to balls up to a very significant financial loss for a client to want to get into a handbag fight with an insurance company that will look to evade responsibility on the most trivial of grounds.

This .....

[wim121]

Nope .......

[craig1]

I think the answer is likely to be "no" for almost every contractor out there. You'd need to balls up to a very significant financial loss for a client to want to get into a handbag fight with an insurance company that will look to evade responsibility on the most trivial of grounds. Even then, unless you're doing every single bit of the work on a job or have almost a malicious level of incompetence then they'll realise that they've little chance of getting anything from a claim.

Edit: you just need to look at the level of cover you can get for the premium to realise the risk to insurers of having to pay out. You can get 7 figure insurance for a few hundred pounds. Insurers aren't going to give out insurance that cheaply if there is any risk at all they'll have to pay.

[MrRobin]

No.

Noone has ever checked that i have it or asked to see a certificate of insurance either.

[Wobblyheed]

Hmmm 65 views and no response. Is that good or bad