Reply to: High levels of insurance

[blakeyuk]

I would ask the person straight up when you gave them permission for them to do this. Then speak to their manager and complain. You don't have to put up with nonsense like this.

Ditto. I didn't have to put up with any of that.

Blakey

[Wanderer]

whilst said computer was chugging away with my details he phoned up their insurance partner, gave them all my details - including my phone number - so that he could then pass the phone to me so that they could try and sell me insurance... sigh.

I would ask the person straight up when you gave them permission for them to do this. Then speak to their manager and complain. You don't have to put up with nonsense like this.

[sartois]

I met with the accountant I was going to use, set up the Ltd, he contacted HSBC, they sent me forms to fill out, the bank account was opened. I didn't need any appointment at all.

Yes I went with HSBC and had to wait 2 weeks to get an appointment (and I live in Central London with all the branches they have there). The whole purpose of the appointment it seems was to fill in forms and wait whilst he input my details (painfully slowly) into his antiquated computer, and whilst said computer was chugging away with my details he phoned up their insurance partner, gave them all my details - including my phone number - so that he could then pass the phone to me so that they could try and sell me insurance... sigh.

[Ticktock]

I found that getting the bank account was simples. One appointment, 45 minutes or so.

Now... getting that appointment. That was the difficult bit.

2 weeks wait for HSBC, and that's the Glasgow branch. God help you if you live out in the boondocks.

Blakey

I met with the accountant I was going to use, set up the Ltd, he contacted HSBC, they sent me forms to fill out, the bank account was opened. I didn't need any appointment at all.

[blakeyuk]

It's not easy???

I found that getting the bank account was simples. One appointment, 45 minutes or so.

Now... getting that appointment. That was the difficult bit.

2 weeks wait for HSBC, and that's the Glasgow branch. God help you if you live out in the boondocks.

Blakey

[Taita]

Thanks everyone.

Yes it is absolutely non-negotiable. The client did stress that (and that its meant that a few people have had to leave them so I could I please check that I can get it before committing). Joys of public sector (local authority).

The contract has come back stressing that I must provide proof of all three at that level.

I think I may have to do the split across insurers.

ETA: It's a PM job and will be across multiple sites.

This is when working through an agency is useful because they will probably have that cover. All the client is usually concerned about is the party they contract with is covered. A little harder for the simple one-man ltd company.

[kevpuk]

Now if only getting the bank account was that easy!!

It's not easy???

[macde]

Yes, changed on Friday. The operators obviously didn't realise there were plans afoot for the higher limit.

Great timing. All sorted, so thanks for that.

Now if only getting the bank account was that easy!!

[Qdos Contractor]

Thanks for that - that must be very new as I tried you online on Thursday and couldn't do it. So I was just going to do the PI with you. Will compare that to the split quote. I did also use the online chat facility and both operators confirmed that the PL max was £5m.

Yes, changed on Friday. The operators obviously didn't realise there were plans afoot for the higher limit.

[macde]

Just for the sake of price comparison etc., we have just added a £10m PL option to our online shop system. Total cost for £5m PI, £10m EL & £10m PL (for an IT contractor) is £513.48 per annum or £42.79 per month. Not sure how that compares with what you've been quoted already.

Thanks for that - that must be very new as I tried you online on Thursday and couldn't do it. So I was just going to do the PI with you. Will compare that to the split quote. I did also use the online chat facility and both operators confirmed that the PL max was £5m.

[Qdos Contractor]

Just for the sake of price comparison etc., we have just added a £10m PL option to our online shop system. Total cost for £5m PI, £10m EL & £10m PL (for an IT contractor) is £513.48 per annum or £42.79 per month. Not sure how that compares with what you've been quoted already.

[cojak]

Thanks everyone.

Yes it is absolutely non-negotiable. The client did stress that (and that its meant that a few people have had to leave them so I could I please check that I can get it before committing). Joys of public sector (local authority).

The contract has come back stressing that I must provide proof of all three at that level.

I think I may have to do the split across insurers.

ETA: It's a PM job and will be across multiple sites.

Then I would actually call QDOS et. al for telephone quotes rather than just researching online.

[macde]

Thanks everyone.

Yes it is absolutely non-negotiable. The client did stress that (and that its meant that a few people have had to leave them so I could I please check that I can get it before committing). Joys of public sector (local authority).

The contract has come back stressing that I must provide proof of all three at that level.

I think I may have to do the split across insurers.

ETA: It's a PM job and will be across multiple sites.

[GazCol]

Hello and a big thank you already from a Newbie - this site, and particularly the forums - has been a big help to whittle down the google searches to choose an accountancy firm, bank etc etc.

However I'm kind of struggling on the insurance. I've been asked for PL of £10m, EL of £10m and PI of £5m. All insurers are telling me that's really high, and don't offer it for a start up, etc etc. The only one that has come back (after speaking to a broker) is a three figure a month sum.

I'm wondering if others find it easier to get those insurance levels (apparently they are a new standard for some govt contracts??), but either way they are def. not negotiable to get this contract.

Is splitting the insurance over a few providers something that's often done? I can get 2 out of 3 with most providers, but not all 3. So if one does the right PI level at an OK rate, they don't offer the PL & EL to the right level. And vice versa.

Would appreciate any guidance as I'm up to my 8th quote now, and several hours on Google.

£10m PL/EL is easy enough to get, most brokers will be able to accomodate a quote without any issues, it's adding the PI on top that then becomes an issue for any one insurer and that's where the broker then has difficulty placing it. In the past, when working on public sector contracts, I have purchased my PL/EL from a broker (Swinton have done it for me in the past) and then got my PI direct from the likes of AXA/Hiscox who accomodate that cover in isolation.

[Qdos Contractor]

The £10m PL is the surprising one. £10m EL is standard and £5m PI, whilst high, is easy to do.

Is your work all office based? Have you asked why they require such a high PL limit? Seems very strange.