Professional indemnity insurance recommendation.

[FatLazyContractor]

Do you know anyone who has had to invoke one of these insurance policies? I don't. So cheap is best for me.

Fair enough, if that is the logic you apply. I presume you are a very rich man/woman.

Personally, I don't have a big sum of money to pay out if something goes wrong due to my solution design/ development. The work I do for my client has potential for major goof-ups and can impact their finances significantly.

Do I know someone who has had to invoke one of these insurance policies? No, not in person.
Do I know the impact it could have if the client decides to challenge me? Yes.
Do I feel safe in the knowledge that I am covered in case tulips grow in my backyard? Yes.

HTH

[ItRYmyBEst]

Thanks all, I'll decide tonight what to go for!))

[Sausage Surprise]

Could be cheap for a reason!

After a bit of research on this forum, I went for QDOS this year. Not cheap, but in the grand scheme of things it is worth it.

Do you know anyone who has had to invoke one of these insurance policies? I don't. So cheap is best for me.

[FatLazyContractor]

I am a software contractor (who doesn't write professional games or trading systems) and I'm looking for professional indemnity insurance to cover £500k - 1M. The quotes I've got range from £280 - £350 per year. This seems expensive, can anyone point me to a cheaper alternative?

Could be cheap for a reason!

After a bit of research on this forum, I went for QDOS this year. Not cheap, but in the grand scheme of things it is worth it.

[Jack Kada]

I am a software contractor (who doesn't write professional games or trading systems) and I'm looking for professional indemnity insurance to cover £500k - 1M. The quotes I've got range from £280 - £350 per year. This seems expensive, can anyone point me to a cheaper alternative?

I just did mine with QDOS - They were very simple to deal with and I had no problems at all

[jamesbrown]

I haven't been through it with a fine-tooth comb, but my Qdos policy covers worldwide except USA and Canada. I could have added cover for those, though, but I chose not to since my contract is with the UK Ltd company wholly owned by the Canadian company

Yeah, but the RD cover is way more flexible, offering non-UK jurisdiction and governing law (including USA and Canada). The devil is always in the detail with these things (i.e. you have to know what cover you really need), but I appreciate that this may not apply to many people here, for which plain vanilla PI/PL/EL is generally fine.

[TheFaQQer]

Minor point, but the RD cover is the one to go with if you have clients overseas, as they offer very competitive rates for non-UK jurisdiction and governing law, providing you have IPSE+ (whereas most insurers won't touch this or only offer bespoke cover).

I haven't been through it with a fine-tooth comb, but my Qdos policy covers worldwide except USA and Canada. I could have added cover for those, though, but I chose not to since my contract is with the UK Ltd company wholly owned by the Canadian company

[jamesbrown]

Minor point, but the RD cover is the one to go with if you have clients overseas, as they offer very competitive rates for non-UK jurisdiction and governing law, providing you have IPSE+ (whereas most insurers won't touch this or only offer bespoke cover).

[malvolio]

Last time I looked (a long time ago though!), RD cover was slightly wider than QDOS, but not by much.

£1m cover for a £150k pa company operating as a one man band offers the same business risk and hence the same insurance risk. Since most are based on Hiscox policies and underwritten at Lloyds, it is worth doing a line-by-line comparison to make sure you are comparing the same cover. No point in having PI if personal mistakes aren't covered, for example...

But £170 or £250 a year to safeguard £150k income and potentially £1m in damages? Is it really worth worrying about it?

[TheFaQQer]

That does seem a bit pricey to me, fairly sure I pay less.

I got mine from Qdos who others on here use too. Qdos Consulting - Taxation and VAT - Employment Law - HR - Insurance - Contractor Insurance - IR35 - PI Insurance

Contractor shop on the right side of the page.

I paid £176 this year for mine through Qdos.

Randell Dorling via IPSE might have been cheaper but offered a lower level of protection, and in the past I've had agencies question it, so I went elsewhere.

[PerfectStorm]

Morethan do it for about £160 and if you use Topcashback you get £65 off.

[TykeMerc]

I am a software contractor (who doesn't write professional games or trading systems) and I'm looking for professional indemnity insurance to cover £500k - 1M. The quotes I've got range from £280 - £350 per year. This seems expensive, can anyone point me to a cheaper alternative?

That does seem a bit pricey to me, fairly sure I pay less.

I got mine from Qdos who others on here use too. Qdos Consulting - Taxation and VAT - Employment Law - HR - Insurance - Contractor Insurance - IR35 - PI Insurance

Contractor shop on the right side of the page.

[ItRYmyBEst]

I am a software contractor (who doesn't write professional games or trading systems) and I'm looking for professional indemnity insurance to cover £500k - 1M. The quotes I've got range from £280 - £350 per year. This seems expensive, can anyone point me to a cheaper alternative?