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Previously on "Question about insurance for limited company"
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I'll throw in Kingsbridge into the mix (re insurance companies), also Hiscox gave me a silly high quote a few years back when I was looking around. It was like £1.5k vs £400 with Kingsbridge, no idea why though.
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Originally posted by SueEllen View Post
Between the time you are given the contract paperwork and you sign it, you can get all your insurances online within an hour.
And saved me £70 as the requirement is for £1m (rather than £2m) with my current contracts
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Originally posted by nvall View PostThanks northernladuk for your reply. Things are clearer now regarding insurance. I have read the first timers guides and also I believe I know what means inside or outside IR35. As you say, I am planning to get a contract first and take it from there.
Thanks again.
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Originally posted by nvall View PostThanks both for the quick replies. I have spoken to a couple of people that they work as contractors. One of them also told me that it's good for me to have an active insurance even before I apply for a role. This contradicts what Lance says. Btw, I have already started applying for roles. Could you tell me what the process should like like by the time I got a job?
Thanks again!
It's easy to get it raised £2m, but no easier than buying £2m when you know that's what you need.
You may need PL. You may not. Some agencies insist.
You may need EL. You probably don't but some agencies insist, and are you going to die in a ditch over the £50 it costs?
And for PI, the insurance company wants to know what your turnover is. If you buy the insurance before a contract, what are going to tell them?
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Thanks northernladuk for your reply. Things are clearer now regarding insurance. I have read the first timers guides and also I believe I know what means inside or outside IR35. As you say, I am planning to get a contract first and take it from there.
Thanks again.
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And if you don't know what I mean about inside or outside IR35 then you've got an awful lot to learn very quickly. All this is about being a contractor. Doing the stuff for the client is easy, even the perms can do it. The job of a contractor is knowing all the legislation around it, knowing how you are engaged and paid and finding your work.
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Originally posted by nvall View PostThanks both for the quick replies. I have spoken to a couple of people that they work as contractors. One of them also told me that it's good for me to have an active insurance even before I apply for a role. This contradicts what Lance says. Btw, I have already started applying for roles. Could you tell me what the process should like like by the time I got a job?
Thanks again!
If you are a contractor it isn't a job. It's a short term assigment at a client. Your job is being a contractor.
Apply first, research everything you can about contracting by reading the first timers guide to the right and searching the forum using the google method described and if you can't find an answer (which you will) then come ask us a question. We can't give you the entire low down as a question such as 'how do I become a contractor' is impossible to cover in the detail you need. A quick example, you may get a gig that is inside or outside IR35. The approach to either of these is vastly different so we can't cover both. Do your research as you are on your own now so down to you and you alone.
Google search method is described here.
https://forums.contractoruk.com/welc...uk-forums.html
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Thanks both for the quick replies. I have spoken to a couple of people that they work as contractors. One of them also told me that it's good for me to have an active insurance even before I apply for a role. This contradicts what Lance says. Btw, I have already started applying for roles. Could you tell me what the process should like like by the time I got a job?
Thanks again!
Leave a comment:
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If you don't have a contract yet you are not a contractor.
When you get a contract, it will state what cover you need. Sort it out at that point.
Who are 'they' that told you?
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Originally posted by nvall View PostHi all,
Could you tell me which one should I choose?
A strong clue will be provided in B2B contracts that your LtdCo enters into, which should include insurance requirements.
You may wish to obtain insurance beyond the minimum level in contracts though; it's really your business decision.
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Question about insurance for limited company
Hi all,
As a new contractor (currently looking for my first contract), I would like to ask you for any insurance company recommendation and also what kind of insurance package should I go for.
I am a software engineer and they have suggested to me these guys -> https://www.hiscox.co.uk/
I have got a quote but they provide a bunch of covers like professional indemnity insurance, cyber and data cover, etc.
Could you tell me which one should I choose?
Thanks in advance.Tags: None
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