Agency asking for PI insurance

Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:

You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

JamJarST replied

7 December 2011, 09:48
Originally posted by MarillionFan View Post

Oh come on. Are you telling us you've got PI insurance now as well?

Are you telling us you would breach the terms of a contract by not having it?
Leave a comment:
CheeseSlice replied

7 December 2011, 09:22
Originally posted by malvolio View Post

Bad idea. It needs to be in place when you get sued, not when you are working. It's peanuts to buy, it's another string to your IR35 defence, so just buy it and forget it.

I think it depends on the type of policy and firm selling the cover, although I'd agree it should be in effect when you get sued.

You will find that some PIs include full retrospective cover, and others dont.
Retrospective can give you cover for all previous work, even for work done before taking out the policy.
Others may only cover work done whilst the policy was active.
Leave a comment:
malvolio replied

7 December 2011, 08:48
Originally posted by MarillionFan View Post

Find me a contractor who has ever needed to use his PI insurance and I'll shut up about it being a massive rip off for contractors.

Well there's the guy who got sued for £5m for losing a backup not so long ago...

Originally posted by mickhucknall

Ta for the qdos tip. I got a quote from (Hiscox), as recommended by the agency and it came up as £415. Other quotes were as high as £800!?

It's based on turnover and market. £400-ish for hiscox is about par for most contractors. QDOS works equally well but isn't the same cover, although it's enough for what we need.

As it's only a short term contract, i'll most likely just get the cover, then cancel it once i've left.

Bad idea. It needs to be in place when you get sued, not when you are working. It's peanuts to buy, it's another string to your IR35 defence, so just buy it and forget it.
Leave a comment:
mickhucknall replied

6 December 2011, 23:09
Ta for the qdos tip. I got a quote from (Hiscox), as recommended by the agency and it came up as £415. Other quotes were as high as £800!?

As it's only a short term contract, i'll most likely just get the cover, then cancel it once i've left.

Cheers all for the advice.
Leave a comment:
MarillionFan replied

6 December 2011, 22:58
Originally posted by AtW View Post

It's very cheap, probably means they'll never pay out but at least you'd have peace of mind for a bit.

Find me a contractor who has ever needed to use his PI insurance and I'll shut up about it being a massive rip off for contractors.
Leave a comment:
AtW replied

6 December 2011, 22:45
It's very cheap, probably means they'll never pay out but at least you'd have peace of mind for a bit.
Leave a comment:
MarillionFan replied

6 December 2011, 22:34
Originally posted by northernladuk View Post

It is not expensive at all. QDOS does it for 200 quid and it is tax deductable. It is also not uncommon to be asked for it.

Go get it, show agent, get on with contract. End of..

Oh come on. Are you telling us you've got PI insurance now as well?
Leave a comment:
Wanderer replied

6 December 2011, 22:04
Originally posted by mickhucknall View Post

The client has said they don't require this at all, so i'm not that keen on taking it out as it's quite expensive and i've never been asked for this cover before.

If your contract requires it then you should really have it. Do a search here - there are lots of providers and it isn't THAT expensive.
Leave a comment:
northernladuk replied

6 December 2011, 20:40
It is not expensive at all. QDOS does it for 200 quid and it is tax deductable. It is also not uncommon to be asked for it.

Go get it, show agent, get on with contract. End of..

Last edited by northernladuk; 6 December 2011, 20:48.
Leave a comment:
mickhucknall started a topic Agency asking for PI insurance

6 December 2011, 20:08
Agency asking for PI insurance

Hi, i started a contract a month ago and have now been asked by the agency to take out professional indemnity insurance cover of £1m.

The terms in the contract don't specify any level just some waffle along the lines of "maintain provision of adequate Professional Indemnity Insurance in respect of the contractor, representative and provision of services."

The client has said they don't require this at all, so i'm not that keen on taking it out as it's quite expensive and i've never been asked for this cover before.

Any advice greatly appreciated.

Thanks
Tags: insurance