Help Anyone - Professional Indemnity Insurance

money4me_2

I'm a freelance consultant (sole trader) giving advice to business owners/managers on business related matters.

Cover needed for work I'm tendering for - it's a condition of any work undertaken.

I thought the amount of cover should range from range £250,000 - £500,000
do you think this is accurate and adequate for my type of business

Can you suggest any providers - good deals available

All advice/information would be helpful and most welcome!

Thanks in anticipation!

Astaroth

The amount of cover you need will depend on the size of clients you are dealing with. The bigger the company the more that is at stake for them taking your advice.

Find yourself a good broker and they should be able to help you decide on a suitable amount to insure against.

fguk

Hi

I am an IT consultant, and work for large and small businesses.

Can i suggest hiscox, they can at least do online quoting which is nice (for turnovers upto £200k). We use them for PI, but of course the big test comes when you actually need it!!

My solicitor advised that it was perhaps possible for small businesses to argue that 250k or 500k was a reasonable amount of PI insurance, based on affordability. However if your clients insist on much higher amounts, then I guess you would have to go for it.

money4me_2

Thanks for your reply, my clients would small to medium sized companies, however, I will also be offering specialist advice to larger corporate clients.

Will try brokers as suggested, would like any advice on any internet brokers/insureres who can offer this type of cover.

Thanks again!

money4me_2

Thanks for your suggestion of Hiscox for quoting.

Did'nt know they cover this type of policy.

I was hoping there may be specialist providers on the net.

Many thanks for your response.

Cheers!

money4me_2

Some of my clients would be getting advice on IIP accreditation and others business start up, strategy advice.

I now wonder if I need to have individual policies one for IIP advice and the other for management consultancy?

Is is there a policy that covers both areas?

More comments welcome!