Professional Indemnity Insurance

accountingbod

Does anyone have any recommendations for insurance companies offering PI insurance?
I have had a look around but just being nosey really and seeing if anyone has dealt with a really good firm

Thanks

westy22

Hiscox are the best but very expensive!

accountingbod

Hi Westy, yesi know. i ran a couple of quotes. Some came back around the £200 mark but Hiscox came back at £1400!!!!

toffifee

I used to get mine through a broker. They have (or had, last time I did this about 10 years ago!) access to companies that don't deal with the general public. Might be worth trying one for some quotes.

InsideInsurance

Its a question of stomping around brokers and the direct insurers. Once you've done that go back round most of them again with what their competitors are offering and see who will cut their prices to win the business.

I've found some are willing to cut MASSIVE amounts off their original quotes to secure the business but I always struggle a little with PI cover because of working in the business side of insurance

dacouch

What's your profession?

Jemma130

A reliable company I have found that does affordable PI Insurance is Qdos Contractor - as an IT freelancer, it comes to just over £12 a month for me, I think it can be a bit more for other professions.

Jemma130

Sorry forgot to say Qdos's website for PI insurance!http://shop.qdosconsulting.com/

Annisele

I'd have a chat with some other people in the same industry as you, and see where they get their PI insurance from.

I ended up getting my insurance from Hiscox even though their first quote was horrendously expensive. A friend recommended a broker to me, the broker (who had experience with my industry) explained to Hiscox exactly what it was I'd be doing, and the quote shrank hugely.

dacouch

Annisele wrote: »

I'd have a chat with some other people in the same industry as you, and see where they get their PI insurance from.

I ended up getting my insurance from Hiscox even though their first quote was horrendously expensive. A friend recommended a broker to me, the broker (who had experience with my industry) explained to Hiscox exactly what it was I'd be doing, and the quote shrank hugely.

Good advice, when I quote for PI, I explain to my clients that in effect the Insurers are covering you for mistakes. Thus the better they understand you trade, experience and any processes to reduce the chance of mistakes the better the price is likely to be.

The more relevant information you give them the easier it is for them to provide a good quote, it also reflects well on you if you are organised enough to give a good presentation of yourself.

As you have found it can also help the broker understand and if required call in a favour with the Insurer

sebastianj

Should not be any more than 50 pound per annum.
sebastian