Professional Indemnity & liability Insurance

ahll

I have just setup a Limited Company and have been told I need Professional Indemnity and Business Liabilty Insurance for an IT contractor. I have been told this will be around £300

Does anyone have recommendations of the policy(s) they have used ?
I believe these can be in a combined policy.

Mistral001

I am not sure what "Business liability" insurance is. Do they mean "Public liability" insurance?

MallyGirl

OH got his from Hiscox - his client wanted higher than average liability cover (£5million instead of the more common £2million) so he didn't have that many choices. He pays £26.50 pcm

zenmaster

I'm with QDOS. It was about £280 for everything, as I recall.

novelty-socks

You should be able to get a combined policy pretty easily. I've heard good things about Hiscox and Insurance By Jack, but I use a broker, Blackfriars. They were recommended to me by another contractor.

I pay about £300 a year for professional indemnity and public liability insurance.

InsideInsurance

It depends if you want a good policy that would actually protect you, in which case Hiscox is one of the most full fat policies. If you simply want to fulfill your contractual requirements and dont care if the policy is full of holes then RSA is the cheapest standalone policy I've ever come across.

PI/PL/EL is often sold as a combined policy. The EL and PL section is very cheap, normally sub £30. The cost of the policy sits in the PI section and given sums insured can vary from £50,000 to £2,000,000 the price for the policy also varies greatly.

Personally my cover (for £1m PI and £5m PL) is £500/year but I have the added complexity of insurers not wanting to insurer me due to working in insurance, have a lot of international travel, do work on M&As and basically any other negative box you can hit other than criminal record or being bankrupt. Thankfully I used to know the lead underwriter at my insurer so got mates rates.

I think some of the trade association may include insurance in their membership fees and so may be worth a look. IPSE I thought used to but checking their website it does include some coverages but not PL or PI, but others may.

dacouch

InsideInsurance wrote: »

It depends if you want a good policy that would actually protect you, in which case Hiscox is one of the most full fat policies. If you simply want to fulfill your contractual requirements and dont care if the policy is full of holes then RSA is the cheapest standalone policy I've ever come across.

PI/PL/EL is often sold as a combined policy. The EL and PL section is very cheap, normally sub £30. The cost of the policy sits in the PI section and given sums insured can vary from £50,000 to £2,000,000 the price for the policy also varies greatly.

Personally my cover (for £1m PI and £5m PL) is £500/year but I have the added complexity of insurers not wanting to insurer me due to working in insurance, have a lot of international travel, do work on M&As and basically any other negative box you can hit other than criminal record or being bankrupt. Thankfully I used to know the lead underwriter at my insurer so got mates rates.

I think some of the trade association may include insurance in their membership fees and so may be worth a look. IPSE I thought used to but checking their website it does include some coverages but not PL or PI, but others may.

Moral Risk...

InsideInsurance

dacouch wrote: »

Moral Risk...

In connection to which part of my post?