Going Self Employed

DullGreyGuy

DrowninginDebt said:

By PL - would that be Personal or Public Liability - or both? Apologies for so many questions but it's all new to me!

PL = Public Liability... though actually in most cases for small businesses it will actually be Public and Product liability  if bought as a standalone insurance rather than as a package specifically designed for a certain profession.

Unfortunately we are an industry where people like to create marketing names for their products, Personal Liability insurance is a form of public liability just intended to cover you for your non-working/professional life. You Home insurance typically has it in both the Buildings and Contents sections but may be called Homeowner Liability or yet another marketing name. The two are slightly different, the former covers you as the owner of the building (eg a tile falls off and injures the postman) and the later as the occupier of the building (eg postie trips over the power cord to your mower)

Occasionally they are particularly clever and two companies use the same marketing name for different products so "Income Protection" can be Permanent Health Insurance or it can be Accident & Sickness. You can understand PHI needing a new name as it doesn't really do what it says but A&S used to be sold as PPI and that name became toxic so they went for IP as well. In principle they both pay you if you are too ill to work but there are vast differences between the two products and a common name is unhelpful.