Public Liability Insurance

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GillianD
GillianD Posts: 26 Forumite
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in Small biz MoneySaving
Hi, my husband is a Sole Trader who needs £10million PLI cover to be able to work for certain organisations.The last couple of years the premium hasn't been much over £100 but all quotes are coming up as over £300 this year and I've no idea why.

Can anyone shed any light on this? We've never made a claim or been bankcrupt etc.

Thanks in advance.

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  • Comms69
    Comms69 Posts: 14,229 Forumite
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    Change in classification most likely.


    some times job types become more risky.
  • Savvy_Sue
    Savvy_Sue Posts: 46,028 Forumite
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    Has he used a broker, they can be very useful in these situations?
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  • ashburnham
    ashburnham Posts: 46 Forumite
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    I work at an insurance broker where we sell public liability insurance. We haven't seen any major rate changes with the insurers we deal with.

    Insurance Premium Tax has slowly crept up from 6% to 12% in the last 2 and a half years but wouldn't result in your premium going from £100 to £300.

    I would imagine you just happen to be with an insurer that has decided to revise its rates. There's not much you can do other than try some other insurers/brokers to see how their new rates compare.

    Out of interest, what is your husband's occupation?
  • GillianD
    GillianD Posts: 26 Forumite
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    Thank you all. My husband is a Locksmith, has been self employed since 2003. None of his circs have changed yet the premium is triple what it usually is, coming out with only two insurers offering the cover and I'Ve tried both Simpy Business and Go Compare - Maltings and Finsbury
  • ashburnham
    ashburnham Posts: 46 Forumite
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    £10million public liability cover for a Locksmith with nothing out of the ordinary would be in the region of £150 per year as a rough guide but I can only comment based on the insurers we use.
  • Savvy_Sue
    Savvy_Sue Posts: 46,028 Forumite
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    I'd say it's worth looking up local insurance brokers and actually talking to them rather than trying to do it all online. Or even not so local ...
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