Is £1m the usual amount for Professional Indemnity?
It seems that we get hit hard if we work Globally, because the systems seem to assume we actually WORK there.
Not quite sure why a company requires indemnity insurance for an ID, it's not as though I am advising them...just taking their own data and converting it to another form.
Hey ho...it's another £500 onto valid expenses I suppose!
I wouldnt buy more than you need to. Say a hundred thousand PI and higher PL. As you say its not like you are going on their servers or making the final decision on mission critical. Presumably you always get client sign off anyway. I would play around with the amounts until it spits outa figure youa re happy with . Unless ofcourse they HAVE specified the amount but I think this is less likely. Some clients just ask the question as part of their due diligence. I.e Have you got it? Yes you have. I would have thought it would be around #150 per year.
I asked you this a couple of months ago! My first client asked me to have £1m PI as part of the agreement. According to the law ypou only need it if your company has more than one employee, but if they specify you need it well you better have it.
Agree with david should be able to find it for less than that, I got it for approx £12 per month
The update here is that the broker (in the last hour) found his "Option B" was less than £200 for the same £2m cover, so I have gone with that (Worldwide cover except US and Canada).
8 Replies
http://www.simplybusiness.co.uk/
Thanks David.
Is £1m the usual amount for Professional Indemnity?
It seems that we get hit hard if we work Globally, because the systems seem to assume we actually WORK there.
Not quite sure why a company requires indemnity insurance for an ID, it's not as though I am advising them...just taking their own data and converting it to another form.
Hey ho...it's another £500 onto valid expenses I suppose!
Thanks again.
Bruce
Hi Bruce
I wouldnt buy more than you need to. Say a hundred thousand PI and higher PL. As you say its not like you are going on their servers or making the final decision on mission critical. Presumably you always get client sign off anyway. I would play around with the amounts until it spits outa figure youa re happy with . Unless ofcourse they HAVE specified the amount but I think this is less likely. Some clients just ask the question as part of their due diligence. I.e Have you got it? Yes you have. I would have thought it would be around #150 per year.
I asked you this a couple of months ago! My first client asked me to have £1m PI as part of the agreement. According to the law ypou only need it if your company has more than one employee, but if they specify you need it well you better have it.
Agree with david should be able to find it for less than that, I got it for approx £12 per month
Just an update...
Client wanted me to have Indemnity Insurance to the value of £2million, which for UK/Euro cover seems to cost me just over £500 per year.
We seem to come under "IT" rather than "training"...
Bruce
Hi Bruce
I have a policy with QDOS consulting
http://www.qdosconsulting.com/
Not quite £12 per month but take a look. Covers me for £1 million
Pam
Thanks Pam..
The update here is that the broker (in the last hour) found his "Option B" was less than £200 for the same £2m cover, so I have gone with that (Worldwide cover except US and Canada).
Thanks everyone for the help and insight.
Bruce
Another great site I used is Quote Me Less who offered me the lowest business quotes I could find.
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