Insurance

[Claire]

Can anyone advise me on the cheapest Professional Indemnity Insurance Policy? I see Caunce O'Hare offer it at £165 per year, but can I not get it included in any packages such as SJDAccountancy or Quay? I would like an all in one solution if possible. It seems a lot to pay the monthly accountants charge and the insurance on top. I am coming from an Umbrella company (Parasol) and all this is included with them, but I do want to go it myself now after 2 years, just don't want to pay unneccesary coats.

Further, does anyone know what kind of a discount for Professional Indemnity is offered by PCG.org? as its interesting to see that they include Professional Expense Insurance with membership. Is it worth joining?

PS: If anyone can recommend a cheaper alternative to SJD and Quay that would also be great. I've done a lot of research and they seem to be the most popular.

PSS: Will I still need to take out Income protection? Under my own name or the LTD company?

Thanks and regards
Claire

[Claire]

Also, why 'Not worth listening to'?

I have never used this forum before, so does anyone know why it says not worth listening to before my name?

Cheers again
Claire

[privateeye]

I have never used this forum before, so does anyone know why it says not worth listening to before my name?

Cheers again
Claire

That just appears until you have submitted x number of posts - not sure how many. It doesn't really mean anything.

[s2budd]

Insurance

Professional Indemnity

Don't forget Employers Liability - Though you might not need that through an umbrella, but through your own limited company you do.

Join the PCG and get a good deal on the both combined and lots of other very useful information and advice.
I would join PCG Plus which includes IR35 investigation insurance if I were you.

For me the cost was £162.00 for:
£5,000,000 Employers Liability
£1,000,000 Public Liability
£5,000 of office equipment within home or office
£5,000 of office equipment outside home or office
£2,500 Business Disruption Cover

£260.00 for £100,000 Professional Indemnity Insurance


Income protection
A waste of money and a nice scam for the insurance companies. If there are no contracts to be had anywhere - i.e. like a few years ago then you go and stuff envelopes or something else to get some money. I was a security guard for a few months in 2002. It gave me pocket money and paid the bills. The security company said that they had quite a few IT contractors working for them as security guards at the time.

The real useful thing to have is Critical Illness cover. For that I pay about £50 per month personally - It is not a company expense. That would give me something like £450 per week if things go tits up big time. Fair enough that's my daily rate now but If I'm a mentally challenged vegetable in a nursing home somewhere after a car crash I'm not going to need that much money apart from nursing expenses.

If you get a broken leg or something else that stops you working then fair enough your out for a couple of months without pay but you soon go back to work. However if something more serious happens or develops that stops you working for good - ever again, then you want a safety net so I think that £50 per month is a good deal.

For that I use the Dentist & General who are a mutual benefit society.

[VectraMan]

just don't want to pay unneccesary coats.

Expensive those unnecessary coats.

I'm going from Parasol to my own Ltd as well, and have signed up with SJD and seems good so far. As for the insurance costs, you have to remember that the likes of Parasol will have one policy to cover lots of people, and that's got to be much cheaper per person than one policy for just you. And also the likes of SJD have to do more work for each individual company than Parasol will for one client, so you can't directly compare the costs.

So why are you going Ltd in the first place? If you're outside IR35 you will earn more to offset the extra costs, and if you're inside IR35 then this is one of the reasons why it's not really worth having your own company.

[holsson]

Re. Accountant.
I've had good service from Darren (http://www.1staccountancy.biz/) who sometimes posts messages on this board. Quick responses to all my emails (even got a response on New Years day .
He's same price as Quay I think, I know he's cheaper than SJD.