Insurance through PCG

**itcontractor07** · 3 April 2007, 12:26

It will be really great if someone who already have a PCG membership can give these details. I am thinking of joing PCG but not sure what is it I am going to save while using the insurance facilities via PCG. And for rest of the IR 35 insurances etc I am actually going to qdos so thought joining PCG again will not really add much value. If I had to joing PCG then the only base would be on how many £'s do I save by joining PCG.

So any help by existing members as to what is price for PI, PL & EL insurances.

Any help is very much appreciated

Thanks in adavance

**gingerjedi** · 3 April 2007, 12:34

I want to join PCG for the IR35 insurance but if the others are way above what I have been quoted I may not bother and look elsewhere, I have been quoted £280 for both at Hiscox.

**malvolio** · 3 April 2007, 12:48

I'm sure I answered that question last week...

The average cost for the bog standard PI package from RD is around £210. Precisely how much depends on you requirements.
As for what the PCG membership saves, conservative estimates put it at around £1500 worth of benefits a year to source the stuff you get bundled in from the outside marketplace for your £210 joining fee. I still say it's a no brainer.

**css_jay99** · 3 April 2007, 13:22

PI i presume is indemnity insurance. I dont have one. how important is getting one? or likelyhood of beign sued ?

anyone sued yet ?
i tell you all these extras here and there are making me think whats the point of contracting below £100k a year !

I have only just heared of qdos, so which is better between them and PCG ?

css_jay99

**gingerjedi** · 3 April 2007, 13:23

Yes I think you did answer but It seems getting insurance through PCG is the more expensive option and as you can't get a quote without the PCG membership you would never know this until you have joined, hardly a benefit

As far as I can see the only added benefits for PCG Plus over standard is 'Jury service cover' and 'PAYE audit cover' do I need this if my accountant is doing my payroll?

In fact wherever I look on the PCG site with regards to benefits of being a member I am confronted with a 'members only' msg ...its hardly selling it to me.

**malvolio** · 3 April 2007, 13:48

Originally posted by gingerjedi

Yes I think you did answer but It seems getting insurance through PCG is the more expensive option and as you can't get a quote without the PCG membership you would never know this until you have joined, hardly a benefit

As far as I can see the only added benefits for PCG Plus over standard is 'Jury service cover' and 'PAYE audit cover' do I need this if my accountant is doing my payroll?

In fact wherever I look on the PCG site with regards to benefits of being a member I am confronted with a 'members only' msg ...its hardly selling it to me.

I answered those questions as well, quite recently, but once more....

PCGPlus's main benefit is it gives you represenatation for a PAYE audit, which you don't get with the standard cover. Since all IR35 cases start with the PAYE audit, passing that will save everyone several years work and many thousands of pounds. Anyway, go to www.pcg.org.uk, and click on the highlighted "benefits" in the box at the top that talks about what we are. You don't have to be a member to do that, nor to read about what the various levels offer.

Jury Service Cover - a bit specialist, perhaps, but what's the difference between your day rate and the £50-odd that they pay jurors?

Discounts on hotels, cars, car rental, airport lounges and business insurances and a huge library of useful, necessary information, plus free tax and legal helplines - nope, not worth anything, quite see your point...

The PI/ELI/PLI cover is provided by a third party (Randell Dorling in my case) through a member discount scheme. You can always ask them for a direct quotation comparison: quite apart from that, I've already said the likely cost is around £200 as against (again, in my case) £350 on the open market for the same cover

And as I have said a million times already, PCG is not an insurance company, it's a representative body that bundles in insurances. It is cheaper than any other comparable provider, but that's not why you should be joining.

**gingerjedi** · 3 April 2007, 14:28

Originally posted by malvolio

PCGPlus's main benefit is it gives you represenatation for a PAYE audit, which you don't get with the standard cover. Since all IR35 cases start with the PAYE audit, passing that will save everyone several years work and many thousands of pounds.

Professional Expenses Insurance (PEI) via PCG’s policy which covers all members and pays up to £75,000 per claim to cover professional fees relating to any tax investigation including those on IR35, S660A, PAYE, VAT and other matters.

This is in the standard cover, is it not the same thing? Or does it not fully cover you in the event of an investigation?

Sorry for asking questions but I was under the impression that if I took out the standard policy IR35 cover would be included, it seems only partially covered from what you are saying.

As I (and I guess many others) have no idea what an investigation entails I find this a bit misleading.

**malvolio** · 3 April 2007, 14:48

You are confusing PEI and PI - and I am too, I think, re-reading your post properly!

PEI is the IR35 cover, standard (i.e. free) with the basic membership. PCGPlus adds PAYE Investigation cover, which is, as I said, well worth it, and adds some other useful goodies. So join the PCG using PCGPlus and you are covered for anything even vaguely IR35-related for all your contracts without question for £210 (the only exception being if you are actively under investigation when you join, obviously...).

Professional Indemnity (PI), Public Liability Insurance (PLI) and Employers Liability Insurance (ELI) are not PCG products, but are avaialble at a significant discount to members if you need them (and most don't, TBH)

Does that help explain it?

**Pondlife** · 3 April 2007, 15:05

Originally posted by malvolio

Professional Indemnity (PI), Public Liability Insurance (PLI) and Employers Liability Insurance (ELI) are not PCG products, but are avaialble at a significant discount to members if you need them (and most don't, TBH)

Does that help explain it?

Can someone confirm whether PLI is compulsory for a Ltd Co. I always thought it was but have seen posts stating otherwise.

Insurance through PCG