Prof Indemnity Insurance

[Langkawi]

Hi,

In order to start my contract my agency requires PI Insurance for £1 million (which seems a bit steep for a modest £30K contract).

I checked out the Caunce O Hara stuff on this website and they want around £245 up front for this.

However, I'm a bit strapped at the moment and since my company hasnt started trading I need to cough this up out my own pocket at the moment.

Does anyone know if there are an PI providers that offer payment in quarterly or monthly instalments?

I know £250 is nothing to a lot of you guys but its just a spot of really bad timing for me as several outgoings are all piling up at once.

Many Thanks,
Alan

[AZZIK]

try hiscox with this you can pay monthly
https://business.hiscox.co.uk

[malvolio]

However, I'm a bit strapped at the moment and since my company hasnt started trading I need to cough this up out my own pocket at the moment.

Ever heard of 30-day payment terms? Negotiated payments? Startup loans? Initial overdrafts? You're a business now, start thinking like one. The business pays you, not the other way round.

[Langkawi]

Thanks AZZIK - thats perfect. The quote is slightly higher but the monthly payment is a winner. You can't beat some freindly helpful advice.

Malvolio - Like a few other people on this forum I'm having enough hassles trying to get Cater Allen to open an account in the first place without trying to negotiate credit terms before a penny has gone through the account.

My personal take on it is that starting a business is about building up momentum and until I get it going then I have very little.

Cheers,
Alan

[malvolio]

Fair comment. Just checking that you'd thought of it!

[AZZIK]

I have an account with HSBC so opened a business account in half hour with them. I was waiting for Cater Allen but it is taking too long. HSBC have given me free banking for 18months plus business credit card which I should receive within 7 working days. This has a one grand limit which I can use to pay for company insurance etc but they do charge if I withdraw cash like every other credit card. May be worth a look as Cater Allen told me to process an application they are taking 15 working days due to the high volume of new account requests.

[malvolio]

I use the HSBC business card for all company outgoings, which repay automatically by variable DD every month. Brilliantly simple, very effective. Never need company cash in hand myself.

People tend to knock HSBC but out of the major players I have nothing but praise for the way they work the business accounts. I have still to understand the rush to Cater Allen, and that's from someone who used to work for Flemings...