Newbie - Which Insurance Need to have?

[satish98]

Hi all,

I am a newbie, started a contract and set up a LTd company.

As a one man contractor which insurance I definetly need to have?

I have seen the below:-

1) Professional Indemnity
2) Legal Expenses/IR35 insurance

3) And also the PCG Membership schemes?

Is there a scheme with PCG that covers the basic requirements a contractor needs to have?

All help appreciated

Satish

[Bagpuss]

Be carefull to check the insurance actualy exists. Insurance has been sold through this site before which does not!

[Pinto]

You need:

Employer's and Public Liability Insurance
Professional Indemnity Insurance

You may also want

Tax, VAT, PAYE & NIC Professional Fees Insurance.

I don't know about PCG. I use Trafalgar Risk Management

www.trafalgar.uk.com

They provide a contractor insurance package that you can buy online and is reasonably priced.

HTH

[tim123]

You no longer need employees insurance.

If you have no businees interface with the public you don't need public liability either.

tim

[Pinto]

Have things changed since last year? This what my agency asked for as I decided to "opt-in" on the new legislation.

[rootsnall]

I just have PCG IR35 investigation cover, I don't bother with anything else. If you are a newbie I wouldn't bother with any IR35 cover until you atleast have a decent tax liability if you get nicked,

[tim123]

Yes things have changed since last year,

But would you really expect an agent to do anything other than insist on what was on his tick sheet, whether it were legally necessary or not?

tim

[hyperD]

If you are a contractor on site, day in , day out, then the only thing worth considering is IR35 insurance, perhaps from someone like Accountax if you (not your accountant) has decided to be out of IR35.

All other insurance such as PL etc are pretty much unnecessary even if the agent says so. As regards to pointers away from IR35 they are not considered at all in isolation.

If you are direct with a client or happen to be working as a bone fide independent business then it is worth getting these insurances.

In this libellous time, you don't want some permie scrote trying to sue your arse because the blind git failed to lift his left leg sufficiently to clear you bag.