Insurance advice

[richclever]

Hi,

I'm just about to start my first contract and need to get some insurance so could do with some advice because it seems to be a bit of a mine field.

Ltd company is set up, I'm the sole Director and my wife is down as secretary so an employee.

My contract states I need:

£2million Professional liability Insurance
£10million Public Liability Insurance
£10million Employers Liability Insurance

The insurance limit requirements are per claim or connected claims (no idea exactly what that means!)

I've been finding it hard to get quotes and have had one at around £2500 which seems really high.

Does anyone have any ideas on what I should be expecting to pay and any recommendation of who to go to for quotes.

If it makes any difference I will be working on an ecommerce site

Thanks,

[stek]

Insurance advice

Try Qdos, those amounts of cover seem high tho.

[Wanderer]

I've been finding it hard to get quotes and have had one at around £2500 which seems really high.

Yes, that does sound high. Are you in a high risk occupation like oil rigger or something?

I presume you have done a search for "insurance" on the forum and found a list of the popular insurance providers and tried all of them. What did they say, will they not cover you? Is the amount that you require a problem?

[blacjac]

Hi,

I'm just about to start my first contract and need to get some insurance so could do with some advice because it seems to be a bit of a mine field.

Ltd company is set up, I'm the sole Director and my wife is down as secretary so an employee.

My contract states I need:

£2million Professional liability Insurance
£10million Public Liability Insurance
£10million Employers Liability Insurance

The insurance limit requirements are per claim or connected claims (no idea exactly what that means!)

I've been finding it hard to get quotes and have had one at around £2500 which seems really high.

Does anyone have any ideas on what I should be expecting to pay and any recommendation of who to go to for quotes.

If it makes any difference I will be working on an ecommerce site

Thanks,

I know its not part of your question but the bit I highlighted is not true. Someone who is secretary can also be an employee, but being secretary doesn't make them an employee.

I use Caunce O'Hara for my insurance by the way...

[richclever]

Thanks guys, I'll take a look at the suggestions. Have had a quick look at Caunce and they come up with £600ish but with £5million of Public Liability which is nearer the mark so will call them to see if they can do £10million.

[richclever]

I know its not part of your question but the bit I highlighted is not true. Someone who is secretary can also be an employee, but being secretary doesn't make them an employee.

I use Caunce O'Hara for my insurance by the way...

Thanks, I've put her down as an employee for tax as she doesn't work at the moment

[richclever]

Yes, that does sound high. Are you in a high risk occupation like oil rigger or something?

I presume you have done a search for "insurance" on the forum and found a list of the popular insurance providers and tried all of them. What did they say, will they not cover you? Is the amount that you require a problem?

Lol, no not an oil rigger just an IT developer! I think the £10million public liability seems to be problematic. I've had brokers saying it doesn't exist!

[cojak]

Hi,

I'm just about to start my first contract and need to get some insurance so could do with some advice because it seems to be a bit of a mine field.

Ltd company is set up, I'm the sole Director and my wife is down as secretary so an employee.

My contract states I need:

£2million Professional liability Insurance
£10million Public Liability Insurance
£10million Employers Liability Insurance

The insurance limit requirements are per claim or connected claims (no idea exactly what that means!)

I've been finding it hard to get quotes and have had one at around £2500 which seems really high.

Does anyone have any ideas on what I should be expecting to pay and any recommendation of who to go to for quotes.

If it makes any difference I will be working on an ecommerce site

Thanks,

You need to push back on this contract - it is definately NOT 'industry standard' for an IT developer to be expected to have £2m/£10m/£10m insurance.

This is for senior management and high risk roles. You should be expected to have £1m/£1m/£1m tops.

I rejected my current contract because of this. They didn't quibble and changed it.

It sounds to me as if you haven't had this contract looked at by QDOS or Bauer & Cottrell - that is something you really need to do to avoid being shafted like this.

[richclever]

I've just called the client and I might be able to get the public liability level dropped to £5million which means Qdos will do all I need for £393 which sounds a bit more like it! Should hear more this afternoon.

Thanks a lot for the replies so far really appreciated.

[cojak]

I've just called the client and I might be able to get the public liability level dropped to £5million which means Qdos will do all I need for £393 which sounds a bit more like it! Should hear more this afternoon.

Thanks a lot for the replies so far really appreciated.

Well, that's better than £2500!

I would still get the contract checked if you haven't already though.