What insurance has everybody got? What insurance has everybody got?
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  1. #1

    Nervous Newbie


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    Default What insurance has everybody got?

    Hi just wondering what insurance everybody has got?

    Going into my 2nd year contracting now and thinking need to look at this more closely.

    Currently got professional indemnity and public liability.

    Thinking I need IR35 and Income Protection Insurance.

    Any thoughts?

    Cheers

  2. #2

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    Have you done a search for both the terms you are enquiring about per chance?
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  3. #3

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    Quote Originally Posted by northernladuk View Post
    Have you done a search for both the terms you are enquiring about per chance?
    Yes but you don't necessary believe everything you read from people trying to sell you stuff.
    Just thought would ask the opinion of my peers. Cheers for your usual helpful response.

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    Quote Originally Posted by pc1980 View Post
    Yes but you don't necessary believe everything you read from people trying to sell you stuff.
    Just thought would ask the opinion of my peers. Cheers for your usual helpful response.
    Join the PCG, using Plus membership. That plus your existing cover will be all you need.
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  5. #5

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    Default IR35 Insurance

    Comes in two flavours. First is two cover you for the legal costs of the investigation, trial etc. This is, IMHO, best sourced by joining the PCG. #JFDI #NoBrainer

    The second is to cover the costs of any tax owed and penalties and is not so clear cut for many. Based on the fact that someone has assessed your liability and has made a risk call to indemnify you, they think that their chances of having to pay out are pretty slim. If they think that, why would you need the insurance.

    I do have both because for what it costs I get a good nights sleep. YMMV

  6. #6

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    Quote Originally Posted by pc1980 View Post
    Yes but you don't necessary believe everything you read from people trying to sell you stuff.
    Just thought would ask the opinion of my peers. Cheers for your usual helpful response.
    I meant on here using the search method in the welcome sticky. People are not allowed to sell you stuff on these forums and we are all your peers. Insurances have been discussed many times and you will find not only what people have but who provide them, how much they cost, what they cover and so on. Cheers for your usual lack of effort.
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  7. #7

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    If you have a car you need to make sure you have business cover added on to the car insurance. Most insurers will add it on to the policy free but you may have to pay the admin charge for this. If you are driving around with out this then if you have an accident even if it's on a Saturday the insurer can decide not to cover you. (Search for threads on this.)

    If you have a mortgage regardless of whether you are permie or not, you would have been advised to look at Income Protection which you have to get from a broker. You can buy it without advise but you need to check that your policy covers small business owners so you may as well use a broker. (Search for threads on this.)

    If you have dependants then you need to look at whether having life insurance is worth it.

    Then I would check that your home contents policy covers your business contents both inside and outside the house. For example my mobile is a business phone if someone steals it then I wouldn't be able to claim on a normal policy. (There is at least one thread on this.)
    "You’re just a bad memory who doesn’t know when to go away" JR

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    Quote Originally Posted by malvolio View Post
    Join the PCG, using Plus membership. That plus your existing cover will be all you need.
    Awwww Mal you spoil sport. I was waiting for someone to say 'PCG sell all the insurance you need' or something along those lines so you could jump on them
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    Quote Originally Posted by northernladuk View Post
    Awwww Mal you spoil sport. I was waiting for someone to say 'PCG sell all the insurance you need' or something along those lines so you could jump on them
    It's called a pre-emptive strike.

    Seriously, I know I'm biased but with good reason. PCG Plus is just so obvious a starting point for any contractor it's a no brainer. It's also ridiculously cost-effective: the package would cost a lot more on the open market, and the peripheral information you pick up will cover your membership fees anyway.

    And of course, more members means a bigger stick to hit HMG with.
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    Quote Originally Posted by malvolio View Post
    It's called a pre-emptive strike.

    Seriously, I know I'm biased but with good reason. PCG Plus is just so obvious a starting point for any contractor it's a no brainer. It's also ridiculously cost-effective: the package would cost a lot more on the open market, and the peripheral information you pick up will cover your membership fees anyway.

    And of course, more members means a bigger stick to hit HMG with.
    I am all for that, no problems there. I just wanted to say 'PCG don't sell insurance' for a change
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