Hi all,
This is my first post as a newbie contractor. Have set up Ltd company, got an accountant & bank a/c, registered for VAT & PAYE etc. I am now looking at insurance and see that the only compulsory insurance is Employers Liability (and even that is only compulsory whilst IR35 is still around).
Is Professional Indemnity worth it? I will be working, in all likelyhood, soley on secure government contracts where it would be highly unlikely for them to sue (were I ever to have enough access to do anything stupid to one of their systems!) I'm not trying to penny-pinch, but I am wondering if the £200+ extra that PI costs could be put to better use in Critcal Illness cover or medical insurance as I am at the 'older' end of the contractor spectrum!
I would appreciate any views on this.
This is my first post as a newbie contractor. Have set up Ltd company, got an accountant & bank a/c, registered for VAT & PAYE etc. I am now looking at insurance and see that the only compulsory insurance is Employers Liability (and even that is only compulsory whilst IR35 is still around).
Is Professional Indemnity worth it? I will be working, in all likelyhood, soley on secure government contracts where it would be highly unlikely for them to sue (were I ever to have enough access to do anything stupid to one of their systems!) I'm not trying to penny-pinch, but I am wondering if the £200+ extra that PI costs could be put to better use in Critcal Illness cover or medical insurance as I am at the 'older' end of the contractor spectrum!
I would appreciate any views on this.
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