Hello all,

 

I just wondered how many of you have taken out Professional Indemnity insurance/whether you think it worth paying for and if so, any recommended policies? Something I've considered but unsure as to its true value.

 

Apologies if this has been covered already,

 

Many thanks!

I started a thread on this a few months ago but we didn't draw any conclusions.....

 

It's worth a second shot because I'm still no wiser

I still haven't done this - I went to various places and the cost and coverage was a bit gray.

 

I don't need office cover, employment law cover or microwave cleaning cover - just the PII! But that's hard to get I think.

 

Will relook into it in t'new year.

I still haven't done this - I went to various places and the cost and coverage was a bit gray.

 

I don't need office cover, employment law cover or microwave cleaning cover - just the PII! But that's hard to get I think.

 

Will relook into it in t'new year.

 

Guys, I know a little bit about this area - happy to try and clear up some of the "grey" bits if i can...

Welcome bazzie!

 

I found that it was hard to get just PII cover - I didn't need office cover or employment items - only the Professional Indemnity Insurance. I was told it would cost me around £70 p.a. by a Business advisior however I had budgeted for around £120.. cheapest quote I got back was over £300! With a big excess.

 

Any recommendations for who to ask or talk to? Is it possible to get PII alone?

Welcome bazzie!

 

I found that it was hard to get just PII cover - I didn't need office cover or employment items - only the Professional Indemnity Insurance. I was told it would cost me around £70 p.a. by a Business advisior however I had budgeted for around £120.. cheapest quote I got back was over £300! With a big excess.

 

Any recommendations for who to ask or talk to? Is it possible to get PII alone?

 

Yes, you can take out Professional Indemnity Standalone, but most small firms also need Public Liability and also laptop covers etc so its pretty common to see "package" polices out there. Quite often you will actually get quote a lot of cover in these packages, but as you said, its only useful if you need it.

 

You have two choices, you can go direct to a PI insurer, or go through an insurance broker. The first option can sometimes prove cheaper, (as you are not paying comission essentially) but sometimes the latter will be better if you need advice about cover, and also they can sometimes help with claims as well. the other thing to watch out for, is that sometimes web based quotes etc will be cut down versions of cover, whereas brokers will generally provide the full coverage. I sounds to me as though the £70 was a cut down product, and the 300 was a full product.

 

You also need to consider the level of cover you want, this will typically range from 50k Limit of Indemnity for tiny firms, up to about 10million for large corporations. typical quotes for web designers would be 250k, 500k and 1m.

 

If you want to go direct i would reccomend Hiscox, you can find them at www.hiscox.com - they have an online quote facility, and the coverage is good, although its a slightly cut down product. You can call through to their telesales team and they will quote you the full product if you ask and you can compare the difference. If you want a broker then you may want to do a seach for a local broker - its often nice to be able to have someone local if you need advice/help.

 

I can reccomend a good broker if you can't find a local one. if you have any questions about coverage feel free to shout them out and i will do my best to answer them!

 

Cheers,

 

bazz