UKC Forums - Professional Indemnity Insurance

Professional Indemnity Insurance

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Dave Ogof 06 Sep 2014

Hi guys,

I've got a question about professional indemnity insurance. What's the typical going rate for someone in IT self-employed. The kind of IT work is very much like web design and development and consultation on such things.

I just don't know what cheap is and what is classed as expensive.

Hoping some kind soul can help.

Thank you,
Dave

BnB 07 Sep 2014

In reply to Dave Ogof:

Expect to pay £100-£200 depending on cover levels from Randall Dorling (sp?). Google is you friend.

Rick Graham 07 Sep 2014

In reply to BnB:

Make sure you are getting professional indemnity insurance and not just third party liability.

PII is probably 4 figure.

TPL , 3 figure, "a low risk policy" said the insurance broker. Industry speak for not worth the paper it is written on, little chance of a claim or need for a payout.

cander 07 Sep 2014

In reply to Dave Ogof:

QDOS consulting insurance - very good value and do a full range of insurances for contractors.

I use them but I'm not advertising them. Google them

Mountain Llama 07 Sep 2014

In reply to Dave Ogof: have a look here http://www.ipse.co.uk/about-us

1poundSOCKS 07 Sep 2014

In reply to Dave Ogof:

I got it from Simply Business, for £133, this is what it covered:

Professional indemnity £250,000
Public liability £1,000,000

Roland.Online 07 Sep 2014

In reply to Dave Ogof:

Try Caunce O'Hara, underwritten by Royal & Sun Alliance.

www.caunceohara.co.uk

I got the following covers for a shade over £300 p.a.

£10M Employers Liability
£1M Public Liability
£250k Professional Indemnity

Andy Hardy 07 Sep 2014

In reply to Rick Graham:

Surely premiums are based on the potential claim. A web designer will generate smaller claims than an oil rig designer (I'd have thought)

Rick Graham 07 Sep 2014

In reply to 999thAndy:

True. I was basing it on my experience as a self employed engineer.

On my public liability insurance, the highest band is reserved for gas fitters. Quite capable of blowing up a whole street.