Professional Indemnity Insurance
Bimbles
Member
Hello
I am new to freelancing and I have been asked to supply details of my professional indemnity insurance for a new contract.
I have tried to get quotes online and I have called a couple of insurance brokers but it is proving a lot harder than I first anticipated.
Can anyone provide any recommendations or guidance of where I can purchase the insurance?
Many thanks in advance!
Comments
Can you tell us what it is you are doing? I'm an outsourced paraplanner and I don't have (or see the need for) PI insurance. It's not my name on the advice report; I'm simply providing the service but it is the advice firm's responsibility to ensure it's correct before it gets presented to the client.
I did actually look into it at the start but the insurers decided that I wouldn't be able to work on DB transfers and it would have cost me an arm and a leg; I didn't see there was any point.
Others on here may have a different view
Hi Andy
Thank you for your response.
The contract is for paraplanning services for a wealth management firm. No DB work, just existing arrangement reviews and possible switches.
The contract is via a recruitment agency and they are the ones specifying that I need to have the insurance.
As it is extremely difficult to get a quote, I was assuming it would be rather expensive (if I do receive a quote at all!?).
I think I will push back and see what they say.
many thanks again.
Hiscox is the only company offering terms for new risks and only want sole traders or very small firms to limit the risks. I did a full review of the market in December and that's it.
Paraplanner. F1, Apple, Nutella, ice cream. No trite motivational quotes. Turning a bit northern.
What about Simply Business, MoneySuperMarket, or Aviva? Aren't they good for PI insurance?
I used Collegiate apparently they are the only ones who offer PI insurance specifically for paraplanners. They are not cheap though but i know other outsourcers have used other insurers and listed their services as admin not paraplanning and that is a lot cheaper (think i may have been robbed)
I think if a company are insisting on you having something, or it is necessary for you to pay for something that you only need because you are working with them, I would probably look to pass that cost on.
I had to pay for a Dropbox subscription as one client uses this, and I add this to their invoice each month. If we part ways in the future, I'll close it down.
Hello, you may like to try Collegiate Underwriting