Indemnity Insurance

[XS Developments]

Hi,

Does anyone have any recommendations, experience, comments, thoughts on professional indemnity insurance.

I resigned from my 9-5 job yesterday <gulp> and now need to put this in place amongst many other things.

Thanks,

Jim

[JamieM]

Hi Jim,

Best to give a local insurance broker a call.

[XS Developments]

Originally posted by JamieM
Best to give a local insurance broker a call.


No sh*t ! - really? I hadn't thought of that. hee hee ;-) ;-) (only teasing)

Seriously, the sort of thing I was hoping to find out where experiences people have had, as well as any clear recommendations or problematic "experiences".

Also, ballpark figures would be nice - insurances are the sort of thing that can range from reaonable, to extortionate.

Thanks,
Jim

[InnoCreate]

Hi XS,
Expect to pay around £500 to £1000 a year for this. I looked into this a few years ago but didn't take it out in the end. It's something no ones ever asked me if i have (well one person this week! lol but thats in 6 years) so for the time being it doesn't seem worth the expense.
I legal insurance etc anyway.

[JamieM]

Sorry if my answer was a bit short Jim.

The thing is every business is different and there are so many variables in quoting for commercial insurance. One business could be paying £3,000 for PI whilst another is paying £300.

My clear recommendation is to seek professional advice which you will get from a broker - who will also obtain many different quotes for you. Don't try and get quotes directly from an insurance company unless you know what you are doing.

[SBar]

Also note that PI may just apply to UK/EU and not to the US.

Try hiscoxonline.com for a quote