I thought I'd consult the collective consciousness (aka STW) on companies worth trying for PL insurance quotes. My wife is starting a home-based counselling business & has just received a pretty scary (£500+) quote. Does this sound excessive? Any good insurance companies worth trying? Cheers.
I think our PI cover (professional services) of £5m on a business with £100+k t/o is something around £500.
We have our cover through Hiscox. Very professional outfit. Good cover too.
£500 sounds about right
Mine is less than that but only because i get a discount through a union, is there a professional body that may offer some kind of scheme?
they will also be able to recommend a minimum recommended level of cover.
A lot of places wouldn't quote me as i work at height/with electrickery/with pyrotechnics and hang heavy stuff out of ceilings above people.
I have £5 million with an extended excess for pyrotechnics/fireworks
Thanks guys, I just noticed she's also put insurance for her horse riding instruction in there for the quote, which I suppose could be quite high risk insurance-wise.
Im a photographer and was chatting to my insurers today about public liability, they said it was £40 for £2 million on top of the cost of the insurance for my cameras.
Sounds right
We also use Hiscox, just less than £400 for a consultancy business.
But TBH we only got PI a year or so ago, when a client (it was an ex-public sector spin-off) demanded it - hadn't bothered up to then / self-insured /Ltd business.
You may also need to contact your LA as a home used for business may also be subject to business rates. My mum fell foul of this as the neighbours told the LA, she was genuinely unaware of this. It usually applies to home businesses who have customers calling.
Do you mean public liability or professional indemnity?
PL and PI often get confused as one and other but are very different.
Both.
And once customers call its a whole new ball-game - better they don't 😉
Thanks guys. Hmm, I wonder if both PI and PL are required for this kind of business. Any thoughts? Cheers.
I've been looking into this for a similar type of business. If I understand it correctly (and welcome any correction by better informed people):
Public Liability Insurance: in the course of giving advice, your pen jumps out of your hand and stabs a passing brain surgeon in the hand. PLI covers you so that you're not left without a penny.
Professional Indemnity Insurance: in the course of giving advice, you make a recommendation to a client that only a complete idiot would make, and it ruins their personal life and their career as a surgeon. PII covers you so that you're not left without a penny.
For a counselling business, I would definitely go for both even if they're pretty expensive (as they were for me) - but I am the worrying type.
I used to work for a broker who provided insurance for the BAC, among others. The guy I used to work for now works here:
http://www.howdenpro.com/en/1/counsellorsandpsychotherapists.html
Their policy covers both PL and PI, which she will need for her work. It also covers other types of insurance.
Years ago, we did £1m for about 50-60 quid. The rates quoted above seem expensive.
You'll need to inform your household insurers of the business use and they may charge you extra; plus you may have to think about insuring any business contents.
£1m seems pretty low
Just checked ours, less than £300 for both.