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Post Info TOPIC: Professional Indemnity Insurance & anything else?


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Professional Indemnity Insurance & anything else?


Hi

Just got results back from level 3 Comp, passed by the skin on my teeth - 85%, pretty upset,but a pass is a pass - all previous exams bee 98-100% :S

Looking at what I need to do now... going to call ICB in morning for Practice licence pack and get that sorted asap.

I know I need Professional Indemnity Insurance, can someone give an indication as to what I should be paying & who to go with, dont want to get ripped off as have no idea of the cost. Only planning on working part-time to start off while my daughter is young, and build up over next 2-3 years to full time busy person (hopefully!) 8K is my first years aim.

What else do I need to think about? Think I've got software sorted, working on branding/website etc with DH.



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Hi Lyndsey,

congratulations on the pass.

With Arlington who provide insurance through Zurich for site members PII is 78 and non members I think that it's 105 but don't quote me on that.

The cover is excellent (100k with a six year lead off) and they are really freindly and helpful.

Note that I have no link to Arlington besides them being my PII providers.

Good luck with finding clients.

Shaun.



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



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Yep I agree with Shaun. Arlington are great. Really helpful and provide all you need. And fantastic value for money, even if you include the BKN membership in the cost.

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Expert

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I use Trafalgar and couldn't find anyone to beat them, except that they don't offer employers liability insurance without public liability.

Kris

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Would I need public liaibility? I am not planning on employing anyone, so won't need that at the moment. But I wasn't sure about public liability. I know I will have to meet clients, but as I will be working mainly from home do not intend on them coming to me (if I can possibly help it), but either meet them at their premises or public place/coffee shop etc. Would I be a liability to the public??

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Expert

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I certainly don't have it and work pretty much the same as you. As far as I'm concerned insurance is a rip off. I have the insurance that the law, ICB and my mortgage company require and nothing more.

Kris

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BKN Most Innovative Accountancy Firm 2012

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Sammy76 wrote:

Yep I agree with Shaun. Arlington are great. Really helpful and provide all you need. And fantastic value for money, even if you include the BKN membership in the cost.


I could wrong but it appears that Arlington is not a member of the Association of British Insurers (ABI).



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Forum Moderator & Expert

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Arlington Professional Risks is a division of Arlington Insurance Services Ltd who is authorised and regulated for the purposes of general insurance by the Financial Services Authority. This can be checked by visiting the FSA website http://www.fsa.gov.uk

Arlington do not insure themselves but are a broker and your insurance through Zurich.

Zurich are a member of the ABI.

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



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Thank you Shaun!

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Hello again

Just got a quote from Trafalgar from their online quote via the ICB site & its quoted 150 (for 50k cover and 25k estimated turnover) does that sound expensive? It does lower if I reduce the turnover (ie turnover 10k = 87 pa). I dont think my turnover is going to be great in the first year as only planning on starting up part-time, but dont want to be underinsured.

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Forum Moderator & Expert

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Hi Lyndsey,

100k cover on 15k turnover with Arlington is 78 underwritten by Zurich with a six year tail off.

It's slightly more expensive for non BKN members so you might want to add 24 to that price to get the real cost although BKN membership does give other benefits as well as detailed in the links above.

HTH,

Shaun.

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



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Thanks Shaun, I was looking for PII so will give Arlington a shot.

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Senior Member

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Got a quote from Arlington who quoted 78 for 15K turnover and 100K cover. This was without having to become a member of BKN. I may become a member at a later date, but money is tight at the moment.

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Hi guys,

I have to agree with everyone going with Arlington.

Having read this topic I gave them a call as mine is due at the end of the month and they quoted me 78 for the standard 15K turnover and 100K cover. Plus they are really nice guys, friendly and very helpful.

Corry

P.S. Thanks for the tip

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Guru

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Joining the network definitely has much more benefits than just the insurance knockdown. The resources in themselves are brilliant.

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Phil Hendy, The Accountancy Mentor

Are you thinking of setting up your own practice or have you set up and need some help?

If so a mentor may be the way forward - feel free to get in touch and see how I can assist you.

lor


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kjmcculloch83 wrote:

I use Trafalgar and couldn't find anyone to beat them, except that they don't offer employers liability insurance without public liability.

Kris


yes me Trafalgar too, as I studied AAT and they offer a really good deal.



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Hi Lor,

Trafalgar are insurers for the ICB and IAB as well.

What premium are you paying for what cover Lor?

I seem to remember when I used them The 15k to 20k cover was around 80 but for just 1 more cover it went up to something like 180 as it moved into the 20k to 25k bracket.

At 80 for the 15-20k band that's pretty much the same territory as the Zurich insurance through Arlington.

With Trafalgar I always tended to regard it though as having to add the ICB's fee's in order to calculate the cost of insurance. After leaving the ICB Arlington became the best option for me.

My Trafalgar figures are a couple of years old and would be interested to know the price to cover figures are now as I appreciate that my continual advising people on Arlington is without comparatives.

kind regards,

Shaun.

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.

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