Rank: Forum user 
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My current position is becoming increasingly uncertain and, whilst I appreciate that it is probably not the best time to enter consultancy, it is one option that I am considering given the limited employment opportunities available elsewhere.
Could anyone advise what the 'going rate' is for professional indemnity insurance and if there are any insurance companies that offer preferential rates to IOSH members - any advice on other 'start up' costs or issues to be aware of would also be appreciated.
I appreciate the insurance premiums will vary depending on a variety of factors but simply looking for a 'ball park' figure.
Thanks
FH
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Rank: Super forum user 
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I work for the insurer that provides the cover for IOSH members. We do not deal with the public direct though. You can approach us via Oval Insurance Broking - http://www.theovalgroup....ssociations-schemes/ioshAny decent insurance broker will be able to set you up with cover for this type of work. Local firms can be found on the BIBA website at http://www.biba.org.uk/ There are many insurers and brokers who can write this type of business but Oval are the appointed broker to IOSH. I personally do not make any financial gain from suggesting Oval / HCC. I work for a different division within the company writing EL business and carrying out H&S surveys. I have reported my own post to the moderators to ensure it complies with forum rules.
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Rank: Super forum user
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Just noticed IOSH are using a different provider now - Trafalgar Risk Management. Details can be found in MyIosh - extras - insurance.
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Rank: Super forum user
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If you go self employed it is worth bearing in mind the need to maintain National Insurance payments and to factor in the fact that PI insurance only covers you for the year you pay your premium for and not necessarily the year in which a claim is made. So if you stop being self employed you will need to keep paying your PI premiums for a period of time after ceasing to trade in case a claim is made. This period is usually 6yrs, or it was when I stopped trading independently.
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Rank: Super forum user
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Hiscox is one that was recommended and i use it costs £25 a month for PI and PL (You can get a price online on their website don't forget brokers will have there markup). Look at business link as they run free courses on starting up your own business and are very helpful. the most important thing is having contacts for possible clients ans i would allow at least a year before seeing any profit if you think you are going to be earning 2-3k a month in the first few months then forget it or you have been very lucky.
Phil
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Rank: Super forum user
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PhilBeale wrote:(You can get a price online on their website don't forget brokers will have there markup). Brokers are paid a commission by the insurers. They should not be adding a markup. Direct / broker sold policies are comparable on price - what the direct insurer does not pay in commision, they pay out in marketing. When you buy direct you effectively become your own broker and as a business, you are viewed as equal trading partners in law. You have no one to fight your corner if there are problems with the policy or a claim. The Financial Ombudsman will help small business owners (<2m euro turnover and less than 10 employees) but it does take time - typically up to a year. Having said that, Hiscox do have a very good reputation in the market.
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Rank: Super forum user
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stevie40 wrote:
Brokers are paid a commission by the insurers.
you're probably right Steve but i recently went to renew my home insurance with a broker who where more than an online price company i found. They best they said they could do was to reduce their commission. hence my comment also another member was paying far more for insurance through a brokers using Hiscox and we both seemed to have similar turnover setup but he was in H&S and I'm in fire safety but according to him fire safety cost more than general health and safety the only reason i went for Hiscox was on recommendation and given the reputation of hiscox. personally i think all insurance companies are slimmer than a barrel of eels when it comes to sticking their hands in their pockets. Lol phil
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Rank: Forum user
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PhilBeale wrote:Hiscox is one that was recommended and i use it costs £25 a month for PI and PL (You can get a price online on their website don't forget brokers will have there markup). Look at business link as they run free courses on starting up your own business and are very helpful. the most important thing is having contacts for possible clients ans i would allow at least a year before seeing any profit if you think you are going to be earning 2-3k a month in the first few months then forget it or you have been very lucky.
Phil Insurance: Am I dipping out? I've been with the IOSH recommended insurers since 1996. The current premium is £765 inclusive of IPT at 5% for PI) does not include PL. From the statement above it would be £300 in total? Bosiness Link: Worth nothing to me despite attending a couple of their courses for business plans. I can't think of a single useful topic provided by them. Except perhaps a statement by an aged ex bank manager (remember that breed?) looking at our logo - that he couldn't see any meaning in it. I made something like £3.5K in my first year and approximately £12k in the next and decided to get a proper job to help out - and went part time safety officer with a County Council. The worst job ever and left within two years, but it gave me a support income for that time and gave the consultancy a chance to build up. My advise is not to jump in without consultancy work ahead but to start advertising/networking whilst still employed and fit both jobs together until you can jump ship.
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Rank: Forum user
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Looks like I can save nearly £320 a year on PI using the information on this thread.
Thanks guys
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Rank: Forum user
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As Phil has said £30 a month for PI & PL. They are reasonable with their add ons as well.
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Rank: Forum user
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But all is not what it seems.
I've compared the policies directly and once like for like is balanced out and adjustment made, the difference is now just £6. It does mean I've been able to achieve a reduction of over £200 in the annual premium - 25%, from the next renewal date. Thanks Phil.
Should point out the lower priced policy at £28 a month with Hixcox covers a £!m aggregate only. To cover any number of separate claims up to £1m costs £17 a month extra.
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Rank: Forum user
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A bit more news. The Hiscox cover at that level does not include costs of criminal actions.
Basically this provides cover for defending claims that are criminal actions rather than civil actions. For example, investigations by the HSE would fall under this area of cover.
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