Zyggy
You are right to highlight the Professional Indemnity Insurance as a must have - just be careful when you start looking at these, the terms and conditions vary immensely between providers, alongwith the prices. You need to be very clear the type of work you will be doing and the type of organizations you will be working for. This will also guide you on the level of cover you need - if you are working in high risk industries a minimum of £1million is common.
Being self-employed, the other two types of insurance are not mandatory but you may find that your clients insist on them. The following exemption for Employer's Liability Insurance would seem to apply to your business
- companies employing only their owner where that employee also owns 50% or more of the issued share capital in the company
The leaflet HSE40 summarises this.

Good luck!
Lucy

Zyggy,
To confirm
Employers' Liability: No needed since no employees

Prof Indemnity: This protects aginst eventualtiy that you give bad/poor advice that leads to some loss, injury or damager. Essential for a consulting professional.

Public Liability: This covers you against possibility that you do something that causes an injury/loss to third party, for example you put your briefcase down and client's MD trips over it!. Not a legal requirement but pretty important. As already stated you may be driven by customer's demands although starting levels of cover (Indemnity) are £1m or £2m.

Household: Check arrangements in respect of running business from home. You will need to notify insurer and extend your existing household cover OR may have to take out tailored "business from home" policy. This will extend cover to things like loss of equipment such as computers. Remember that if there was break-in/theft or flood then your income might be affected if your buisness PC was stolen/damaged.

And: I'm not a financial adviser but you might need to think about income if you were to fall ill - Income Protection Cover. And Personal Accident could assist if you had a sporting injury, slipped on ice or fell from ladder whilst decorating (Joke!) and were unable to work.

Hope this helps.
Phil

Just for information, I have recently taken up employment as a contractor to a large ship build & ship repair facility. For this type of industry, high risk and hazardous I was advised that 5M was a standard requirement with a premium of £82 p/m. Bear in mind that the type of consultancy you offer, will determine the level of cover that you require.
Without stating the obvious, ensure that all of your cards are placed on the table when dealing with your chosen insurer and gain this in writing to avoid 'null & void'.
I hope this is of help & all the best with your new venture.

If U intend working at home in your study U will also need to contact your local rates people as that part of your home may incur an increase in rateable tax

Do you have any links to confirm that Bob?
Surely work of a clerical nature would not attract a tax increase. If it does, I owe about 14 years - ouch.
I could understand it if you were buying and selling cars or running a workshop.

Maybe for a business which is a limited company Bob but HMRC has this to say about a sole trader using a home office.

"In the main, the person who is carrying on a trade, profession or vocation will pay non-domestic or business rates. The existing instructions at BIM46835 apply. There will however be exceptions. For example, bed and breakfast establishments with fewer than six tenants do not pay the business rate. And a home in which a trader sets aside a room as an office is likely to attract only a council tax charge. "

http://www.hmrc.gov.uk/m...s/bimmanual/BIM46840.htm

Can I just say a big thanks to everybody who took the time & trouble to respond; your advice was extremely useful & your best wishes very welcome!

Some of you also took additional time to send me PM's, & again, many thanks, & I intend to pursue the contacts I have now made - invaluable advice from those already in the consultancy world!

PS. Just to dispel any doubt about hiding behind a pseudonym, everybody knows me as "Zyggy", a variation of my real name bestowed to me by my manager >30 years ago!

Zyggy.