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Posted By Crim
Hello everyone,
My P I insurance is due for renewal and I would like to know what I should be covered for. Currently £250,000 but I feel it should be more.
I work as self employed advisor in the construction industry, mainly shop fitting with some new build. I also do fire risk assessments and some training.
There was an interesting thread recently regarding fees that suggested I should be charging more and wonder if this just goes along the same road?
All responses will be welcome.
Thanks
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Posted By Crim
I thought I'd better bring this to the top. My insurance renewal date is 17th August so guidance is now urgntly requested.
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Posted By Martyn Hendrie
Crim,
Like you I am a consultant working in the construction sector. Our PI cover is currently £2,000,000.
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Posted By Crim
Hi Martyn,
Are you self employed or is that for the company insurance?
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Posted By Martyn Hendrie
Single consultant, but incorporated as a limited company.
Insurance in company name. Had the same cover prior to incorporation when I was a "sole trader"
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Posted By Alice
Out of interest who do you currently have cover with? Is your indemnity limit on an each & every or aggregate basis? I'd like each & every cover but can't find many who offer it. Any thoughts?
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Posted By DavidW
Currently sole trader though going as a limited company later this year. I got my PI Insurance through the IOSH recommended scheme though can't remember the name at the moment as haven't had to look at it for several months since I got it sorted. It provides £1M cover for each and every claim. Lots of thos offered on the net only provide an agregate level of cover which I didn't realise until I asked one company why the huge difference in cost. I picked £1M cover because one of my clients requires it so no choice really.
Martyn
When you changed from sole trader to Limited were you able to just change the name on your Insurance cover or did they make you cancel and take out a new policy?
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Posted By Martyn Hendrie
From memory it was a telephone call to the broker to confirm that there were no substantial changes to the type of work carried out, etc. They then arranged for new documents to be sent out.
I did not have to cancel one policy and open a new one. My accountant sorted out apportioning the cost between sole trader and Ltd company.
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Posted By Ashley Wood
If you are doing fire risk assessments the minimum PI should be £1 million for each claim. This is the figure that the IFE insists on for any of their registered fire risk assessors. I have £5 million but I also get involved in fire engineering projects as well as FRA's.
All the best.
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Posted By Crim
Thanks Ashley, I'll defo go for £1m ................. unless there are any further suggestions?
Thanks to all who have contributed.
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