Public Liability Insurance

[Bob McG]

I have a hobby that I may be able to turn into a small part-time business, to supplement my main income. After doing some research, given the field and contracts I may be going for, I will probably need PLI as I will be dealing with the public.

Don't mind that, but when I did a quick check on comparison websites, they always ask for a company name. Would I have to set up a company to do this properly, or could I get PLI on my own?

If I had to set up a company for this, could I make it dormant just to get the PLI sorted?

Thanks in advance.

 

[steve23]

Hi,

Unless whoever you were dealing with states otherwise, a company does not have to be a 'ltd'.

If a form asks for your company name you can simply put whatever it is you are calling yourself, or if you don't have a name, put your name.

If you are 'Mark Smith' who repairs tellys, and had no want of any better name, I'd put 'Mark Smith TV repairs' etc.

All the best

Steve

 

[populo]

You will need to invoice any customers you have, so whatever name you will put on the invoices, is the name you should use as your company.

If you are starting out as a sole trader, then you do not need to set up a company. Though don't forget registering as self employed if you havent already done so....

 

[LawontheWeb]

Soletraders and partnerships are usually not ltd and they get PLI so you should be fine. Maybe their questionnaire means business name as opposed to company name.

 

[falcon]

along with PLI you may need indemnity insurance to, for example i teach drivers in a classroom PLI needed, but what if he crashes after the training session and blames me for it, i have profession indemnity insurance against it, the good thing is that most PLI will have an add on so it might not be too bad.

Regards
steve

falcon driver training

I have a hobby that I may be able to turn into a small part-time business, to supplement my main income. After doing some research, given the field and contracts I may be going for, I will probably need PLI as I will be dealing with the public.

Don't mind that, but when I did a quick check on comparison websites, they always ask for a company name. Would I have to set up a company to do this properly, or could I get PLI on my own?

If I had to set up a company for this, could I make it dormant just to get the PLI sorted?

Thanks in advance.

 

[Simply Business]

I agree with STeve.
The Public Liability insurance policy for a sole trader is usually stored under your own name. We usually store a sole trader policy as "<customer> trading under <company name>"
For example, you can compare quotes online on our site and use your own name.

However, if your business turns out to be bigger than expected, registering your company is not a bad idea. You might find some useful information on the Startups.co.uk website: http://www.startups.co.uk/registering-as-a-sole-trader_2.html

Jasper Martens

 

[Bob McG]

Thanks for all your replies guys. I may not need to even think about it for quite a while yet, but at least I know it's do-able.

 

[logicfusion]

You will probably get a few quote requests from insurance companies now you have posted! )

I don't think I ever came across an insurance website that required a Ltd name. In any case just add yourname T/A companyname when requested if they haven't got a tickbox for 'sole trader'.

Good luck.

 

[lockyer]

Top tip, if you are having to ask "if" about insurance, ask an insurance broker. They will answer your questions for free and guide you in the right direction, and save you money.