Business Insurance for Sole Trader, Freelancer/Consultant

[JonF5]

Hello All,

I'm setting up as a freelance salesman/consultant.

In all likelihood, I'll be working from home mostly but will also plan to be on site with the customer when the time is appropriate, also potentially do some trade shows too when the time's right.

The question is this; as a sole trader with no 'product' other than me and my equipment, I'm seeing prices for around £300 for business insurance (public liability, professional indemnity and possessions at the office/on the road).

Does this sound about right? I don't want to cut corners, but equally if there is an insurer that does what I'm looking for, specifically for people like me at a lesser cost, then great.

Is there anyone that can offer advice?

Thank you!
Jon

 

[AllUpHere]

Sounds cheap. My professional indemnity insurance for consultancy work is about that.

 

[Mr D]

Sounds about right. Last time I set up think it cost about £250 but I didn't have possessions cover outside home.
And a grand excess.

 

[JonF5]

Excellent, thank you both! Would anyone be happy to share what value they arrange cover for on the professional indemnity side of things? (I realise that may be a bit of a 'how long is a piece of string' type question).

I'm working the freelance sales and consultancy route, so I would hope never to actually need it, but would rather err on the side of caution.

 

[AllUpHere]

Professional indemnity £500,000 £500
Legal protection £100,000. £0
Crisis containment £25,000 £0

First figure is cover, second is excess. This is for marketing consultancy.

 

[JonF5]

That's excellent, thank you for the info!

 

[AllUpHere]

That's excellent, thank you for the info!

I had a look at my policy and actually the price was closer to 200 than 300.

 

[JonF5]

I've only taken the briefest of looks, but added just about everything that I could including legal expenses cover etc. so it worked out around £280-ish