Client Professional Indemnity Policy

[Onthebrightside]

Hi all,

Looking for help again

Client is currently paying for Prof Indemnity of Public £5,000,000 / Prof Liability £1,000,000 and Employers Liability £10,000,000. He's in the rather niche market of ‘economic consultancy’ and therefore could only find AXA who were willing to do a PI policy.

Questions:

1. Does anyone know of any other insurance companies that insure for 'economic consultancy' I could try to get a quote off?
2. He's being asked to renew at £912.55 this year (2021 was £532.82, 2022 was £850.05) is this reasonable price do you think?
3. He is a Limited Co., there's just him on the wage roll, everyone else is self employed and work remotely (i.e. there's no office)
- does he need Employers Liability?

Any help would be gratefully received.

Regards,

 

[Frank the Insurance guy]

1. Does anyone know of any other insurance companies that insure for 'economic consultancy' I could try to get a quote off?

There are plenty of insurance companies that will provide a quote - they will generally class it as a "Business Consultant" and then within the quote will drill down into what area of business consultancy they get involved with.

Your client needs to speak to an Independent Insurance broker for a quote.

What is your position here and why are you finding a quotation for the client? As a broker I would need to speak to the client directly to provide a quote, not someone acting on their behalf. What if you get something wrong?

2. He's being asked to renew at £912.55 this year (2021 was £532.82, 2022 was £850.05) is this reasonable price do you think?

Too many variables to advise on whether this is a good premium or not. Your client needs to speak to a broker to carry out a quote exercise - its the only way to know if they have a good deal or not.

3. He is a Limited Co., there's just him on the wage roll, everyone else is self employed and work remotely (i.e. there's no office)
- does he need Employers Liability?

If more than 1 director or employee, then yes they have to have Employers Liability cover (by law). Whether the self employed are deemed to be employees will depend on a number of things, including whether they are under the supervision &/or control of the company and whether the company is providing the tools/equipment to do the job. If in doubt, your client needs to seek legal advice. However in practical terms I doubt they are paying more than £50-£100 of their premium towards Employers Liability cover and would therefore suggest they keep this cover in place.

 

[Onthebrightside]

There are plenty of insurance companies that will provide a quote - they will generally class it as a "Business Consultant" and then within the quote will drill down into what area of business consultancy they get involved with.

Your client needs to speak to an Independent Insurance broker for a quote.

What is your position here and why are you finding a quotation for the client? As a broker I would need to speak to the client directly to provide a quote, not someone acting on their behalf. What if you get something wrong?



Too many variables to advise on whether this is a good premium or not. Your client needs to speak to a broker to carry out a quote exercise - its the only way to know if they have a good deal or not.


If more than 1 director or employee, then yes they have to have Employers Liability cover (by law). Whether the self employed are deemed to be employees will depend on a number of things, including whether they are under the supervision &/or control of the company and whether the company is providing the tools/equipment to do the job. If in doubt, your client needs to seek legal advice. However in practical terms I doubt they are paying more than £50-£100 of their premium towards Employers Liability cover and would therefore suggest they keep this cover in place.

Thank you for the advice, much appreicated.