Professional Indemnity Insurance required

[Onthebrightside]

Hi,

On first Feb I need to renew my professional indemnity Insurance. It's currently £87.91 for £250,000 of cover with no excess. I work as a virtual PA and this covers any mistakes I might make and solicitors fees if required.

Advice on any cheaper options or clarification that £87.91 is a good price please.

Thanks for any advice/assistance anyone is able to provide please.

 

[WaveJumper]

@Frank the Insurance guy has to be your first port of call. One question are you sure £250k is enough cover I am sure Frank will have a view though

 

[Onthebrightside]

@Frank the Insurance guy has to be your first port of call. One question are you sure £250k is enough cover I am sure Frank will have a view though

Thank you for your suggestion of @Frank the Insurance guy. To be honest it's mainly admin, there's very little I can do wrong but the agency I work through insist on at least £250k of insurance for me to operate.

 

[Bob Morgan]

250K Cover seems a little light

 

[Frank the Insurance guy]

Hi @Onthebrightside,

You are at low end of the Risk spectrum so premiums would be on the low side.

Anything under £100 per year is a great deal and you are not going to get anything much better that you are currently paying.

If you are paying £87 per month, then that is £1000+ per year, which is way over the top for a limit of £250K.

Whether the limit is adequate is completely up to you - you need to consider who your client's are and what would happen if you did get something wrong. Would a mistake cost your client over £250K to put right?

 

[NWH]

Cost appears OK, but I think you need to up the cover. £1m is more realistic and it does not mean a £350 premium.

 

[Onthebrightside]

Thank you everyone for your help and opinion with this, looks like I will let it automatically renew and contact them with a view to possibly upping my liability rate.