Business Insurance

[kme]

Its that time of year again...........................

Renewal quote arrived for PLI - so thought I`d have a look around.

Also thinking that it was about time we considered PII, too - though it does ramp the prices up.

I recalled a previous thread, where Napit insurance were vaunted as hard-to-beat; so, as well as the usual routes, I asked NIC and Napit for quotes.

Napit are still in discussion as to whether they`ll provide cover -their standard insurance only covers supplies to equipment up to the local isolator - they don`t like the idea of someone possibly shutting down a factory cos they blew up a machine :slap

Then we had the NIC guy. Apart from being in a noisy environment; and asking sillly stuff like :" do you want employers liability"; when the previous question had confirmed that we don`t have any employees.....

Their insurance quote has come back as amazingly competitive - includes, as standard

 - £75K PII

 - £5M PLI

 - £100K FTP (failure to perform)

 - £25K tax investigation cover

 - £1K H&S breach cover

All within 10% of last year`s PLI alone cover!!!!!!!

Well impressed 

 

[Evans Electric]

How MUCH Martyn  ?

I only have PL  incld.  3ph  up to £5,000,000    @  £ 145.00  with Gladiator in Swansea.

 

[NozSpark]

My 3ph £5m PL cover has just cost me £128

 

[Steve3948]

NIC £88.00

 

[Sidewinder]

Ours is going on for 20x the highest price quoted on here so far!

 

[Andy™]

well stick to boring domestic work then!

 

[steptoe]

My 3ph PL is about £100 iirc

5mil

 

[Apache]

Ours is going on for 20x the highest price quoted on here so far!

Our public and employer liability insurance is cheap, it's the indemnity insurance that costs!

 

[sprocketflup]

£106 for 5million PL and PI ...cant remember with Trade Direct, who I have been told don't like paying out in the event of a claim.

Hang on, so the others do? Insurance companies are bloody conmen, all of them will do all they can to wriggle out of paying out, tossers

 

[sprocketflup]

That's coz you employ monkeys ^^

 

[kme]

How much??

£116 mate :slap

 

[brummydave]

I know this thread is a little old, but there's surprisingly few threads on insurance on this forum, or so the search tells me anyway, and I've been going through some interesting quotes lately so thought I'd share...

I do wish I'd tried NIC now, even though I'm not one of theirs...

However I was looking for £250k indemnity (PII) and £2mil liability (PLI), and after some discussions a few other bits and bobs as well like temporary employee cover.

My turnover is so minimal it makes insurance a high percentage but necessary. As I mentioned to them I plumb in the odd shower, fit the occasional Surestop (by the bonding - nice extra ) and have been known to plumb in a wash machine then they've added 'plumbing' cover which certainly added a whack.

So, it seems £5mil PLI costs about £40pa more than £2mil, FTP insurance (they used another term I've not heard of - Inefficacy)  adds a bit for A-plan, legal cover is another £30,

And I came out with

A-Plan at about £400

Napit Insurance was £340 which also added £3k tools, £500k indemnity and Financial Loss,

I gave up with Trade Direct as it went to silly money as soon as I added 'a bit of plumbing' into the quote. They started off as £120 for PLI but soon got to over £500!

I'm not surprised people don't shop around much as it does take a while and several phone calls doesn't it!

Keep safe.

 

[Sidewinder]

The insurance is efficacy, it it to do with failure to perform.

Think professional brewers droop!

My insurance is 10x that, have you provided them with a list of the work that you actually take on?

 

[danny7299]

We are with hiscocx ( napit )

They cover the stores (15k ) for theft / fire

Offices ( 10k ) for theft & fire

10m for public liability

500 professional indemnity

4k tool cover ( as long as there in the vans )

30k if I snuff it

And a load of legal cover too

Ohh and employers libility

Think that around 900 a year

To be fair it's about what other people where charging ...

We had s claim when one of the vans got done over .... Rang them up and gave them the police ref .... Money was in the next day ... Carnt grumble at that

 

[brummydave]

Not a written list, but a very detailed question and answer telephone conversation again. I believe she had to write it all down and then approach Hiscox! As a part time sole trader it was quite hard to say ' I regularly do this' as I don't regularly do anything. Bit of EICRs, bit of maintenance, bit of PAT, bit of installation, bit of renovation etc etc.