Business insurance

[kerching]

It's renewal time and it's increased in price quite a bit. Currently with COVEA via NICEIEC as they've been cheapest for the last 3 years

I think it's
£300k PI
£10m PL
100k efficacy
£2m employers
1 casual labourer less than 50 days pa
No hot works apart from soldering
Height restricted to 10m
All the usual plus a few other bits which I'll list later

Last year £750
Now over £900

What's everyone else paying for similar cover and with whom

 

[Sharpend]

Mines £187 per month,
Jumped from £33 when I had to go limited.

 

[kerching]

Talked to them and found out I had loads of stuff I didn't need so they are requoting . Also have accident cover, wages cover etc

 

[Sharpend]

Is yours on a special because of Nic registration?

 

[kerching]

Is yours on a special because of Nic registration?

Quite possibly
Got cost down as I now don't employ anyone.....no employers liability
So no Directors/officer cover needed as that's covered by the PL
Just waiting for docs to,arrive so,I can have a good luck
Told them I was pissed off as had waited a day for a call back so I went on the 'cancellation' option and call was answered in 4 rings

 

[peterspurs]

Under £400 no hot works I am sure tool theft as well Axa previous year hiscox this year

 

[Sharpend]

That’s what I had originally as a sole trader, but go limited and it sky rockets.

 

[peterspurs]

I’m limited

 

[mort2376]

I'm thinking about changing to limited maybe this year but it does seem its just a massive jump in out goings to provide the same service.

As a sole trader I'm paying £38 a month for 5m PL, 150k PI, accident cover and 2k tool cover.

 

[peterspurs]

I don’t see any difference so unless there are benefits for you to go Ltd I wouldn’t
Also my company name was taken so still trading as my sole trader name

 

[Chewbacca]

I don’t see any difference so unless there are benefits for you to go Ltd I wouldn’t
Also my company name was taken so still trading as my sole trader name

The difference is legal liability, as a sole trader you could be sued for your assets, ie your home, as you are personally liable for any damages/ accidents. Now that's not really an issue if all you do is small domestic works. However, if you get involved with commercial premises, schools, very posh houses, blocks of flats, then your insurance may not cover the cost of a full rebuild should an electrical fault burn the place down. If you are doing such works, I would also recommend legal cover, just in case. Never had a need for that, but....

 

[NozSpark]

IIRC mines around £600 a year

£5m PLI
£300k PI
Employers liability for 1 casual employee
£7k tool cover
£100k efficacy

It’s the employers liability that stung me… it added about £200 on the premium!

 

[kerching]

added about £200 on the premium

That's what shocked me! They said if I do Use my 'temp' I can add him on just for that job. Tool cover they needed receipts, so that won't happen in a hurry

 

[binky]

That's what shocked me! They said if I do Use my 'temp' I can add him on just for that job. Tool cover they needed receipts, so that won't happen in a hurry

Part of the reason the staff went . I was paying £3k ish when I had 6 staff, plus vehicle insurance of rather a lot. One day I sat down, worked out the overheads, and concluded I could work 3 days a week and earn the same money without any of the aggravation...

 

[Goldstar]

30 yrs as sole trader then 10 as partnership with my son and we do all electrical works cover 2 million but schools and the like want 5 million cover ( we prob will have to up it sooner rather than later ) ref tools I presume we will get hit once every 8/10 years so Dont bother as what you save on premiums covers new tools on a van but we do have tools in steel chest in each van.Stock in the store is now covered after a recent bonfire got out of hand and we had about £15,000 in stock in there ( lesson learnt ) Ref going LTD that's something for my son to decide when I retire in 3 years BUT I DO NOTICE finance companies / banks pushing towards favoring LTD companies when purchasing vehicles and bank overdraft facility options.