Public Liability/professional Indemnity Insurance

[toolsparky]

Hi. Looking at starting a new business doing Domestic and Light commercial work to include EICR's.

NAPIT say I need a minimum of £2 Million Public Liability and £250,000 Professional Indemnity.

How much are you guys paying for this kind of insurance and who with?

Thanks

 

[Sharpend]

Try NAPIT INSURANCE???

 

[Sidewinder]

About 2-3x+ what you will pay for yours to do just electrical works under BS7671!

 

[steptoe]

a lot depends on what exactly you want your insurance to cover, and how big a risk your insurance company think you are,

PL , 3phase, working at heights, aerials, etc etc

PI , experience, type of work[as above] , qualifications etc etc

my PL is about 40£ less than my mate, and I do more types of work than he does,

same for my PI, Im paying well over 100£ less for more stuff covered,

so its like asking how big is half a hole,?

 

[Sharpend]

Well, just how big is half a hole?

Just.........................halving!

 

[sprocketflup]

twice the size it should be

 

[ProDave]

Well, just how big is half a hole?

Half as big a a whole hole.

 

[steptoe]

half as big as it needs to be  :C

 

[Sharpend]

twice the size it should be

Wouldn't that make the original a quarter? If half is twice the size it should be?

 

[sprocketflup]

Depends if it was dug by Oscar pistorius

 

[Sharpend]

Was he shooting blanks or half bullets??

 

[sprocketflup]

How many half bullets does it take to fill half a hole?

 

[kerching]

How many half bullets does it take to fill half a hole?

A barrel of grapes.....is the correct answer

 

[SLIPSHOD & SLAPDASH]

We have been with the Napit scheme direct with the broker's for at least 8 years now. No one else inc Niceic can get a price anywhere near. The premium is based on turnover.

We have never been registered Napit either, this is declared.

 

[Doc Hudson]

Hi. Looking at starting a new business doing Domestic and Light commercial work to include EICR's.

NAPIT say I need a minimum of £2 Million Public Liability and £250,000 Professional Indemnity.

How much are you guys paying for this kind of insurance and who with?

Thanks

I will translate a summary of the above posts. The best answer is for you to ring two or three brokers and get some quotes as will any insurance several factors relate directly to you and you alone. 

Doc H.

 

[Evans Electric]

My PL  is for £5M  ..not very expensive TBH.

Don't mention any kind of soldering or use of a  gas torch ...........unless you also do plumbing of course. 

 

[Sidewinder]

Try Welding Deke!

That bumps your PLI up as well.

I have to have cover for soldering, plumbing & welding.

Plus the design & consultancy work on the PII, for both engineering & H&S works, so my PLI & PII costs will bear no resemblance to most on here.

Yes a lot of PII is turnover based, but the also look at your works normally.

Plus I have had a discussion with my insurance broker today about getting EU wide cover, now apparently that bumps the price up even more!

That is for the next renewal though, and I may even go for worldwide cover if it is not too much as it will open more doors for me.

 

[Evans Electric]

Bloody Hell Sidey , that sounds expensive ....Worldwide ?  How come ?

 

[Sidewinder]

It pays better Deke!

6m away, 3m home for the same money, and not in one block!

I'd be looking at 1m away, then 2w @home etc. for twice+ the money I can get in the UK perhaps, still sorting out the detail;

 

[NozSpark]

Any room in your suitcase