I've recently started my own company and need to take out PI and Public Liability insurance.
All the quotes seem quite high considering I work out of my living room on a laptop! It's a marketing, PR and digital agency, the only 'risk' is in me not providing the services to clients. Most of the work done will be provided virtually.
Any advice on where to go for small business insurance? And is between 300-400 pounds the norm? (Sorry, pound sign is broken on my laptop!)
If it is a limited company it needs Employers Liability insurance too, check that is included in the quotes you are getting. Can you opt for a lower limit on the Professional Indemnity cover? Are you being over-optimistic on the level of turnover you are rating for PII? Are you a member of a professional body - do they have a recommended insurer that may offer a discount?
I use Hiscox for PL and EL, PII is Towergate (through professional body).
I pay more than that, but PI cover for accountants is expensive (not as bad as lawyers though!)
Does your industry have a central body? Do they have associations with particular insurers getting you good deals? I cut my public liability, property, and business insurance in half and included in this was key man insurance that we did not have before by using an insurer associated with my professional body.
> Ah - now that's not been mentioned by my accountant or my solicitor!
They may be relying on the exemption for a company that only employs one person who owns at least 50% of the share capital, but an EL add-on makes so little difference to the cost of PL cover it is not worth not having IMHO.