Aargh! How can I find out ball park figures for professional indemnity and public liability insurance?

[MyNewVenture]

I am trying to put together some costings for these two insurances. It is complicated because my options are:

i) Set up on my own. My business idea is very low risk, so I could set up as a sole trader with the relevant insurances

or

ii) I have been offered the option of running it on the back of a bigger well known business, but feel the need the protection of a limited company if I do this. This will mean I will also need to have a website etc and will increase running and set up costs. These increase costs may mean the actual service will be too expensive for my market.

I therefore need two sets of quotes. I have just had THE most unhelpful conversation with confused.com, who were unwilling to provide quotes unless I am already in existence as a business.

I simply don't believe that people go ahead and set up businesses without finding out the costs of these insurances first.

Can anyone recommend someone helpful or another site? Also, how do I know how much cover I need?

Many thanks

[wonkylegs]

Try a professional broker. Depends on what you are doing but there are companies which specialise it certain sectors.

[Alibabaandthe40nappies]

We have ours through a company called Qdos. Their website is very good.

The costs will vary depending on your area of work. Our level was set largely by the contractual demands of the companies that we do business with, which is fairly standard across our industry. Is there a professional or regulating body for your area of business?

I don't understand why you will need a website only if you go the Ltd Co. route? Surely you will want to promote your business whichever way you set up?

[MyNewVenture]

Thanks.

Aliba - it was only ever meant to be a small concern generating a very small amount of work for me. I wanted to keep costs really low.

[Vix07]

Use someone who specialises in small businesses. Try www.simplybusiness.co.uk/insurance/professional-indemnity/

Or you can usually arrange something through your professional association who will often either have access to a specific scheme or even offer basic insurance as part of their membership.

I have been out of the industry for c 3yrs but certainly it used to be possible & cheaper to arrange a decent liability package as a sole trader.

[Alibabaandthe40nappies]

If you want to keep things small then do that and go the sole trader route. If you set up as a Ltd then you will have that initial cost, plus accounting costs to bear in mind.

Good luck :)

[MyNewVenture]

Thanks so much.

Just been chatting to my accountant, who says sole tradership should be fine

[sausagerolemodel]

My PLI costs £12.75 a month. For £1M coverage.