Indemnity Insurance

[JohnHarrison]

This appears to the forum for this question. I think.

A young friend is considering renovating homes - becoming a contractor builder. He will help with the skills he possesses, but will have to hire in plumbers, electricians, etc as needed. He has a good network of guys.

How much these day is professional indemnity insurance in the London area? An ideas?

http://www.contractorweekly.com/con...news/449-does-cheap-pi-insurance-really-exist

The article says £147 per ann. That sound very cheap.

Thanks and...

 

[^woody^]

He needs public liability insurance for contacting, not professional indemnity insurance which is for professional services.

It's less than £100 in parts of the country, so £147 may not be too bad, but he should go compare the meerkat.

 

[Newboy]

Depending on how he plans to trade he may well also need employer's liability insurance. Not to mention registering with HMRC for CIS purposes.

 

[KenGMac]

JohnHarrison, HI.

If your young friend is bringing in, directing and instructing what are seen as Sub-Contractors then this Young person is acting as a so called "Designer" that is a person who [obviously] designs the on-going work.

In this situation, your friend WILL require Professional Indemnity Insurance.

Suggest your Young Friend contact an Insurance Broker and discuss the Implications, any large firm of brokers who handle Commercial insurance should be capable of providing [Free] advice, having said that take whatever advice is given and shop around on the web, Brokers tend to be "tied" to one or other of the large insurers and as such will "guide" your friend to a preferred, to the broker, Insurer.

Ken

 

[angelboy]

Have a look at Contractors all risk insurance as well.