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Streetwise Answers

How do I gauge the right level of professional indemnity and public liability cover I need for my company? I am sole Director and sole employee (at present).
I've obtained a number of quotes from insurance brokers, but they seem high for the work I do (and the money I'm making) and I'm reminded of the Warren Buffet saying, 'never ask a barber if you need a haircut'.
Phil Evans
Specialist Field: Energy Efficient Technology Project Management

Public Liability relates to your legal liability for injury or damage to third parties and if your work is of a consultancy nature then premium should not be that great. The basic limits start at £2m which should be adequate although higher limits can be arranged particularly if a requirement under contract with your customer. If any manual work is undertaken the premiums will reflect this.  

Don't forget Employers Liability if you have any persons working under your control, whether directly employed or not.
Professional Indemnity covers your legal liability for the financial losses of third parties arising out of your errors, omissions or breach of professional duty. Here you need to consider the potential costs to your customer of an error or omission on you part. Limits start as low as £100,000 but again are often governed by contractual requirements so you should look at your contract or service agreement.  
Try to opt for a policy where costs are met outside the limit of liability and without application of the policy excess. 
Footnote: We would like to ensure that all Specialist Contractors have exactly the right insurance for your particular circumstances and at the right price. 
Our partners in this area are available toprovide expert advice and assistance. Please contact us at or call us on 01773 712116 for further details.

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