Oil and Gas Insurance

[flyingsausage]

My new employer wants me to go self employed and I need £5million of Public Liability Insurance for myself covering onshore Oil and Gas I'm not having much luck with finding this insurance as the moment I mention Oil and Gas no one seems interested.I was wanting some advice on what insurance companies or brokers could cover me for this

 

[bomjac]

Expect to pay something in the region of £300 - £600 for this. Not sure of names of companies that do it, but do some googling and phoning around from the web. All of the mainstream companies will be looking for around £1k+ so only phone them if you are looking for a giggle.

Do your sums carefully around the self employed part, taking into account the fact that you may probably be responsible for paying your own holidays, employees and employers NI contributions. If they want you to go self employed, then ultimately you may have no option in the matter.

I am curious who its with and where, PM me if you don't mind sharing it (I am gainfully employed atm, not like I'm trying to steal your job )

 

[Dave Buchan]

I haven't used these guys in a while so you'll have to give them a buzz to see if they still offer the insurance in their packages, but rather than take out your own individual insurance for oil & gas or any hazadous areas for that matter, ask your new employer if you can be paid through an agency and use stirling accountancy Sterling Group - the base for contractors to have your money wired into your account. You'll pay a weekly fee for the priviledge of using them (about £20 quid) but when your oil & gas contract comes to an end you can just simply stop using them, carry on as you were and all you'll have to worry about is handing all your sterling payslips to your accountant at the end of the year.

Hope this helps

 

[bomjac]

Based on 40 hour week at £20 per hour, I cant for the life of me see the benefit of using Sterling here. They take £23 just for the privilege of processing your money for you. You will still be liable for the business tax, PAYE, employees and employers NI as well as having to file all your tax returns etc. at the end of the year. £23 a week will more than cover the cost of yur insurance, which is tax deductable, and will most likely be available in installments.

Why not take the 15 minutes it takes weekly just to make up your own invoice and sent that on to the client yourself ?

The PAYE equivalent is £538.97
Gross income from agency is £800.00
STERLING TECHSERV CREDIT TO BANK £777.00

 

[Dave Buchan]

Alright bomjac, I understand your point and you will most definitely be better off being genuinely self employed providing you can get the adequate PI insurance in place. If the flyingsausage still needs to work though and can't find an insurer this is just merely an alternative method to get round the insurance problem, yes you will take a hit on your wages but it's certainly better than ending up at box 4 at the jobcentre.

Cheers,

Dave

 

[flyingsausage]

Thanks for replying to my question about insurance.After speaking to the Inland Reveue I decided it wasn't worth the hastle of going self employed for a four month job and am staying paye.I was quoted £550 for a comboned policy with included Public Liability Insurance