Public Liability Insurance

[Steve D]

New to the game and looking for insurance.

I've been online looking for £2m for a sole trader/one man band, and quotations seem to be in the region of between £70-100. Is this typical ?

Cheers
Steve

 

[Yooj]

Yes...pretty typical...can be a bit cheaper, and a bit more....If you are going to be doing any Periodic Inspections, then you will also need Professional Imdemnity...estimate doubling/tripling your existing quote to add PII.

Yooj

 

[Steve D]

Why do you need more coverage for doing periodics than if you were doing initial verifications ?

 

[Yooj]

Because you are providing a professional opinion on somebody else's work, and you are saaying whether it is safe for continued use...and should you deem an installation as safe, and someone was subsequently killed due to it being unsafe, then you will be up infront of the judge explaining yourself...and hence Public Liability will not cover you for this, but PII will, assuming you were not being wilfully negligent that is.

Yooj

 

[smithy]

Yes, prices are about this figure. I'm a general residential electrician with 10 years experience and pay £60 a year for £2million cover. My friend is with the same company but he has 3 years experience and pays £101 a year but he has £5million cover. As with any insurance it is all about your specific details.

I briefly looked into Professional Indemnity but as I don't do inspections and don't give out advice, I didn't actually need it so just stuck with my public liability insurance cover which does the job. Never had to use it (touch wood) but you can't not have it for a measly £60 a year!