Insurance

[fattony]

I've been thinking about setting up a electrical company to put private work through etc and hopefully in time leave my current job and work for myself full time.

I looked at the fees on the part p website, it looks like it costs £411 a year, is this correct?

Obviously I'd need £2m public liability insurance - how much is this likely to cost per year? (rough figure)

When issueing certificates isn't there another type of insurance I'd need, again how much would I need to be insured for and how much would this (roughly) cost per year.

Im basically looking at domestic work and in time moving into light commercial
______________________________
Lynda, moderator

Post moved as its not electrical, others may also have an opinion / advice

 

[sparky40]

Hello fattony,

You may require indemnity and liability insurance. (Mine is £150 but is discounted )


Certain bodies ie Nappit have discount's with certain brokers. Try calling Clarke Roxburgh Insurance Brokers in Redditch, they are on the ball and quick to respond, ( well they would be !!!! ££££ ).


Hope this is of some help.

 

[fattony]

Is the indemnity insurance just to cover you when issueing certificates? is there a certian value you need to be covered for?

Its not exactly going to be cheap to set this thing up then is it, part p two lots of insurance policy's before I've even got an ad in the paper

 

[Taylortwocities]

Fattony, yoiu dont say if you haveany qualifications. Insurance companies discount premiums if you can show you are qualified (reduces their risk).

What's on your certificate display this week?

TTC

 

[fattony]

On my certificate this week.........


Just NVQ 2 & 3, planning on doing the 2391 very soon

 

[Taylortwocities]

Any C&G 2360/2330 or 2381?

 

[Biggles..]

ODPM also now advises that the honeymoon period is over and you should also have an insurance backed warrenty to cover your work for upto 6 years(not sure if thats what Sparky40 ment by indemnity).

 

[fattony]

Any C&G 2360/2330 or 2381?

Yep I think its 2381 Part 1 and 2 would have to look to be 100%. Basically a 3 year apprenticeship

 

[Gary_M]

My work is very different, but to give you an idea - my liability insurance is £285 per year and this covers me for £5 million.

 

[simon_d]

Any C&G 2360/2330 or 2381?

Yep I think its 2381 Part 1 and 2 would have to look to be 100%. Basically a 3 year apprenticeship

2381 is the IEE regulations. not a 3 year apprenticeship