Public Liability Insurance?

[Big_Spark]

It is apparent to me that a number of qualified guys frequent this forum, and many of these would appear to be self-employed, undertaking jobbing work, rewires etc, whilst some appear to be employees of contractors or related organisations.

I am curious as to what Insurance you guys have for the work you undertake? Public Liability Insurance is a must of you are doing work for other people and being paid for it. It is not a legal requirement unless you are a registered company, but if anything goes wrong, it will stop you being seriously out of pocket.

What level of Insurance do you Guys have that have it?

To give you an idea.

FWL have public liability insurance, this covers us for up to £10 million damages and costs us £2397.29 a year. It's high due to the number of employees.

I personally have my own as well, this costs £122.30 and cover is up to £3 Million.

 

[dingbat]

I have £2million public liability insurance, which costs me about £82 a year. I've yet to test it (cross fingers) but it seems a small price to pay.

 

[securespark]

Great quotes, guys!!

My PLI (£1M with AXA) went up at beginning of Feb from 65 - 110 quid so I scrapped it and went with fortis at 80.

Where did you two go to get such reasonable quotes?

BTW, I have no claims at all in 8 years self-employment & don't work 3 phase.

Like to see if I can better my existing for next year.

 

[il78]

As a lot of you are self employed, would you recommend it.....I is kinda unhappy / bored with the current job....what are the pro's / cons

honest opinions please........

 

[Big_Spark]

Being self employed is not for the faint hearted. It takes discipline and determination.

Remeber that you may not have a regular income for a while, you are responsible for all your tax matters, paying NI contributions and many other legal requirements.

I have no idea where you live, but your local area would be a good thing to consider, how much work can you get, do you intend to buy a van and do jobbing in the region you live, or do you intend to sub-contract work from other contractors?

Other things to consider are Holidays, they may come and go and you not experience one, but even if you do, they will cost twice as much as before as you will not be earning whilst lying on the beach.

Perhaps you simply need a more challenging role with a different employer? Perhaps you should speak to your boss and see if you can learn to deputise for a Contracts Manager to get experience here, perhaps working along side a site Engineer?

I don't have a 2391 as I HATE testing and Inspection, I have people to do that for me and will not succumb, I suspect that you finding your role boring and lackluster.

 

[il78]

If they bought me a X5 that might take the boredom away...only for a bit though...

 

[Big_Spark]

If they bought me a X5 that might take the boredom away...only for a bit though...

X5....and I thought you had taste..they are cr*p. About as much use off road as a snowflake in the sahara.

 

[il78]

OFF ROAD.........I'll be using like the rest of them, the only off roading will be on the driveway.......

I would of said Hayabusa (not everyone knows).....cars just aint fast enough any-more......

 

[Big_Spark]

OFF ROAD.........I'll be using like the rest of them, the only off roading will be on the driveway.......

I would of said Hayabusa (not everyone knows).....cars just aint fast enough any-more......

Bit difficult getting a triple extension ladder,pair of 8 tread steps and all your tools on a Hyabusa though

 

[il78]

Yeah, but if I stick them across my back, and the speed of the bike, I'll be flyin to jobs.....hows that for service....

 

[securespark]

Self Employment...Hmmm

Well, it's been good for me.

My few must haves:

PLI

A good accountant (for me, £500 pa), but worth it as I am not good with figures. It even took me a while to work out that posters binary joke!!!

Keep your books written up and receipts stapled in a file, with reference numbers!

My boss used to go every year to his accountant, and I see the fiscsal chap rubbing his hands with glee. My boss would just shove every bit of loose paper he could find into a carrier bag and the a/c would sort it. VERY expensive!

Always answer the phone with the company name, and if you are out, consider forwarding the landline to a mobile. Costs 30p per minute for the priv., but how many customers just ditch the phone when they get a recording? It may take a few mins out of your day, but it pays its way for me.

Professional stationary. And don't forget if your trading name does not incorporate your own name (eg Smith Electrics) you must put "Proprietor Mr Smith" on your letterheads (assuming you are sole trader!)

If you are Ltd or VAT reg, then you need these no.s too.

Corporate wear.

I'm just a sole trader not VAT reg, so very small co. really, but I think image is all, so I have embroidered shirts sweatshirts and jackets

Don't forget (if you don't have them already) steelies.

I went to a swim bath in Wilmslow the other day. A company contracted to do some refurbing there by the local council were not weraing any safety gear on site No HH, no steelies, nothing . Shocking.

ID badges

And the list could go on, but I'll stop there!

 

[ban-all-sheds]

OFF ROAD.........I'll be using like the rest of them, the only off roading will be on the driveway.......

I would of said Hayabusa (not everyone knows).....cars just aint fast enough any-more......

Bit difficult getting a triple extension ladder,pair of 8 tread steps and all your tools on a Hyabusa though

Yo - but you could make several trips backward and forward carrying a bit of gear each time, assuming Plod doesn't intervene, and still be quicker than a van.

Or be the only person in the world with a sidecar on a Hyabusa..,,

 

[ban-all-sheds]

Always answer the phone with the company name, and if you are out, consider forwarding the landline to a mobile. Costs 30p per minute for the priv., but how many customers just ditch the phone when they get a recording? It may take a few mins out of your day, but it pays its way for me.

But don't answer the mobile when you're working. Self employed or not, if someone is in my house, being paid to do work for me, then that is what he does, not talk to his other customers or prospects.

Family/friend emergency situations - fair enough, but nothing else.

When I am in a meeting with a customer I turn my mobile off - anything else is rude.

 

[masona]

Family/friend emergency situations - fair enough, but nothing else.
When I am in a meeting with a customer I turn my mobile off - anything else is rude.

Agreed,we all coped before mobile was invented !

 

[mildmanneredjanitor]

Don't talk to me about insurance!

Some of my work is marine based.

£1,000 for £2,000,000 liability
£500 for Contractor fees

Just to step on the marina!

And that doesn't cover the domestic side either

In fact I must sort that out...

Oh, and another gripe! Why is when you ask for a price for something, you are told the ex vat price and not told it's ex-vat! It's just assumed that being a business you are vat registered! I'm still peeved about the price of my business cards. Mention no names...

Must let it go... PRONTAPRINT!!! Ooops!


Securespark!