Suited is currently only available in the United Kingdom.
Professional indemnity insurance provides peace of mind by covering you against potentially costly negligence claims.
Many self-employed professionals and small businesses are either confused about the term “claims made basis” or are completely unaware of its existence and impact.
It’s possible but it’s not common, nor is it cost effective. When it comes to DJ liability insurance one day coverage tends to be relatively expensive because it is not what insurers like.
The Institute of Certified Bookkeepers recommends that practising bookkeepers in the UK should have some level of professional indemnity insurance. Namely at least £50,000 or 2.5 times of the annual turnover.
Freelancers and small businesses often say “I don’t need insurance, I’ve got no issues with my clients”. And hopefully that’s how it will always be for you. But every now and again something happens and client relations rapidly change. Just like it did for these business owners.
Just because you have set up a limited company in the UK doesn’t mean you need professional indemnity insurance. Your need for this type of cover is determined by whether your company is trading and what it does.
Professional indemnity and public liability insurance are legal covers. They protect you and your business against legal claims, though the nature of these claims differ.
When it comes to start up business insurance costs UK insurance providers have the tendency to treat aspiring business owners with some caution.
There are a number of factors that determine how much you will pay for business liability insurance - your profession, the extent of your business activities, how much you make and your claims history.
There are a number of gauges you can use to assess the right answer for your situation unless it isn’t already made clear to you in the proposed IT contract conditions you have received from your agency or a client.
A question that has recently risen in popularity among contractors as a result of the updated private sector IR35 legislation. Previously HMRC was mostly focusing on the larger companies but now they’re turning up the heat and individual contractors are very much in the spotlight.
Imagine you’ve just delivered the last piece of work for your client and plan to take some time off, perhaps for good. Cancelling your professional indemnity cover is an option but not a very good one.
A retroactive date in insurance is a line in the sand which determines a specific point in the past from which your insurers have agreed to insure your work.
