Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.

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Havymo
Posts: 1
Joined: Sat Jun 26, 2021 11:39 am

Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.

Post by Havymo »

For all of you that are external TM's and olicence holders. Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.
Appriciate your help
holpa
Posts: 56
Joined: Thu Jun 03, 2021 2:48 am

Re: Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.

Post by holpa »

It shouldn't matter if others have or not.
If you feel you should, then have it
stevemaury
Posts: 65
Joined: Mon May 31, 2021 8:05 am

Re: Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.

Post by stevemaury »

Yes we do. Professional indemnity and public liability is a good idea. 👍🏻
gnarly1014
Posts: 5
Joined: Sat Jun 05, 2021 3:47 am

Re: Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.

Post by gnarly1014 »

Professional indemnity and Public Liability are a must albeit I have never had to use it.
jerha202
Posts: 24
Joined: Thu Jun 03, 2021 2:20 am

Re: Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.

Post by jerha202 »

Public liability and professional indemnity 👍 never had to use it but it’s like with any insurance - you don’t need it until you need it
a1topdog
Posts: 1
Joined: Sat Jun 26, 2021 11:42 am

Re: Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.

Post by a1topdog »

In what situation would you need to have insurance if you are an external Tm ? Just curious as a lot of people say it's a must.
retroworx
Posts: 14
Joined: Wed Jun 09, 2021 10:50 am

Re: Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.

Post by retroworx »

a1topdog wrote: Sat Jun 26, 2021 11:43 am In what situation would you need to have insurance if you are an external Tm ? Just curious as a lot of people say it's a must.
if you gave incorrect advice and your client is prosecuted as a result, for example, they can sue.
sand_danser
Posts: 54
Joined: Fri Jun 04, 2021 7:31 am

Re: Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.

Post by sand_danser »

For all those who have an insurance in place, which insurance agent/company do you use and what are the cost? Thanks.
kooksee
Posts: 14
Joined: Tue Jun 08, 2021 9:00 am

Re: Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.

Post by kooksee »

Simply Business, costs me £60 a year for 50k PI and £1m PL. Would be mad not to pay for it tbh.
AKJ
Posts: 2
Joined: Tue Dec 14, 2021 10:54 am

Re: Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.

Post by AKJ »

kooksee wrote: Sat Jun 26, 2021 11:45 am Simply Business, costs me £60 a year for 50k PI and £1m PL. Would be mad not to pay for it tbh.
I'm getting quotes for this at £147!
Bluecorn
Posts: 376
Joined: Sat Jul 10, 2021 6:58 am

Re: Do you have insurance. Ie professional indemnity insurance? Just in case something unforseen happens.

Post by Bluecorn »

kooksee wrote: Sat Jun 26, 2021 11:45 am Simply Business, costs me £60 a year for 50k PI and £1m PL. Would be mad not to pay for it tbh.
Blimey, I thought the norm for Public was £5 million! A short while back I had similar priced quote but it was for £1m PI and £5m public. If things go wrong for PI, £60k wouldn't go far - just a thought.

For ETM's its as much having the Ins to defend against a claim as it is if you've done something wrong and the client wants compensation. Its a big step from a driver or operator getting prosecuted and the ETM doing something wrong. Thats where a contract starts to have an effect.

Obviously, or at least I assume obviously, for the employed TM, the business has suitable PL insurance cover anyway. AFAIK, PI wouldn't apply to internal advice being given as the insured can't claim against themselves.
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