Hi there. I have been running a small payroll service business for a couple of years in addition to my main full time job and I just want to make sure I'm dotting the i's and crossing the t's.
I only earn a small income from the handful of payrolls that I do (less than £5k).
Question is, for such a small entity, how do I prepare SLA's/contracts and is there anywhere that would offer PI insurance for such a small set-up? Appreciate your feedback.
Replies (4)
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I take it you are a sole trader. Your big risk is unlimited liability, if you make some sort of mistake or you fall out with a customer and can’t afford the legal bills to defend yourself. Consider setting up and operating as a limited liability company. This will involve you learning all about running a company if you don’t know already.
Your other option is to work as an employee for your current customers, with the attendant bureaucracy of multiple employments for you and the bureaucracy for your employers.
You could decide just what you want and why you want it. As a business £5K a year gross is neither here nor there. If you want to earn money then you need to expand. Think how to do that. If there are other reasons, could they be achieved in another way? All food for thought. Lastly, I wish you well in whatever you decide.
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PII. Doing any work without insurance is daft. You are trading. Your fault if what you do is wrong and costs or loss incurred