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Fee protection insurance

Best vfm for a micro practice?

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Hi,

I'm looking at offering fee protection insurance however as I'm not DPB licensed I'd have to have a practice wide policy I believe, with this in mind can someone recommend a policy for tiny practice?

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By Paul Crowley
15th Oct 2021 08:30

Contenders would be:
PFP
Vantage
Croner

I insure just because I have to per ICAEW expectations

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Replying to Paul Crowley:
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By SouthCoastAcc
15th Oct 2021 10:08

Thanks Paul. I'll have a look at PFP and Vantage, from searching I believe Croner have a minimum policy value of £2k which is very high for little me, if I were turning over £200k it would be no problem.

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Replying to SouthCoastAcc:
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By Paul Crowley
15th Oct 2021 10:14

Croner gave me a very good price, but croner reputation when trying to stop any product at all put me off

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FirstTab
By FirstTab
15th Oct 2021 09:44

Fee protection is such a con. No different to other types of insurance.

I had it for years. I made two claims in one year and my premiums increased by a significant amount.

Also my experience with pfp https://www.accountingweb.co.uk/any-answers/pfps-insurance-company

I no longer have fee protection (reduction) insurance.

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Replying to FirstTab:
boat
By SouthCoastAcc
15th Oct 2021 10:09

Thanks FirstTab will have a read.

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By Moonbeam
15th Oct 2021 15:13

My practice is sadly also very small these days.
I doubt that I'll ever need the fee protection bit.
But I do need the advice.
I tried Croner for a year and far too often got through to students reading from text who knew a lot less than I did about the problem.
So I switched to Vantage, (recommended by Awebbers) which is slightly cheaper and what a difference!
I've had to use all the helplines over the last year and the people advising me have been top notch. And they've kept the price the same for the forthcoming year.
I've never had to put up with substandard advice even once.

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By Matrix
15th Oct 2021 15:19

We use Vantage too and only insure a handful of clients as the take up was so small. You still get the helplines so works well.

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By JD
15th Oct 2021 19:46

A vote for firm wide vantage from me. Minimal cost per client and includes the usual tax, HSE and legal helplines, and useful cpd webinars.

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By acornsouthwest
18th Oct 2021 13:08

Avoid Croner if you view the helplines as important. Not once have they been able to answer a query without just repeating the HMRC manual, being told on one occasion they have never worked in tax or seen a tax return! When speaking to the employment helpline was told they wouldn't speak to me on behalf of my client, as it was HR not payroll query (it was about SSP).

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Replying to acornsouthwest:
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By Paul Crowley
18th Oct 2021 15:19

We had that problem in the past with prior providers

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By SouthCoastAcc
18th Oct 2021 14:06

Thanks all Vantage sound very good so I'm going to give them a try.

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Slim
By Slim
18th Oct 2021 14:19

I need to look into this too. will give vantage a call.

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