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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Contenders would be:
PFP
Vantage
Croner
I insure just because I have to per ICAEW expectations
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.
Croner gave me a very good price, but croner reputation when trying to stop any product at all put me off
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.
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.
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.
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.
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).
