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Level of Insurance

Level of Insurance

Hi All,

Just wanted some feedback on the following and thank you in advance.

My newly formed practice is currently looking at 40-50k annual turnover with clients of under £1m turnover

I was just wondering what is a decent level of insurance?

My current levels of cover are:

PI 500,000

Public Liability & Products Liability 500,000

Legal Expenses 100,000

My premium seems a bit high and was wondering if Im a bit high on cover

 

Thank you

 

Replies

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01st Nov 2017 13:28

Your professional body will have required minimum levels of cover - have you checked with them?

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01st Nov 2017 14:02

Don't post as anonymous and you may get more replies. From me, for example.

Thanks (2)
By tom123
01st Nov 2017 15:01

Do you have an office the public visit?

If not, what are you expecting the public liability to cover you for?

Similarly, products liability.

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01st Nov 2017 16:45

If I knew who you were I could recommend a broker that I use who has got me good rates, and knows what the requirements are for accountants in practice. PM me if you want the recommendation.

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By DJKL
01st Nov 2017 22:16

How expensive is expensive, ICPA membership includes PI cover at £300,000 for firms with turnover up to £250,000, increased cover can be added if wanted.

http://www.icpa.org.uk/benefits/administration/300000_professional_indem...

Given the access to Bloomsbury publications also included in membership and some of the other benefits it may be a viable option, I think I currently pay around£70 per month in total. (Also includes some CPD, AMLCC software and some other bits)

http://www.icpa.org.uk/benefits/top_ten_benefits

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