In a market of hefty price tags, cheap insurances do exist. The question is however, which policies you should steer clear of, and which should you consider. Does cheap PI insurance really exist?
As the worldwide markets get busier and busier, and the global economy intensifies, prices are soaring on almost all products. From a postage stamp to a new car, society is seeing prices go up at often alarming rates, but sometimes, a great bargain can be found. The insurance market obviously reflects this state of the economy, but what customers may find is that cheap insurance is still out there. When looking at Professional Indemnity Insurance the same can be said, but as will be revealed, inexpensive policies aren’t hard to find.
Like that all inclusive Caribbean cruise for £99 per person, many look at cheap PI insurance and ask, ‘What’s the catch?’ Customers are right to ask this, as generally insurers attempt to force contractors into paying far more than is necessary for a policy, when generally the risk of an actual claim is unlikely. Many fear that cheap PI insurance would act to an opposite effect, the cover being very small and highly unreliable, and the contract being a lengthy and inflexible process. This thankfully is not the case, as valued insurers do offer great packages of PI insurance at very reasonable prices.
For a fantastic package from a respected broker, Qdos Professional Indemnity Insurance is regarded as the epitome of a great value policy. The Insurance will obviously protect you against any potential cost of defending claims against you as a consequence of your mistakes or negligence, and furthermore, by owning PI Insurance, it will aid your IR35 position. As well as this, what it really does is it gives you the security needed in a stressful profession, and takes the burden of any potential claim off the customer. Qdos’ policy starts from £147 (including tax) which if compared to other policies is very cheap and extremely good value. At this point however, a customer may well think that ‘from’ £147 must mean that the deceitful small print is endless. Thankfully however, this is not the case, £147 (or £12.25 per month) is the average cost of PI insurance for up to £1million, and the price remains almost exactly the same whether the customer is an IT or Building contractor. The change in turn over also doesn’t affect the price of the policy unlike almost every other competitor, whether it is £15,000 or £500,000 the £147 mark remains constant.
Without trying to sound too much like an aspirant Del Boy character, to ‘sweeten the deal’ Qdos offers three free IR35 contract assessments on purchasing the product, an off that remains valid for the entirety of the customer’s policy.
Now someone doesn’t have to be an insurance nut to work out that Qdos Professional Indemnity Insurance is a refreshingly cheap and valuable policy, a must have to contractors, and proof that cheap PI insurance really does exist.