Personal Indemnity Insurance

ButtermilkJack

Does anyone know 'roughly' how much it costs for Personal Indemnity Insurance. My friend is a qualified electrical/mechanical engineer and wants to set up on his own. Does it depend on how much cover you need or is there a set policy so to speak that is required.

I appreciate that every circumstance is different but even if someone in the same scenario could post even a rough figure would be great!

EDIT: Does he still need PI insurance if he operates as a sole trader?

PRman

Hi, a mate of mine is an IT contractor and he got it for around 600. It costs 500-1000 depending on the circumstances of the contractor. If he wants someone to look after all his company, bookkeeping tax, etc try www.companybureau.ie. I'll find out the name of the insurance crowd if you want me to.

jayok

He doesn't do much as an IT Contractor if it's only €500. That sounds like Public Liability.

It depends on the level of cover required and the experience and bind contracts between him and the customer and suppliers. As a guide our PI cover for €6.35M (per project) costs €5k pa. We work in IT and have ISO certifications in 9001 and 27001 this helps reduce our PI costs.

If he's a Sole Trader then, yes, he should have PI unless, if he's sued, he doesn't mind losing everything.

PRman

Yeah, your right Jay the PI wasn't included in that. It depends on your turnover, how much your insured for, etc. but you talking 2k+ at least. sorry for the confusion