Professional Indemnity Insurance

[Parker]

I've just completed my Foundation Degree and want to start doing Tree Surveys and Reports as another part of my business. I wont be doing a huge amount each year but need to sort out my Professional Indemnity insurance but have no idea how much I should get.

 

I've got the choice of the following levels of cover £250,000 £500,000 or £1million.

 

Which one is the most common in the Arb world?

 

Cheers in advance

[John Shutler]

Mine is half a mill, with trust £300.00 a year I think

[HCR]

Half a mil is the minimum really, but a death costs about a mil to a mil and a half. How good are you?

[Pedroski]

I don't think anyone should offer you advice on this subject unless they are an insurance professional with the relevant professional indemnity insurance.

[Woodcut33]

It will depend on who you're hoping to get work with and what size contract you're after. Big companies generally look for a minimum of £1million

[Jake Andrews]

Hey guys, just bumping this old thread. I'm in a similar dilemma and want to know what level of insurance others have. Iv been given a quote for £500,000 but for me to get the £1,000,000 cover the price more than doubles!

[Andrew McEwan]

I think one million would be a minimum, had that for a number of years, but two large clients required 2 million as of 2014 so upped it to that since then.

[Jake Andrews]

I think one million would be a minimum, had that for a number of years, but two large clients required 2 million as of 2014 so upped it to that since then.

 

That's was my thinking as well Andrew, even then, £1,000,000 doesn't seam to be an awful lot. Not considering most have £5,000,000 PL. Might just be me but I feel there could be a potential for a bigger claim off a PI policy that a PL policy.