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Hi
I'm looking to get my Practice License but need some guidance as to how much I can expect to pay for PII cover.
From some limited research, I'm under the impression I should be covered up to £1m. The problem I have is that, as I'm only just starting out, I'm not sure what my Turnover will be. Oh, and I'll probably start as a Sole Trader.
Any help/guidance hugely appreciated as always.
PS I have looked at Trafalgar and been quoted just under £400
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- Fellow PM.Dip
- Practice Licence
- 336 posts
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I took out my first PII cover in MAy when I got my Practice License. I decided to take out the most basic cover on the smallest turnover possible as I guessed it would be a while until A) I got any clients, and B) the turnover reached any serious amount of money. My cover for £50,000 indemnity with Trafalgar was £47.70, which more than covered what I needed it for. I can always amend the cover either during the year or at renewal next year once the practice has taken off (I hope!)
Hope this helps!
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Many thanks Debsie and James that helps a lot.
I suppose I just need to work on confidence at this stage - bit terrified about starting out but excited too!
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Hi Debsies,
I red few quote from previous thread and none of them has come close to yours!!! 47 £ is very low compared to average of £ 100 mostly from simply business?
Did you get your quote matched by trafalgar or did you get directly £ 47 from them?
Regards,
Nathaliexxx
Edited at 20 Jul 2011 07:25 PM GMT
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- Fellow PM.Dip
- Practice Licence
- 336 posts
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Hi Nathalie
I did it directly through the Trafalgar website, just entering the minimum turnover possible.
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Can someone enlighten me as to the'Trafalgar' reference please?
Best website for Licences?
Thanks.
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divvysaid:
“Can someone enlighten me as to the'Trafalgar' reference please?
Best website for Licences?
Thanks. ”
Hi Divvy
Trafalgar are the PII Insurers as recommended by the ICB. If you decide to start your own practice, you will need to have PII in place as you apply for the Practice Licence.
Hope this helps
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My cover was taken out in March. Miniumum cover with trafalgar, also less than £50. Just as well as I didn't have any clients at the time either, so couldn't afford a lot for insurance.
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Thank you for this info Infinite.
Will check it out.
Studying hard on Manual Level 2 course.
Hope u r having a good day.
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gigagirlsaid:
“My cover was taken out in March. Miniumum cover with trafalgar, also less than £50. Just as well as I didn't have any clients at the time either, so couldn't afford a lot for insurance.”
Have you managed to increase your client base since then?
I am getting the idea that the more clients you have the more insurance you need and the pounds go out!!
Thanks
best wishes
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divvysaid:
“Thank you for this info Infinite.
Will check it out.
Studying hard on Manual Level 2 course.
Hope u r having a good day.”
As mentioned by Debsie, Nathalie and others, if you do decide to go down the Practice Licence route, minimum cover is all you'll require to get started - it's also what I ended up doing.
Good luck for the Level 2 and hope you're having a good day too 
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divvysaid:
“gigagirlsaid:
“My cover was taken out in March. Miniumum cover with trafalgar, also less than £50. Just as well as I didn't have any clients at the time either, so couldn't afford a lot for insurance.”
Have you managed to increase your client base since then?
I am getting the idea that the more clients you have the more insurance you need and the pounds go out!!
Thanks
best wishes ”
I've got 5 clients but they are all only little ones. I think they recommend having cover at your own turnover times some amount - which I can't remember off hand. That's not very helpful is it?
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