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I’m planning to set up as a sole trader and need to sort insurance etc. Can anyone direct me to helpful websites or recommend helpful insurers that you’ve used?
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Hi Steve, I actually use Hiscox – I was recommended them from another founder. I have never had any issues with them and they are super responsive.
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Can i hear from business consultants please?
I heard of Hiscox as well and have gone through getting a quote, but i wanted to as what business consultants use as their insurance? I gained another customer, a large consultancy company, where i am going to advice ad hoc, and i have to ensure i have appropriate insurance for advising, strategy, etc…
Their Service Agreement states:
”Service Provider warrants and represents that it has appropriate and adequate insurance to cover claims or damages for which it shall be liable under the terms of this Agreement. Upon request of the Principal, Service Provider shall provide reasonable evidence of its insurance.”
Many thanks xx
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#consultant #insurance
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here is a picture screenshot of when i clicked through Hiscox when seeing if i would be covered PI as business consultant, i am worried that it says i would not be covered ”providing strategic advice to clients” – well, this is exactly what a business consultant needs to do!! Opinions?
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Fiona Chorlton-Voong can you help Silvia on this one? Personally Silvia I’d try to speak to someone at Hiscox to ensure that their insurance will cover what you need and get them to drill down into the language they use.
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Silvia Janska yeah as Lexi has said – I would speak with someone. I sorted all my insurance through a broker but I certainly know that when I have had to change parts of my insurance (adding directorships), I called Hiscox and they talked me through all the options.
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Hi Silvia, So the problem here is that bad strategic advice is expensive. You told me to spend £100M on X and it should have been Y, please can I have my £100M plus interest plus the opportunity cost of not doing Y back. No insurer could do that as the liability is nearly unlimited in the extreme. You need to insulate yourself in your contract with your best endeavours to provide good advice and the client needs to agree to take that advice at their own risk. Then your insurance would not have to cover you for strategic advice.
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Jeff Jones Thank you v much!! Super useful 🙂
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I recently used the services of https://www.cliffordlane.co.uk to ensure I had the right cover for the work I do.
Nigel was extremely helpful and came recommended from someone I often work with – she has used his services for years!
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Hi Steve – I use Kingsbridge insurance. Another option for you.
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Hi Steve, that’s a great question. We’ve got a whole topic on it on Catapult Module 7 but you can skip ahead to that section! http://staging.the-portfolio-collective.com/topic/pre-work-business-insurance-4/?swcfpc=1 I’ve heard great things about Hiscox but don’t have personal experience of it (although I definitely should!!) – Ben Legg Laura Thomas Fiona Chorlton-Voong – is there anyone you’d personally recommend? PolicyBee is another one I’ve heard of which is focused on business insurance.