IT CONTRACTING Insurance

pele10

I am setting up my own LTD company for the purpose of IT Contracting. I have got a nine month contract in Dublin but just found out that I need Professional Indemnity Insurance as part of the Contract. I may also need Employers Liability and Public Liability Insurance.

I know it depends on the circumstances, but does anyone know how much this likely to set me back (ballpark)?

dos30

How much experience would you need to Contract yourself?

pele10

Well, I have 6-7 years experience, it all depends on the job. I applied through a recruitment agency. I could have went through an Umbrella Company (You do not have to setup a LTD company, thus no setup costs or insurance), however in the long run they take a significant amount of your rate for doing very little.

ifah

let me guess - elan IT ?

when i setup i got quotes ranging between 1100 all in up to 2800 - needless to say I didn't take it out even though it was specified in the contract - they have it in standard terms/conditions but i was advised by a number of other contractors not to take it out - they're just trying to force you to cover their ass. they may say you can't accept the job until it's in place but just say it's in the pipeline and will forward details later - as soon as you start work they won't bring it up again.
depending on what work you're doing you may be forced into taking it out but no company is going to hire a contractor and give them god powers on their uber duper mission critical 1million euro per hour downtime system unless you're in the field for years and have a bulletproof rep. if that's the case pi insurance would only be 1 days pay !

pele10

ifah,

I am going to work as a Test Analyst in an Insurance firm. Its going to be my job to break things

Seriously though, the recruitment agency were a bit wishy washy about it. They said to ask my accountant for advice on the cost. He has previously said to ask them was it required. I suppose neither of them wants to tell me not to get it....

The Hill Billy

I've been contracting for some years now & have never had to get specific insurance. This is normally within the remit of the recruitment company as they will be the ones who are contracted to provide services to the organisation that you work for. You are then sub-contracted by the recruitment agency so should operate under their insurance.

Best of luck with the role. If you're ever looking for work PM me as I am always on the look out for experienced test people (permy & contract).

pele10

Hill Billy wrote:

I've been contracting for some years now & have never had to get specific insurance. This is normally within the remit of the recruitment company as they will be the ones who are contracted to provide services to the organisation that you work for. You are then sub-contracted by the recruitment agency so should operate under their insurance.

Best of luck with the role. If you're ever looking for work PM me as I am always on the look out for experienced test people (permy & contract).

Thanks Hill Billy, I will keep that in mind!!!

ifah

forget about it then - fob them off until you're in the job and then just drop it - don't bring it up or even ask anyone about it - i was serious about what I meant in relation to mission critical systems. If you were working directly on these you may need it but definitly not as a test analyst - wasted cash that you will need to buy that 42" plasma

pele10

thanks for the advice, I was thinking of doing that. If they make a massive deal of it, I will get a few quotes..but I aint paying a fortune for nothing...