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Good business insurance

Discussion in 'Self Employment' started by John Pegram, Nov 12, 2015.

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    John Pegram

    John Pegram Freelance IT nerd

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    Hi guys, currently working freelance and I wanted to get some business insurance set up. I've taken a look at AXA and was wondering if anyone had any suggestions. I work as a IT consultant under that hat I cover project management, AM work, BDM work and general consultancy my specialism being data networking. (Cisco networks and hardware and I am also pre sales level on Dell blades. )
    With that in mind can you make suggestions on what sort of cover I should get? I also want support in case anyone doesn't pay me!
     
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    ISS

    ISS Son of Victor Meldrew Premium Member

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    The first question would be the following:

    Are you ever actually advising a company (or person) on what hardware they should use and why?

    Jon
     
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    John Pegram

    John Pegram Freelance IT nerd

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    Hi Jon, yeah I am on some projects. I am assuming I would need professional indemnity?
     
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    ISS

    ISS Son of Victor Meldrew Premium Member

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    Yeah if they are following your advice on a project/rollout rather than buying equipment that you spec for them on their instructions. Having said that, we are in pretty much the same arena (we're a stockist) and we don't offer true advice, so we don't have PI.

    Personally if the above isn't required I would just go for a standard business policy that provides all the usual covers.

    Getting support in case you are not paid is a completely different topic. You can write books on the subject.

    Firstly I would ask how many clients you are likely to have in your portfolio with outstanding invoices at any one time?
     
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    John Pegram

    John Pegram Freelance IT nerd

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    At the moment I just have one that I am working with but I am giving them 37.5 hours a week.
    I am possibly going to start marketing myself a little more as well so hopefully will pick up smaller projects I can work on too.
    I would say no more than 3 at any one time. Guys I am dealing with now I invoice monthly. I am going through Upwork so there
    and there is some support I put in place today to help with credit checking and also debt collection.
    And thanks for the advice about the biz policy
     
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    ISS

    ISS Son of Victor Meldrew Premium Member

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    A pleasure John

    Anytime

    Jon
     
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    Duncan

    Duncan Moderator Staff Member Premium Member

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    Go online and issue a summons. Then you get a CCJ. Then you wind them up or bankrupt them. Invoice monthly and get paid within 14 days. Check their accounts at companies house - now free.
     
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    ISS

    ISS Son of Victor Meldrew Premium Member

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    On that note Duncan the range of info available free from Companieshouse has increased dramatically
     
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    epat

    epat Freshman

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    How do you differentiate (legally) between true advice and just generic opinion?
    If a client asks you a question and you answer it, if they ask your advice on what is best etc where is the line drawn on what requires insurance and what does not?
     
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    BarneyBlue23

    BarneyBlue23 Trainee Lab Tech

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    To answer Epats question, that coudl possibly be an actual contract where the project may be set out and you are responsible for hat advice and rollout? Rather than generic advice such as - this might work for you or you could try this etc
     
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    elizajohn

    elizajohn Applicant

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    good business solution
     
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    Simply Business

    Simply Business Freshman

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    Hi there Jon,

    As we are a non-advisory company I cannot advise you on what to do, however there are lots of insurance policies out there that will suit your needs and if you have any further questions about the in's and out's of policies and what they mean then please do not hesitate to get in touch!

    Thanks,
    Kim
     

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