Insurance for self employment

rpsarangi · Post by **rpsarangi** » Thu May 17, 2012 10:59 am

I hav a strange query to make ..one of my friend who have applied for xtension have received a query from HO to provide the insurance detail ..

My question is : insurance is no more an requirement for the HO as it s not there in the PDF guide .. So why they have asked for it ?

I know it's always a good practice to have the insurance .. But what happens when I don't have an insurance and I have an xtension due ??

Please advise ..

rpsarangi · Post by **rpsarangi** » Thu May 17, 2012 11:04 am

Members please post if somebody have gone through a kind of situation like this where HO have asked for the insurance and what was the solution for it .. Please post , I m a bit stressed..

bash · Post by **bash** » Thu May 17, 2012 11:06 am

HI,
my doubt is since I am the director of a company started it in Nov 2011,my accountant says i dont need to pay Class 2 NI,but what other authentication can i show to UKBA during extension.Since i m no required to pay CLASS 2 NI,SHOULD I PAY THE COMPANY INSURANCE OR SOMETHING???
PLEASE ADVICE..

QuickSam · Post by **QuickSam** » Thu May 17, 2012 11:07 am

I am unable to follow why HO has asked for the Insurance. In case HO has asked your friend for Insurance details, he could just get it right away if he doesn't have one.

It's always good to have an insurance for any business that you conduct, even though it is not mandatory but it won't hurt if you have one. Generally it won't matter if you have an insurance or not at the time of your extension but again it's a good to have.

rpsarangi · Post by **rpsarangi** » Thu May 17, 2012 11:11 am

Thanks for the reply .. We are concerned as the letter says " please provide insurance details for the claimed period of income " . He have already got the insurance papers but those are new and it's not for the period of income .. Any solutions please ???

QuickSam · Post by **QuickSam** » Thu May 17, 2012 11:13 am

I am not sure if there is a way to get back dated insurance. Check with the insurance providers to see if there is way.

rpsarangi · Post by **rpsarangi** » Thu May 17, 2012 11:15 am

Thanks for the reply .. Now all mighty is the only help ..

scorpio_besal · Post by **scorpio_besal** » Tue Jul 17, 2012 10:33 pm

so whats the update??

meetravi · Post by **meetravi** » Wed Jul 18, 2012 12:49 pm

Is the Professional Idemnity Insurance UKBA is looking for? Please advise. I have the Professional Idemnity Insurance for my company as I am working as a IT contractor. If they are looking for I will make sure take the same document with me.

unahb1 · Post by **unahb1** » Wed Jul 18, 2012 1:43 pm

as a limited company director it is compulsory to purchase Employers & Liability insurance and good to have Public liability insurance in the event of claims from staff or public. Looks like HMRC is committed and looking into nitty gritty things to ensure no one is duping them with false companies etc.

Professional Indemnity Insurance ( PI ) is not mandatory, until unless end client/company demands that from a director.

Any Limited company director should have knowledge about all the above.

meetravi · Post by **meetravi** » Wed Jul 18, 2012 2:21 pm

Hi unahb1,
I dont have employers and liability insurance till now. I am going to add that as a package to my existing professional Indemnity Insurance. Thanks for enlightening me about that.

Ravi

rpsarangi · Post by **rpsarangi** » Thu Jul 19, 2012 12:10 am

I operate as a sole trader and I have the Employers Liability and the Public liabilty insurance as a package of the sole trader insurance .
Is it necessary to get the professional indemnity insurance as that needs to be purchased separately and my Insurance company says that its not necessary for my business,
Please advice if HO is looking for Professional indemnity insurance as well.

rpsarangi · Post by **rpsarangi** » Thu Jul 19, 2012 12:16 am

meetravi

are you sure that you have Professional Indemnity insurance or the public liability cover?? Please advice your insurer so that i could also have the same if required.

LHuang · Post by **LHuang** » Thu Jul 19, 2012 12:11 pm

Can someone confirm whether it's compulsory to purchase Employers & Liability insurance for your Limited Company? My accountant helped to set up the company and he's never mentioned it. Im due to extend as well and am worried about this.

ankitv · Post by **ankitv** » Thu Jul 19, 2012 2:55 pm

Can someone confirm whether it's compulsory to purchase Employers & Liability insurance for your Limited Company? My accountant helped to set up the company and he's never mentioned it.

Not mandatory by companies house, but advisable. Depends on your contract terms with other companies.

rpsarangi · Post by **rpsarangi** » Sat Jul 21, 2012 12:36 pm

Can anyone please suggest if the SOLE TRADER( IT and Computer Business) needs the PROFESSIONAL INDEMNITY INSURANCE as well ...

I have the Employers Liabilty and the Public Indemnity but worried about the other one. I still have a little time to go before extension....Can someone suggest me in that ground..Please help.

Thanks all.

rpsarangi · Post by **rpsarangi** » Sun Jul 22, 2012 6:18 pm

any answers from members , senior members and moderators?? please answer ....so that i will prepare for extension which is very very soon.

nks · Post by **nks** » Sun Jul 22, 2012 8:54 pm

This is something new for me. Sorry, don't have any inputs for you but some queries sure.
The case of your friend who was asked for insurance : Is he also sole trader or limited company? Did he have the insurance? If not, what were the implications?

Thanks,
nks

rpsarangi · Post by **rpsarangi** » Mon Jul 23, 2012 1:07 am

Any answers on professional indemnity insurance ... I think it's better to add another piece of document .. But I am concerned about another point now ..
If I add the professional indemnity now and I have the other 2 insurance from before is that a problem ? I mean will case worker question : why the insurance was added later ??
Please advice .

kannit · Post by **kannit** » Fri Jul 27, 2012 12:16 pm

Damn, what is this insurance requirement now.... it is not mentioned anywhere in Guidance notes.
Can some please give closure comments?

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Insurance for self employment

Insurance for self employment