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FIRE SERVICE AND GENERAL FIRE SAFETY TOPICS => Fire Safety => Topic started by: guest49 on February 05, 2005, 12:20:31 AM
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I am in the process of setting up a small, local fire risk assessment and fire safety training business where I feel the requirement for professional indemnity insurance. Can anyone offer any advice and / or companies who specialise in this area.
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If you employ people you need employers liability insurance, if you drive you need motor insurance, these are usualy the only REQUIREMENTS, but yes, you would be wise to have PI in this line of business. You might also want to consider public liability if people visit your premises, I'm guessing you don't make or sell anything tangible so product liability you probably won't need.
As for suppliers, not my forte, maybe some self-employed types can suggest. Alternativly Aon, Marsh and Willis are the biggest isurance brokers and will probably get you quotes or you could just phone round a few brokers from the Yellow Pages.
It's important to have enough cover, get at least £5m, but bear in mind if your negligent advice causes a loss it could be more than that, depending who your are advising. Ultimatley, if you don't have enough cover, unless you have lots of assetts you're probably not going to get sued.
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This is not legal advice. If you want legal advice consult a lawyer.
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May I suggest that, on our field, a good broker for PI is Griffiths and Armour. I can give you contact details if you wish, but the £5M Chris recommends will be very expensive and may not need to be as high as this.
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On recommendations from former colleagues who have moved into this field I went for £1 million cover. Got quotes from various brokers but eventually settled on Hiscox in the city of London who have given me a good deal. 020 7680 5789 ask for John Gold.
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I guess it all depends who you advise, but with fire prevention, bad advice could result in a fire, which could cause a multi-million pound loss. If I were a savy purchaser of such services, I would expect my supplier to have PI insurance sufficient to cover my estimated maximum loss.
"Fortunatly" I suspect most purchasers of services might not be as hard to please as I might be.
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Chris, You cannot buy £50 million pounds worth of cover.