PII for Student member

piratepirate Trusted RegularPosts: 469Registered
Hi everyone,

I am having such a tough time trying to get anyone to insure me.

Has any student member yet got PI insurance.

I wonder if I am doing something wrong

I will be doing tax work for limited companies, limted company accounts, company formations, tax work for partnership and tax work for sole traders.
All small companies.
I am nearly there in terms of finishing just need to get the project signed off whichwill be the end of sept but I need the PI now and obviously I am not a full member.

anyone tried this and provide advise

I have had some online quote but they are massivey expenses. I have rung a lot of brokers recommended on the AAT web site but they wont even give me a quote.
I am being quoted in the region of £700 for a year.

could I go for some really low turnover as it will only be for 3 months when I am not qualified or is that crazy.

would be grateful for advise

Comments

  • MonsoonMonsoon Font Of All Knowledge Posts: 4,071FMAAT, AAT Licensed Accountant
    When I was a student member, I didn't have PII. That was because I didn't know any better, though, and had a much more different attitude to risk in those days!

    If it is only 3 months, I would be tempted to just get PII when you qualify, if the premiums are crazy. This is not the best advice out there, but it might end up being the most practical advice.

    Alternatively, can you reduce the scope of your work for these 3 months - I think it's the Ltd Co and the tax stuff that will be bumping your premiums up, especially tax advice. And yes, low turnover.

    RMK Consultants offer a rolling monthly policy which means you could go with them for 3 months and then switch when you qualify (though their rates are really low, thats who I am with), if they will cover you.
  • piratepirate Trusted Regular Posts: 469Registered
    Thanks Jenni

    I have been trying to contact RMK for three days, they keep telling me they have sent me something via email I have given them 4 email addys plus one that is outside of my domain so not sure if they want to quote me.

    I explained all of this too them, I do need PII because of who I am working with they insist on it so bit of a bummer really.
    Got a reasonable quote from simply business includes Prof indemity which I dont need but is less than what the others are quoting me so I will probably do that.
    Other people who I know have got theirs for £47 a year so its ludicrous that I have to pay so much but there you go.
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