Insurance costs and cover

[OffshoreGas]

Evening All,

I'm an instrument technician with 15 years experience working with control systems within the offshore oil and gas industry.

I'm currently considering re-qualifying as a heating engineer. Would anyone be able to offer any advice on insurance?

From the few online quotes I've looked at I'm quite surprised how high they are compared to insurance for industrial work.

I've received quotes of around £2000/year, is this about right?

I've filled in the forms with the insurers linked to the forum but am still waiting for a reply as out of office.

Cheers
Dave

 

[Christopher buzzard]

How much public liability will you require? I have £2 million and cost a one off payment of £550. That doesn’t include theft of tools from van though. Only because most require proof of purchase which I don’t have for all off my tools.

 

[Allgoode]

Cheaper to have the insurance & not need it.
The one time you don't renew in time or say you will do it later as you are snowed under with work will be when you need it.
Mine is about £400 including 2mil PL, tools in van & roofing up to 30foot on ladders, etc.
Worth hunting around or search to forums using box in top r/h corner of page,
Thanks,
Andy

 

[OffshoreGas]

Hi Christopher, thanks for your reply.

I believe that was with £2m public liability + £5m in employers liability insurance.

I'm planning to take on one or two experienced guys while I'm still in my current job so need the employers part too.

 

[OffshoreGas]

Thanks Andy,

I've maybe found a few poor providers, I've tried varying the liability a bit and it didn't seem to make much difference.

The £4-500 mark was more around what I was expecting it to be.

Do you guys usually carry professional indemnity? I have it for my day job but not sure if many domestic guys do.

 

[Chalked]

Take the employee bit off and get a quote. Get that, once you have employees.
My 19 year old apprentice cost nearly a grand a year alone.

 

[OffshoreGas]

Hi Chalked,

My day job means I am away from home for 3-4 weeks at a time so I need to have an employee to go on any call outs etc when I'm away.

Also I've gone down the limited company route so technically I would be an employee too.

 

[Welder]

From bitter experience, you will find many people have the wrong type of insurance. A plumber is NOT the same as a heating engineer for example. Also, you WILL pay more for hot works. So, if you intend to install using a press tool then you can reduce the premium.

Also, just like cars etc, the more you go for as an excess the less you will pay. If you are doing ANY form of design (even a bathroom) then pro-indemnity is sensible in this litigous society. Like all things insurance, when it hits teh fan, insurers are not there to help you. Their job is to use whatever they can to wriggle out so they maximise profits. If you've misinterpretted the form and put down the wrong profession then it is YOUR fault and they can walk away.

As I said, this is experience talking. My advice? Call and talk it through and MAKE SURE you record the conversation.

 

[OffshoreGas]

Thanks Dave, wise words.

I’m generally a big believer in insurance. I was a little surprised it was so much more expensive then my insurance for industrial work on gas/chemical plants.

Do you specify your trade as both heating engineer and plumber then if you undertake both forms of work?

I’m planing on doing the gas pathway course over the next 6 months so I’m just putting together a business plan. Insurance seems like one of the big costs.

I’ve used a press gun a few times at work, I imagine domestically there would be a lot of situations where it would be a PITA or impossible to get the gun or massive fittings in. I’m only aiming to do domestic work at present so hot work permits aren’t really a consideration.

Tanks again for the advice.

 

[Welder]

Thanks Dave, wise words.

I’m generally a big believer in insurance. I was a little surprised it was so much more expensive then my insurance for industrial work on gas/chemical plants.

Do you specify your trade as both heating engineer and plumber then if you undertake both forms of work?

I’m planing on doing the gas pathway course over the next 6 months so I’m just putting together a business plan. Insurance seems like one of the big costs.

I’ve used a press gun a few times at work, I imagine domestically there would be a lot of situations where it would be a PITA or impossible to get the gun or massive fittings in. I’m only aiming to do domestic work at present so hot work permits aren’t really a consideration.

Tanks again for the advice.

Not both. You just tell em what you're doing and ask for their advice. If youre starting off with say wet plumbing then you could start with bathroom fitter & modify as you enter a diff sphere to keep startup costs down. No point in paying for what you're not using!