I wonder if anyone can give me any assistance to where I can purchase or download free a terms of engagement letter. I have just recently started working as a self employed bookkeeper. I tried to purchase one of the ICB but because I don't have a practicing certificate as yet I can't do this. Also I'm looking for any advise on professional indemnity insurance, how much it costs and any recommendations as to insurance companies I can contact. I am in the middle of converting my garage to use as an office, do I need public liability insurance for this? Any assistance would be very much appreciated.
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
You state that you are not a member of the ICB. Do you have MLR in place yet? If not that one carries a two year jail sentance and an unlimited fine.
Assuming that you do have MLR directly with HMRC then as you are not registered as a member in practice with the ICB or IAB companies which provide PII include Hiscox and Morethan.
You may have a problem as providers of PII either want you to have the relevant qualifications or (preferably and) at least two years experience.
That's not saying that PII will not be available but it will be more expensive.
Difficult to put an actual price on cover as there are so many variables that the insurance companies take into account.
You may find it cheaper to get a practicing certificate from the ICB or IAB which will cover you automatically for MLR and enable you to use their insurers Trafalgar who will come in around half the cost of going direct to companies like Morethan.
If you have clients coming to your site you will also need Public Liability Insurance. This is quite cheap though (Under £100) and normally has employers liability insurance thrown in. Personally I use direct line for this who seem to cover everything that I want for a very reasonable price.
Good luck with the new venture,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I probably didn't explain myself very well. I have been doing bookkeeping for over 25 years within industry. I am a student member with the ICB studing for their exams to achieve this practicing certificate. I have a supervision licence for the money laundering regulations with the ICB, but have to get my exams passed within the year. I did phone trafalgar insurance but wouldn't cover me for PII as I didn't hold a practicing licence. I will try direct line.
Again thankyou very much for all this information.
