As a contractor, insurance is important to protect yourself from any issues that may arise from your business activities. With the huge variation of packages available, it’s easy to feel overwhelmed by what to get. The right coverage depends on each contractor and the type of business they have. We’ve rounded up a few suggestions of insurances that will help safeguard you and your business.
Public liability insurance
If you deal with members of the public, have clients’ that visit your premises or you visit theirs, then you need public liability insurance. This protects you from any claims of bodily injury or property damage from a client or a member of the public.
Professional indemnity insurance
When you provide work for a client, professional indemnity insurance defends you from any claims made against you for the work you have done. Whether your client is unhappy with the work you have done or if they themselves face legal action because of it.
Employers’ liability insurance
If you employ anyone other than yourself, then you must get employer’s liability insurance. In fact, most businesses with employees are legally required to have this coverage. It will bear any legal and compensation costs created from claims made by employees who are taken ill or are injured due to their work for you.
Personal accident insurance
This covers your business if you are ever unable to work due to an accidental bodily injury. If your business is dependant on you or other key members, then this protection is vital. It provides security against financial losses that could occur due to key employees being unable to work.
Office contents insurance
Whether you work from home or in an office, office contents insurance protects your business equipment. It covers the cost of replacing or repairing items that are accidentally damaged, lost or stolen.
Cyber and data risks insurance
If you ever experience an online security breach, whether it is a hacker, malicious malware or experience data infringement – cyber and data risks insurance offers comprehensive cover and reputation protection if a claim is made.
When it comes to insurance for contractors and the self-employed, you must consider safeguards for your business as though you are protecting yourself, because put simply you are your business. There is no larger company infrastructure to provide a safety net should things go wrong. So it’s critical that you shield yourself from any huge financial losses that may occur due to circumstances outside of your control.
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Working in public sector, caught inside of IR35 or simply do not want the trouble of running your own limited company? Contact Cloud9 Umbrella, who can take the hassle out of contracting and look after the administrative burden for you.