Contractor Insurance
Contractor insurance provides you with peace of mind that you are protected against potential damage, liability, or claims. Furthermore, it demonstrates that you are a legitimate business if you hold an outside IR35 status. You will likely be required to hold insurance by your recruiter or end client, which will help you land the job.
Contractors can benefit from insurance when it comes to covering the unexpected. There are certain risks associated with serving clients through a contract, whether you are an IT contractor, HR expert, accountant, or tradesperson. Contractor insurance brings together policies such as public liability and professional indemnity coverage – and can be designed to your unique business needs.
Benefits of Contractor Insurance
- Accidents and Injuries: Your work may involve travelling to many places. Contractors need insurance to protect themselves against the unexpected, both in the UK and abroad. You may be an IT contractor; clients trust you with business-critical equipment. Slip into the server room and you could damage hardware – and the owner may sue.
- Loss of earnings: Accidents happen, both at work and outside of it. Whether you face an on-site fall or whiplash from a car accident, an injury may result in you losing valuable business that you were counting on.
- Technical Issues: In your line of work, you may need expensive equipment, which could be damaged or stolen when out of the office. Maybe you’re an HR contractor who carries your business around in a laptop bag. Equipment issues can cause delays, complaints, and upfront replacement costs. Fortunately, contractor insurance can be customised to help with the cost of repair or replacement, helping you to stay on track.
- Public liability Insurance: You are responsible as a contractor for performing the work but cannot control any claims related to personal injury or property damage.
- Portable equipment cover: Insurance for your electronic equipment and tools can be a lifesaver for contractors. Equipment is prone to damage due to spills or impacts at the worst possible time, and theft can catch any business off guard.
- Professional Indemnity Insurance: In a contracting business, skills are what you offer. Depending on the nature of this arrangement, contractors could be exposed to professional indemnity risks.
How FinSpace can help?
FinSpace is a master broker with access to over 130+ lenders based in central London covering the UK and Wales. Our team of 30+ experts will talk you through the application process and package your application from start to finish. We can browse the market and ensure to provide you with market-leading competitive rates to suit your circumstances.