Contractor Insurance Guide
Less than one in three small to medium sized businesses (SMEs), including Contractors and freelancers working through their own limited company, believe they are insured in the event that a professional mistake leads to them being sued according to a Hiscox survey*, which also found that only 22% of SMEs were aware of what insurance is available and what risks can be covered by company insurance.
Running a small business can be very rewarding but also stressful when you consider the potential risks to your business. Understanding what those threats are and how you manage them is critical to your success.
SJD Accountancy has set up a new partnership with Hiscox. Hiscox provides specialist business insurance for contractors, freelancers, consultants and small office based professional businesses in the UK.
Your guide to company insurance
What happens if you have a problem with your client?
If your business makes a mistake and suffers a legal claim from a client, the legal costs and compensation can be significant. Professional indemnity insurance may help protect you in the event of a claim and is often a contractual requirement.
Cover for your visitors
If customers, clients or other members of the public come to your place of work, or you go to theirs, you could consider public liability insurance. It can cover you against claims for damage caused by you or your business, such as personal injury or damage to equipment. It also covers legal fees that arise out of claims you have to defend.
Staff cover
Employers’ liability insurance is a legal requirement in the UK if you have employees. The policy is designed to meet the cost of damages you may have to pay and any legal fees if employees are injured or fall ill because of their work.
Office protection
Have you considered what would happen to your business if you suffered a fire or a flood at your premises or had valuable office equipment stolen? Office insurance can protect your contents and the building itself. You can also add on business interruption insurance which can compensate you for loss of income following an unforeseen circumstance, such as a flood, stopping your business operating as normal.
Be aware of e-risks
If your business relies on the internet, or computer equipment, e-risks insurance can help protect your business from the external risks you’re exposed to via the internet. If your system is hacked into, or receives a virus, your business could come to a standstill and you could lose valuable information stored on your machines; not to mention the disruption and cost of not being able to work.
Hiscox offers comprehensive insurance to contractors, freelancers, interim managers, consultants and small businesses, whether you work from home or from a clients office. Your cover is backed up by knowledgeable and efficient UK based claims handlers.
If you would like a tailored quote from Hiscox, please visit www.hiscox.co.uk/SJD or call 0845 512 1895.
You might also find the following insurance pages helpful:
Which business insurance do I need as a contractor?
Professional Indemnity (PI) Insurance FAQ
Professional Indemnity Insurance and Liability Insurance for Contractors
Insurance for Contractors
*Hiscox survey conducted among 970 SME bosses of European companies with less than 50 employees in February 2010.
Policies are underwritten by Hiscox Underwriting Ltd on behalf of Hiscox Insurance Company Ltd, both of which are authorised and regulated by the Financial Services Authority. SJD Accountancy is a trading name of SJD Group Ltd. SJD Group Ltd is an Introducer Appointed Representative of Hiscox Underwriting Ltd.
SJD Accountancy
SJD Accountancy are the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors; we've been acting for contractors across the UK since 1992 and have more than 11,000 clients.
We are the only National specialist firm of accountants with offices in all major UK cities so you’ll never be far from your accountant. SJD also have more qualified staff than any other firm in our market with qualifications from the following major tax and accountancy bodies - ATII, ATT, ACCA, CA, ACA, FCCA, ACMA. You’ll also be pleased to know that we are one of the lowest priced as well.
Free face-to-face meetings. This is another unique service, only SJD offers free face to face meetings - tax is complicated and sometimes only a meeting will do.
Unlimited access to your own dedicated accountant. No call centres, no outsourcing, no automated call handling. Simply telephone, e-mail or meet your own dedicated accountant face to face.
Money back service guarantee. All your telephone calls and e-mails will be answered the same day or we will refund your monthly fee's.
Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market.
All inclusive low cost monthly package which includes completion of accounts, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, unlimited access to your accountant and all company returns. All this for a fixed monthly fee of £110 plus VAT, which is one of the lowest prices in the market.
If you have any questions about contracting or would like any further advice please either contact your SJD Accountant or call our new client services helpdesk on 0500 152500 / 01442 275789 or email: nikki.hanlon@sjdaccountancy.com.
Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!
You may also find the following pages, guides and case studies useful:
Take home pay calculator - How much could you be taking home
Contractor FAQ - All your frequently asked questions and their answers
First time Contracting or Freelancing? - A summary of the alternatives along with pros and cons
Choosing an accountant - For a full review
Step-by-step Guide to Contracting - Download a FREE copy of our guide
Limited or Umbrella? Can't decide? - We help you decide which is best for you
Guide to Contracting - All the best guides to contracting in one place
Expenses Guide - Know exactly what you can claim
Umbrella company guide - Everything you ever wanted to know about umbrella company services
IR35 Guide - A great plain English guide to IR35
