Professional Indemnity Insurance and Liability Insurance for Contractors
Insurances for Contractors and Freelancers. - click here for sample prices.
Whether you are a contractor or freelancer working from home, a clients site or occasionally overseas, we offer a superb range of insurance products to suit all your needs, through the UK's leading contractor insurance broker Caunce O'Hara. Organising cover couldn't be easier! You can get quotes, purchase cover & download policy certificates online in a matter of minutes.
Professional indemnity insurance meets the cost of defending claims and damages payable should a client suffer financial loss due to any negligent act, error or omission by a contractor. For example if you're a Contractor developing software and you accidentally put a bug into the software which delays its delivery, it is highly likely your client will demand considerable compensation. Professional indemnity will cover the cost of such a claim.
Contractors and Freelancers - Do you need Professional Indemnity Insurance?
Working for yourself carries certain obligations and responsibilities - legal ones! Some important factors to consider:
- Mistakes can be costly. You carry a responsibility to your clients and they have a recourse at law against you for financial loss. The chance of a claim is small, but the chance of claim being large is high!
- An agency contract will not protect the contractor in most circumstances.
- Clients are increasingly asking to see proof of professional indemnity insurance before awarding you their contract.
- Having Professional Indemnity Insurance supports your Independent status. It may help you argue against an IR35 ruling. Premiums are fully allowable against tax.
Professional Indemnity provides financial protection for your company and is designed to meet the cost of defending claims made against you, including damages that may become payable.
Claims can occur where a client suffers a financial loss as a result of alleged mistakes or omissions on your part. You may even be sued by a client who is merely dissatisfied, but has no valid claim, leading to substantial legal costs and time away from contracts. Of course, such claims are rare.
Key policy features include:
- Choose from five levels of indemnity cover from £100k to £2 million
- Over 100 professions protected
- Premiums from just £165 per annum
- Free retroactive cover
- Low excesses if you file a claim
Prices for Professional Indemnity Insurance start at around £165, in fact through our brokers Caunce O'Hara this rate has remained unchanged for the last three years. Get A Quote
Professional Liability Insurance
Business liability insurance protects you against third party claims for injury or damage to people or their property. For example if during a client visit you leave some business equipment on the ground, which a member of public or client trips over and injury’s themselves, that person could claim against you for compensation. As you can imagine, personal injury costs tend to be extremely high!
Key policy features include:
- Choose from three levels of Public Liability cover from £1 million to £5 million
- Employers Liability of £5 million included
- Premiums from just £112 per annum
Employers Liability Insurance
This insurance is arranged to protect employers against claims for injury or illness brought by employees. Employers' Liability (Compulsory Insurance) Act 1998 requires that employers maintain cover to a minimum of £5,000,000 in respect of such claims. Many contractors don't take out this type of policy (since they will be claiming against their own Limited Companies!) - but it is a statutory requirement all the same.
Business Equipment Cover
Every year the police recover thousands of stolen goods including many business equipment items. (eg laptops, mobile phones, faxes etc). Could you afford to replace your business equipment if it was stolen? Our business equipment cover provides peace of mind.
Key policy features include:
- Business equipment cover up to maximum of £10,000
- Includes travel in the UK, Europe & Rest of World
IR35 & Legal Expenses Insurance
Are you concerned about the growing number of TAX, VAT, PAYE, IR35 & section 660 investigations conducted by HM Revenue & Customs? Or perhaps an agency, client or umbrella company that fails to pay an invoice? Our IR35 & Legal Expenses product gives you the power to defend and pursue your rights against a large number of disputes.
Key policy features include:
- £50,000 of legal costs for just £75 per annum
- 24 hr access to nationwide panel of solicitors
Accident & Sickness Insurance
As a contractor your income is totally dependent on your ability to show up every day. You lack the employer safety net of 'sick pay' that is enjoyed by permanent staff. Our personal accident & sickness insurance pays a weekly cash benefit to a person who is unable to work as a result of an accident or sickness-so mortgages etc can still be paid. A lump sum may also be payable on death or specified disabilities.
Key policy features include:
- Pays out up to £1000 per week after just a 7 day deferred period
- No medical underwriting required
Health & Safety Insurance
If you are a freelance contractor who employs staff or sub-contractors you have a legal responsiblity for their health & safety. Our Health & Safety Guidance Policy helps you implement a safe workplace & reduce the risk of Health & Safety incidents.
Key policy features include:
- Heath & Safety Executive (HSE) compliant
- Premium just £25 per annum .
How much do these policies cost?
Policies of this type are far less expensive than you may think, although the final cost will depend on your individual circumstances. The cost of individual policies tend to depend on the following factors:
- The level of PI cover your company requires
- The annual turnover of a contractor's company
- The number of employees in the company
Professional Indemnity Insurance - frequently asked questions.
Policy Wording Prices and Online Application
You may also find our Contractor Mortgages and NEW Contractor Mortgage Calculator and online instant Mortgage Assessor useful.
If you have any further questions please contact Caunce O'Hara on 0161 833 2100.
