What Contractor Insurance do I need?

As a contractor, making sure you have the right business insurance is crucial. With so many products to choose from, knowing which one is right for you is not always easy. 

SJD Accountancy is proud to work with Hiscox and offer our clients a 15% discount when they purchase a business insurance product through Hiscox.

Prices start from just £25 a month (plus insurance premium tax), quotes are available by phone on 0800 2800 358 or online by visting https://www.hiscox.co.uk/sjd/ for terms and conditions.   See below for their full range of products and whether they might be the right choice for you and your business:

Employers’ liability insurance

If you more than one employee, it is a legal requirement to take out cover. Employers’ liability insurance protects against the cost of compensation as a result of employee injury or illness. You should have a minimum of £5 million in cover and you could incur a fine of up to £2,500 a day for every day you are uninsured.

You will also need to take out an insurance policy if you have short-term or casual workers.

Business HR insurance

As a limited company director, juggling administration, paperwork and the daily running of your business can be a challenge. Employment advice packages provide access to contracts and policies to help effectively manage staff. 

Personal accident insurance

If the injury is more serious and causes permanent disability or death, your business could receive a lump sum payment from your personal accident policy. You can also offer protection against the same happening to a member of staff. If you or a key employee is unable to work, Hiscox will pay a weekly amount to your business.

Personal accident insurance will ensure that your business is protected in the event that you suffer an accidental injury which leaves you unable to work. 

Buildings insurance

If you own an office, you should consider buildings insurance to cover risks such as fire water damage. This insurance does not cover you against the actual contents of your office.

Office contents insurance

Contents insurance can cover against risks like the loss, damage or theft of your property. Equipment such as computers, office furniture and documents will be protected in your premises and includes employees working in a home office.

Professional indemnity insurance

Professional indemnity insurance (also known as PI insurance) can help to protect you in the event that any claims are made against you by a client as a result of the work you have done for them. 

Hiscox PI insurance provides cover for compensation in the event you need to pay to correct a mistake. The insurance also provides cover for legal costs due to negligence.

Cyber and data risks insurance

Computers are an integral aspect in the running of any company. This is why it is so important to protect your IT systems. Cyber and data insurance can protect and support against data breaches, malicious hackers or any information which could be lost or misused as a result of a cyber-attack.

Public liability insurance

Public liabilities insurance covers risks such as a client or member of the public injuring themselves at your premises or accidental damage to your property. 

You should consider public liability insurance if you:

  • Deal with members of the public
  • Have clients visiting your business premises
  • Visit your clients’ premises

Still unsure which business insurance is right for you?

Business insurance can be tricky, luckily Hiscox have put together the below flow chart that you can follow to help guide you when choosing your contractor insurance:

Click to enlarge and discover which business insurance may be right for you.

Business insurance from Hiscox

SJD are proud to be working with Hiscox and offer our clients a 15% discount when they purchase insurance. All products are available online at hiscox.co.uk/SJD or over the phone on 0800 2800 358.

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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 15,000 clients.

We are the only national specialist firm of contractor accountants with offices nationwide. SJD Accountancy has more qualified staff than any other firm in our market with qualifications from the following major tax and accountancy bodies - ATT, AAT, CTA, ACCA, CA, ACA and FCCA.

  • Unlimited face to face meetings. This is a unique service only SJD Accountancy offers - unlimited face to face meetings across the UK - tax is complicated and sometimes only a meeting will do.
  • UK's largest contractor accountants with more qualified staff. No call centres, no outsourcing, no automated call handling. Simply telephone, email or meet your own dedicated accountant face to face.
  • Our Customer Promise. Respond to any question sent to your accountant or any dedicated department within 24 hours.  If we need more time, we will update you as soon as we can and we promise to keep you informed of the progress we are making in answering your question.
  • Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market, including: Best Accountant for Contractors, Accountant of the Year and Best Professional Service Team to name just a few.
  • All inclusive low cost fixed fee accountancy package which includes completion of accounts*, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, your own dedicated accountant* and all company returns for a fixed fee starting from £120 plus VAT per month. Check our packages for more detail.

If you have any questions about contracting or would like any further advice please call our new business team on 01442 275789 or email: newbusiness@sjdaccountancy.com. Our new business team is open Monday to Thursday (8am to 8pm), Friday (8am to 7pm) and Saturday (10am to 4pm)

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again.

Form your own limited company with SJD - our same day online company formation service includes company bank account set up, VAT/PAYE registration and advice on optimum share structure. 

You may also find the following pages, guides and case studies useful:

*If you would like us to complete your company year end accounts we simply ask that you have been a client of SJD for one year or have made 12 monthly payments. All accountants are part or fully qualified.