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IT Contractor Insurance - Professional Indemnity, Liability Overview |   |
Contractors and Freelancers provide professional advice and services to a wide variety of clients and as such they may well be liable for any mistakes or errors they may make in the course of their duties. As a result, many contractors take out insurance cover just in case something goes wrong. In some cases, clients will insist that a contractor is covered by a professional indemnity policy before hiring.
Contractor Insurance quotes are very competitive these days - you can get an instant online quote for a variety of policies here (via our partners; Hiscox or Simply Business).
You may also be interested in our general section on small business insurance.
Professional Indemnity (PI) Cover
This covers contractors against claims for negligence, unintentional breaches of intellectual property, loss of data or documents and claims for dishonesty. Clearly, the risks a contractor faces will depend on his area of expertise (i.e. - is he an IT contractor, a management consultant, etc). Typically, specialist insurers will provide PI policies tailor made to the area you specialise in.
Employers' Liability Cover
This type of policy will cover any 'employees' you may have within your company for any injury sustained at work. Employers are obliged to carry this type of cover by law. Even if you are the sole 'employee' of your limited company, you still should take out Employers' Liability Cover. The legal minimum level of cover is £5m, but many insurers provide £10m.
Public Liability Cover
This type of cover is also known as 'general' or 'product' liability insurance. This will cover your company against third party claims - e.g. if someone visits your office and falls over a computer cable. It will also cover you if you accidentally damage property at your client site. Read our guide to Public Liability Insurance.
Other Types of Insurance
Contractors may also be interested in covering themselves against computer/laptop damage, office contents insurance. Increasingly, contractors are also taking our policies to protect themselves against VAT and tax investigation liabilities. You can find out more about tax investigation and IR35 insurance on Contract Eye.
You can get an instant online quote for a variety of policies here (via our partners; Hiscox or Simply Business).
- For more contractor guides, try our dedicated IT contractor site, Contract Eye
- Essential IT Contractor Insurance - Try Hiscox
- Freestyle Accounting - Fixed fee, full service contractor accountants
- Parasol PAYE Umbrella - Award winning service
- Online accounting system for freelancers - for under £60 per month
- Expert Guides and Quotations for IT Contractor Mortgages and Pensions
If you set clear expectations at the beginning of a freelance project, you effectively lay out in clear and simple terms the way you expect to be treated. This must be done upfront to ensure the relationship you have with your client gets off to the best possible start. [June 25, 2009]
If you’re currently working for someone else and have a particular expertise, you might be considering a move into freelancing. This is a popular way to become your own boss, but you need to make sure freelancing / contracting is the life for you before making the leap. [June 18, 2009]
To save you time, Bytestart has put together a list of the top 10 online tools to make your freelance work more productive. [June 15, 2009]
Successful freelancers tend to follow a formula. By design or accident they are doing the things that make a freelancer desirable to businesses. And that generates an impressive flow of work. [June 10, 2009]
As a freelancer, you're responsible for chasing invoices as well as sourcing work. Here's how to get your invoices paid without upsetting your clients. [June 8, 2009]
A leading professional indemnity insurance provider has warned IT contractors and consultants that the downturn in the economy could lead to more compensation claims against them. [March 2, 2009]
Before you take the plunge into the IT contracting world, you should consider carefully what you new life will involve and if your personality is suited to life as an IT contractor. [February 19, 2009]
As the economy cools and the contract work is harder to find, here are some tips for IT contractors (and freelancers) to help survive the downturn. [February 5, 2009]
Here are some general tips to help IT Contractors stay on top in the event of a market downturn [September 22, 2008]
There has been much talk recently about contractors struggling to get their invoices paid by the agencies or end clients. Here are some expert tips to make sure you get paid on time, and how to tackle late paying clients. [July 31, 2008]
For people thinking of setting up in business as IT Contractors, some ideas on how to determine the going market rate for your skills and experience. [June 23, 2008]
Some specific tips to help IT contractors and freelancers choose the right accountant [February 12, 2008]
A guide to IT contractor expenses - what you can claim for when performing contract work. Includes section for those caught by the IR35 rules. [December 3, 2007]
An umbrella company acts as your employer, for tax purposes, when you undertake a contract with an employment agency or a client. An overview for freelancers and contractors. [November 23, 2007]
IT Contractor Insurance Cover - Professional Indemnity, Employers and Public Liability Overview. [November 7, 2007]
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| Contract Eye Site |
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