Insurances are there to protect you from unforeseen circumstances that could have a detrimental effect on your business and how it carries out its work.
Accidents and incidents could very well result in your business not being able to run as smoothly as usual, which could mean not being able to carry out work or having to cover damages or rectifications.
Therefore as a contractor, there are a number of different insurances you may need to consider:
PROFESSIONAL INDEMNITY INSURANCE
Ideal for protecting you from any claims that are brought against your company by a client, Professional Indemnity Insurance is vital for contractors who give out advice or designs.
Typical examples of why a client may make a claim against you includes:
- Raising an issue with any work you have carried out for them
- Loss of documents or data
- Errors and omissions
EMPLOYERS LIABILITY INSURANCE
It is a legal requirement for any business that hires staff to have Employers Liability (EL) Insurance and you must have it in place as soon as you start your business.
EL insurance is there to protect your business by helping to pay out compensation should an employee become ill or injured from carrying out duties in the workplace, for which you as the employer are responsible.
Your policy must cover you for at least £5 million and come from an authorised insurer; you can be fined as much as £2,500 for every day that you are not properly insured.
You also need to be aware that you could face a £1,000 penalty if you do not display your EL certificate in your place of work or refuse to make it available to inspectors when asked.
To sign up to Kingsbridge please call or email dolanaccountancy@kingsbridge.co.uk
PUBLIC LIABILITY INSURANCE
If you have members of the public visiting your site or employees visiting your client’s premises, then it may be worth having Public Liability Insurance put in place.
It isn’t a legal requirement, but is certainly useful for protecting you and your company against any accidents that may take place on either your company’s grounds or a client’s site, where your staff may be visiting.
A reason for needing Public Liability Insurance could be for something as simple as spilling a drink over your client’s computer or someone walking through your building and slipping on a wet surface, injuring themselves.
PERSONAL ACCIDENT INSURANCE
If you or a vital member of staff are injured to an extent where they are unable to work, having Personal Accident Insurance can be extremely useful.
This type of cover will pay your business a weekly amount should this happen and if any sort of injury suffered results in a permanent disability, or even death, your business could receive a lump sum payment.
CYBER AND DATA RISKS INSURANCE
In a world where we are so reliant on technology to store important and confidential data, cyber and data insurance is becoming more and more essential for businesses.
Learning from recent news stories where bigger firms are being attacked on a regular basis, it’s just as important for smaller sized businesses to protect themselves against data breaches and malicious hackers.
Exclusive discount
As a client of Dolan Accountancy you will benefit for an exclusive discount of 10% when you purchase your insurance through Kingsbridge, this discount will also carry through if you choose to renew your insurance with them after the first year
Ask Kingsbridge to call you in the next hour….
Disclaimer
Dolan Accountancy is an Introducer Appointed Representative for general insurance purposes only of Kingsbridge Risk Solutions. Kingsbridge Contractor Insurance is a trading name of Kingsbridge Risk Solutions Ltd. Authorised and regulated by the Financial Conduct Authority. Registered in England No. 4122238
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