Contractor Insurance

Employers’ Liability Insurance

If you hire workers, then Employers’ Liability (EL) insurance is a legal requirement.

This type of insurance will help you to pay compensation should an employee become ill or injured at work.

You’ll need to have EL insurance as soon as you start up and your policy has to come from an authorised insurer that covers you for at least £5 million (you can take a look at the Financial Conduct Authority register or contact the Financial Conduct Authority to check whether your insurer is authorised or not).

If you’re not properly insured you could face a fine of £2,500 every day until you are, plus, you could also be fined £1,000 for either not displaying your EL certificate or refusing to show it to an inspector.

Public Liability Insurance

If your business carries out work in public areas, has members of the public onsite or your staff visit customer’s homes, then Public Liability insurance is a must.

If a client or member of the public makes a claim against you for an accident then you’ll be grateful for having Public Liability insurance – as an example, if one of your employees accidentally causes injury or property damage to a member of the public, then this type of insurance will cover any costs incurred to your business.

Professional Indemnity Insurance

Professional Indemnity Insurance, or PI insurance, helps to protect businesses that offer a professional service or advice.

It will protect you from any claims that may be brought against you by a client – this could be for loss of documents or data or any errors made on your part that might have financial implications.

Professional Indemnity Insurance is vital for those who:

• Provide expertise, skills or advice to clients
• Have access to a client’s confidential information
• Offer a professional service that could be challenged by a client

Take a look at our What is Professional Indemnity Insurance? page for more help and information on this.

Cyber Insurance

With cyber attacks becoming increasingly commonplace, having insurance to cover the costs caused by them has never been so important.

Cyber insurance can help to cover legal claims, compensation costs and fines under GDPR.

We hope you found this page helpful. Our team of experts are available to answer any queries you may have, so drop us a line on 01442 795 100, email sophie.lewis@dolanaccountancy.com, or contact us via live chat.