What type of business insurance do I need?

(4 minutes to read)

As a contractor there will be number of different types of insurance you may need to consider, in order to protect you and your business. These include Professional Indemnity, Employers Liability and Public Liability.

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

Sign up to Kingsbridge

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

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, ContractorUmbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of ContractorUmbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, ContractorUmbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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