Small Business Insurance
Insurance is something that is vital in the business world. No matter how large or small a company is, from contractors to global corporations, insurance exists as protection and risk management against potential incidents that could cause financial loss or damage. We offer a number of competitive policies for basic business requirements and contractor-specific risks.
Professional Indemnity Insurance is designed for any circumstance where a client claims to have suffered a financial loss as a result of a professional error made through the services they have provided. PI Insurance covers the representation and all potential costs, as well as being a good business indicator when considering the IR35 legislation, and is often specified as a contractual requirement. This policy is available for as little as £159 per annum.
Public Liability is designed to cover all situations that arise if injury or death is caused to a member of the public through the actions of the policy holder. The policy is effective also when considering the potential costs of third party property damage. From just £51 per annum, PL is a good business indicator, and is also usually required in most contracts.
If your Limited Company employs anyone other than a director who owns at least 50% of the share capital, you are legally required to carry Employers Liability insurance. It covers you for claims whereby an employee has suffered death or injury as a result of your negligent actions as employer, including defence costs, and is sometimes a contractual requirement regardless of the number employed by your business.
As an independent contractor, the security of employment benefits such as sick pay or paid leave do not apply, therefore with financial responsibilities such as a mortgage and monthly bills, the potential costs that would occur when falling ill could be overwhelming. From only £25.84 per month, Contractor Sickness Cover would help greatly by providing payments for up to a year. With the assurance of payments up to £3,000 every month during illness, the policy can be very effective.
The costs of funding legal representation on behalf of your business can be substantial, whilst jury service can be a hugely costly and time consuming process. For only £69 per annum Jury Service and Legal Protection will represent you and cover the cost in the event of contract/property disputes, personal injury, debt recovery and many other legal risks, as well as providing income replacement in the event of being called for jury service during a contract.