Olympics – High Risk for Contractors

It isn’t an overstatement to say that the Olympics took over the lives of every Brit over the past few weeks; some being stuck in bus lanes and others having to listen to how many gold medals we were churning out. But others were very much milking the sporting cash cow.

The Olympics, being a relatively short term event when considering jobs and careers, has provided employment for a huge amount of UK based contractors. From construction to IT contractors, the sheer amount of work required has been a paradise for those working through limited companies and its effects are still being felt.

With this vast amount of contracts, however, there comes with it a lot of work for contractor specialists, such as tax advisers, insurers and accountants.

Contractors consider themselves as potentially ‘high risk’, as any mistake that they make whilst at work is not covered by any employer or umbrella cooperation leaving them liable for any potential costs or damages that may occur from their actions. Because of this, contractors require necessary insurance to protect them in any cases of negligence, and the most popular form is that of Professional Indemnity Insurance (PI Insurance). With contractors working the Olympics, the potential for error was vast; therefore PI Insurance was a vital precaution in order to keep contractors from being subject to huge potential claims being made against them. This was because the amount of money spent on the Olympics across the board was so vast; therefore the stakes were especially high if a negligence claim were to be made.

With the great influx on contractors hired during the Olympics, the need for contractor insurance was great, and Professional Indemnity Insurance acted as the perfect policy for contractors when the risks were so high.

By:Steven Bailey

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