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When you are self-employed and head down running your creative business, the last thing you might prioritise or have time to think about is business insurance. What happens if you make a mistake in your work and its your responsibility to fix it? You may not even know why having this kind of protection is important and that there are several options available.
To help, we’ve created a no-nonsense guide to highlight what the insurance for contractor policy options are and the most applicable one for you and your business needs.
When working for yourself the last thing on the to do list is organising insurance – if it is even on your radar. Sole traders or those with self-employed status are, in general, working for another business under a contract or freelance capacity to help them with their creative tasks. Whether this is writing social media content, managing PR campaigns, creating a marketing strategy or designing artwork, you are in fact liable if the client suffers a loss as a result of your work and presents a legal case against you.
Not only could you lose the contract, more significantly, you could be at risk of being taken to court and sued for the work you have produced.
That is why specialist insurers, like Qdos, have policies available that can help protect you and your business from this situation, from creatives to insurance for web designers.
There are different policies available depending on the type of business you have and the work you do. The most common policies for those working in the creative sectors are Professional Indemnity and Public Liability insurance. For instance, if you are looking for the right photographer insurance, one or both of these policies could be applicable.
Here’s our guide to what the different policies are and why you might want to consider them in your creative role.
When you work as a sole trader or self-employed, the chances are that you will often work on-site at a client’s property. And working in an office can mean that accidents can happen, so creatives often take out Public Liability Insurance to protect themselves against any legal action that might be brought. This type of policy covers any claims made against you with regards to physical injury or damage to property which has been caused by you. It will defend your case and will pay out on damages owed, if necessary.
We’ve all received negative feedback from time to time, but what happens if you make an error and it causes, or a client alleges it has caused, a financial loss. Suddenly, this becomes a more serious matter; if you are taken to court and need to defend your business, do you have the funds or professional representation that might be required to maximise your chances of success? Professional Indemnity Insurance will cover both your defence costs and any liability that you might have to pay to the claimant, up to the limit of cover taken out.
This is one of the most popular policies taken out by the self-employed or sole traders, as it protects you against any mistakes that might be made when giving advice or providing a service to a client. Businesses often rely on a third party for creative support, so there is the potential that a mistake could cause them a financial loss, for which you need to be protected against. Although this type of claim or dispute is rare, the cost implications are high and having an ongoing claim can severely impact your capacity to deliver other projects.
Qdos also offers a specific indemnity insurance for those working in the media industry. Media Professional Indemnity Insurance focuses on cover relating to:
Finally, if needs be, claims can be made for support for crisis management via the reputation management section.
Qdos policies start from just £4.58 per month. Use our online quote generator to build the best policy for you and your business.
Ask away! One of our team will get back to you!