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Contractor Insurance Guide

Sunday 16th March 2014

Insurance is an effective form of protection for almost all areas of business, contracting being no different. Working as a contractor comes with the responsibilities and professional duties that a business owner/shareholder faces, therefore having the correct insurance in place gives added value and stability.

*There are a number of insurance policies that are mandatory for limited company contractors, PI Insurance for example is often stipulated as a contractual obligation.*

Below are just a few examples of the policies that we feature:

- Professional Indemnity Insurance

PI Insurance is an effective policy, designed to cover the policy holder from liability payments due to financial loss incurred as a result of error, omission or negligence. As stated previously, professional indemnity insurance is often stipulated as a contractual necessity.

- Public Liability Insurance

Public Liability Insurance protects the holder from claims where injury or death has been suffered by third parties (the public). It also covers claims where the holder is alleged to be responsible for damage to third party property.

- Employers Liability Insurance

Much like public liability insurance, the Employers package covers the policy holder from financial pay-outs as a result of injury or death suffered by employees. This insurance policy is mandatory if a contractor employs one or more people.

- Jury Service & Legal Protection

This policy provides insurance covering legal expenses for a variety of different legal risks applicable to contractors. The policy also includes jury service cover, making it vital to self-employed professionals who would otherwise lose out as a result of serving jury service.

- Contractor Sickness Cover

Contractor Sickness Cover is an essential policy that covers the contractor in the event of accident or injury making them unable to work. This policy provides a lump sum payment in the event of an insured person suffering accidental death, or monthly payments in the event of an insured person being unable to work.

*Contractor insurance can cover a considerable number of eventualities, and as well as providing protection and peace of mind, it often meets the criteria of working practises, allowing professionals to work compliantly and successfully.*

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