Any individual performing their professional services as a contractor is solely responsible for the conservation, management and liability of their limited companies. This makes a freelancer/contractor not only a working professional, but also business manager and company shareholder.
As self-employed professionals do not benefit from the many advantages that comes with permanent employment, there are a number of eventualities and duties that must be taken into account, business insurance being one very important example.
Here at An Accounting Gem, we recognise the need for high-quality, low-cost business insurance in the contracting profession, and alongside our partners Qdos Contractor, we can offer our clients the very best in specifically tailored contractor insurance.
The business insurance policies that we have made available include:
...will provide indemnity for your legal liability should an employee or third party sustain an injury or fatality. Employers' Liability Insurance is compulsory for any business that has one or more employees whether they are permanent, part time or temporary.
...will provide protection for third party property as a result of negligent acts by you or your employees. Public Liability Insurance is not legally required, however, is commonly stipulated as a contractual requirement, especially for offshore workers.
...will provide protection against any costs incurred from defending claims where it may be alleged that a client has suffered financial loss as a result of a mistake you have made. PI Insurance is not usually a legal requirement for contractors, however, is most commonly a stipulation in standard contracts used by most agencies.
...provides insurance cover for representation costs in the event of an IR35, PAYE, VAT, HMRC full or aspect enquiry. Tax Enquiry Insurance is not a legal requirement and is not usually mentioned in standard agency contracts.
A more comprehensive option is also available that not only encompasses the aforementioned, but also covers the cost of additional tax, NIC, interest and penalties arising from a status enquiry.