Contractors insurance like builders insurance provides cover for builders and contractors alike. Get multiple quotes for this type of cover is recommended as part of the process of finding a good deal and a policy that meets fully with your individual or business requirements.
It’s important to understand and make sure that you have the correct contractors Insurance policy with a suitable level of cover that will suffice your business needs. A good insurance provider will create for you one single, comprehensive insurance package.
Most contractors at the very least will hold some form of Liability and Indemnity insurance. Both of these will differ depending on the type of work that you do and the specific client you are doing work for.
The three that are most commonly held by contractors are Public Liability, Professional Indemnity, and Employers Liability. These will provide you cover against negligence in various circumstances.
Also available are contractors Insurance policies that cover Business Interruption, Income Protection and Office Contents. (if you own a business premises)
The only insurance that is required by law is Employers Liability. There is however an exclusion to this rule if you are the only employee of your company. If you have more than one worker in your business, ( if your spouse is an employee), you are legally required to carry Employers Liability insurance.
There are several reasons and of course benefits to having contractors insurance in place.
Most recruitment agencies and end clients will insist that you hold contractors Insurance as part of your contract.
In reality, the likelihood of a claim being brought against you will is slim, but it is still wise to have insurance in place to provide you with peace of mind.
When you purchase contractors Insurance, this is a key indicator that you are in business of your own account.
The premiums costs for contractors Insurance have dropped over the last few years due to numerous insurers competing for your business. It stands to reason that the exact prices will depend on what it is that you do, the amount of your turnover and the exact level of cover you select.
Public Liability This type of cover provides essential protection that you will need in your business if you deal with the public on a day-to-day basis, if you have clients visiting your office, or maybe you have an employee that in the course of business, needs to visit other premises.
Employer’s Liability It is legally required that businesses with employees have to carry Employer’s Liability cover. This type of cover can help pay your legal and compensation costs in the event that you are sued by an employee who believes that their work has caused them injury or illness. This will cover any individual who is working for your business regardless if they are volunteers or self-employed.
Professional Indemnity This type of cover can help protect you against costs of settling or defending a client's claim should there be a problem related to the work that you have performed.