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What's in the guide?
Business insurance can be unnecessarily complicated. There are often too many options and not enough clarity. This guide will help explain why you need contractor insurance; the types of cover you should consider and provide examples to help demonstrate how your cover works.
- Why do I need business insurance?
- What does 'claims made' mean?
- Do I have to hold business insurance?
- IR35 Indicator
- Professional Indemnity
- Public Liability
- Occupational Personal Accident Cover
- Directors' and Officers' Liability
- Employers Liability
- What is a substitution clause?
- Legal Expenses
- Arranging Cover
Why do I need business insurance?
No matter your industry, if you work as an independent professional you are providing your client with your services, your experience and professional advice. If, during the course of your work, you make a mistake or an error that has an effect on your client or their business, then they are well within their rights to make a claim against you.
Having the right insurance in place when a costly claim is made can be the difference between keeping you in business and having to shut your business down. This could also have a negative impact if you want to work as a contractor again in the future.
Even after your contract ends or when your company closes you are still liable for any mistakes you may have made. This is because the most common type of insurance, professional indemnity, operates on a claims made basis. Due to this you need to have the relevant insurances in place at all times.