Regardless of whether you are new to contracting or are a veteran in the profession, there are some professional duties that cannot be overlooked. Being a contractor, freelancer or interim means that you are operating a business, and like all business owners, correct procedures must be put in place in order to work successfully.
Contractor insurance differs from generic business insurance as it is designed specifically with contractors and self-employed professionals in mind. The policies relevant to freelancers and contractors cover a large array of outcomes and indemnities.
Large or small, thriving or failing, businesses of any description have certain obligations and duties that they must fulfil. Whether it is to their staff, the quality of their service or the value of their product, there are a number of boxes that must be ticket, professional insurance being one of them.
As a contractor or freelancer, the pressures that come with running a business can be a considerably intimidating prospect, as all liabilities and potential accountabilities reside with the individual. This further highlights the importance of insurance in the contracting sector.
Insurance is vital for contractors because they are not protected by any larger company umbrella, this makes the profession ‘high risk’ concerning potential liabilities. As contractors are the business owners, they would not benefit from any perks or advantages that might come with being in an employed position (e.g. Sick pay, life insurance, annual leave or liability cover). Essentially, if a contractor makes a mistake, has an accident, or is the cause of a problem, they are on their own.
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. We are working closely with freelance insurance experts Qdos Contractor, offering you a range of cutting edge policies designed specifically with contractors in mind.
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