Ship Shape highly recommend Kingsbridge’s specialist contractor insurance. They have years of experience and have developed the most comprehensive policy we have seen. It includes all of the following features in one simple product.
Professional indemnity insurance cover on an any one claim basis. This particular cover will protect contractors against claims for negligence (making a mistake, for example, or giving bad advice.)
It also provides cover for loss of documents, loss of data, breach of intellectual property, and defamation and libel. Holding professional indemnity insurance also serves as a IR35 defence for contractors, seen by HMRC as being a key indicator of genuine self-employment.
Contractors are responsible for anyone who might be affected by their actions and that is why public liability insurance is essential. This part of the policy provides cover for damage to third party property, as well as injury to third party persons. It will also cover any legal fees that come about as a result of claims they have to defend.
Personal Accident Cover
As a contractor, the main catalyst for any enforced time away from jobs is likely to be injury or illness. If you are injured and unable to work you could suffer significant financial loss. If that injury occurred in the course of your work and you have personal accident cover in place, you will be paid a weekly sum whilst recuperating (up to £2,000 a month.) There will also be substantial compensation if the injury leaves you unable to work in their chosen field.
This cover is also required by law in certain circumstances. If you are employing a spouse or partner for clerical work, for example, then it is needed. Employers’ liability will also protect contractors if they have a substitution clause in their contract. If you have to provide a substitute to continue the work whilst you are unavailable, and that person goes on to make a mistake, you will still be covered.
Directors and Officers Liability
Having Directors’ and Officers’ liability insurance provides contractors with reassurance and a valuable safety net should anything go wrong, covering any legal fees that may arise as a consequence of any claims they have to defend.