What insurance do contractors need?
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Insurance for contractors
Professional indemnity insurance
Clients pay for your knowledge and expertise, but what if you make a mistake? If your misplaced advice causes a client to lose money, you could face a lawsuit, with legal costs and compensation to pay. If that happens, professional indemnity insurance may offer protection. Plus, clients may insist you have it.
Public liability insurance
Our public liability insurance for contractors will protect you if you cause injury or property damage to a third party, either at your home office, co-working space, at a client's office, or when out and about. It's also worth bearing in mind that some of your clients, or even suppliers, might ask you to have public liability cover, so make sure your minimum cover limit meets their requirements as well as your own.
Business contents insurance
Whatever kit you rely on, having it lost, stolen or damaged could leave you with large unexpected costs. Contents insurance and equipment cover, gives you peace of mind that if this does happen, you'll be able to replace your gear and be back up and running in no time.
If your work involves handling large amounts of client data, then you could be at risk of a cyber-attack or data breach. Cyber insurance offers protection and expert support in the event of a breach of data protection laws (where insurable by law) and your liability for handling data, as well as cover for extortion, system rectification costs, plus PR expenses and financial loss due to system downtime.
Legal protection insurance
Unlike large companies with in-house legal teams, self-employed professionals don't have the convenience of specialist legal support. Legal protection insurance gives you access to specialist commercial legal support, a lifeline if you ever face a legal dispute or have questions about tax issues, such as IR35.
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Contractor insurance FAQs
As a contractor, you'll want to think about a combination of covers, including:
Other covers that may also be relevant to contractors, depending on the work that you do, are:
The cost of business insurance for contractors will vary depending on the level of cover you need, plus a number of other factors. For example, the industry you work in and where you're working.
Even though professional indemnity insurance isn’t a legal requirement for contractors, clients will often require you to have it. Furthermore, the potential cost of a claim against you could be devastating, so you may decide that it's therefore worth having for this reason alone.
Although public liability insurance isn’t a legal requirement for contractors, it’s a popular choice for a two key reasons: 1. Incidents leading to accidental injury and property damage cannot be predicted and can result in costly claims against you. 2. Some clients may expect you to have it.
Customise your cover
To simplify things, we've categorised our covers into three groups: essential covers, professional covers, and management covers. You'll be guided through these different options during the quotation process.