Business Insurance for Contractors
How Much Does It Cost?
Surprisingly, not as much as you may think. Kingsbridge Professional Solutions offers a dedicated insurance package with the following covers and only costs
£424 inclusive of Insurance Premium Tax (based on a one off payment):
Professional Indemnity -
Limit per original cause (and in the aggregate) £1,000,000
Employers Liability -
Limit per original cause (unlimited in the aggregate) £10,000,000
Public Liability -
Limit per original cause (unlimited in the aggregate) £5,000,000
Occupational Personal Accident -
Weekly benefit (max 52 weeks) up to £500 per week
Occupational Personal Accident -
Death benefit £100,000
Directors & Officers Liability -
Limit per original cause (and in the aggregate) £100,000
Offshore Cover -
Kingsbridge can now offer non-manual offshore cover for an additional premium of £100 + IPT. (Levels of cover include £5m Public Liability and £5m Employers Liability). To get an easy endorsement to the policy above please call 01242 808 740 quoting Contractors Unlimited.co.uk.
Remember that this is a business expense and could therefore be
tax deductible with a resultant cost to your business of less than £300. Please note individual circumstances may vary so you should check this with your accountant.
Purchase Business Insurance from Kingsbridge Professional Solutions.
Why Do I Need Business Insurance?
Is There Anything Else I Should Be Aware Of?
Kingsbridge Professional Solutions (KPSol) provides cover directly to you. A number of associations and groups provide cover for members on a shared basis, i.e. an indemnity limit which is shared by many hundreds (or even thousands) of policyholders. If the indemnity limit were exhausted by other members claims you could be left with no cover.
Some providers offer short term professional indemnity cover to fit in with assignments, but for professional indemnity cover KPSol deem this as an example of poor advice. Claims are more than likely to be made after the assignment has terminated, but if you took out a short term policy then you would be left without cover. KPSol only sell annual policies and their advice is to consider this a long term commitment to protect yourself and your business.
Whilst some of the cover KPSol offer may not be a contractual obligation for you, KPSol believe that the package provides cover for exposures that many freelance workers have not fully considered, but which could have a devastating effect on them. By building these into the package but keeping the price as low as possible you can rest easy, fully protected without having to worry about the cost.
Kingsbridge Professional Solutions
The Old Smithy,
Stockton's Courtyard, Overbury, Gloucestershire, GL20 7NT.
