Contractor Insurance cover, complete cover offered by Tarpon

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Contractor Insurance cover, complete cover offered by Tarpon

Attitudes to insurance vary. Some believe it to be a 'necessary evil' whilst others believe insurance provides their business protection.

An insurance policy is a legal contract promising to provide compensation for an event that may not happen. Adequate insurance provides peace of mind, and reassurance for the client and contractor

The most common types of business insurance taken out by contractors are:
• Employers Liability
• Public Liability
• Professional Indemnity

Most employers are required by law to hold Employers Liability Insurance to insure against liability for injury or disease to their employees arising out of their employment. Employers Liability Insurance covers your business if an employee is injured or falls ill at work and will meet the cost of compensation for any injuries or illnesses sustained to your employees, whether caused on or off site.

By law an employer must be insured for at least £5 million, however most insurers automatically provide cover of a minimum of £10 million. You must display a copy of the certificate of employers' liability insurance where employees can easily read it and keep copies for at least 40 years or risk a fine. These certificates may also need to be made available to health and safety inspectors on request.

Public liability insurance covers claims made against your business, if its owners, directors or employees are shown to be responsible for personal injuries to a third party or damage to property.

Public liability insurance is a core cover of many types of insurance; in fact you are usually unable to buy employers liability cover without it. Public liability covers the Business to a specified limit of indemnity, usually £1m, £2m or £5m and occasionally £10m

Public liability insurance would cover accidental damage, for example if you were at a client's site and you accidentally knocked over a cup of coffee damaging a computer beyond repair. Public liability insurance would cover any claim from the client.

Professional Indemnity Insurance protects your business against legal costs or compensation sought by a client if you have made mistakes or are found to have been negligent in any services provided.

One important point to bear in mind when considering professional indemnity insurance is that you need to be covered both at the time of the event and when the claim is made. This is because there is often a long delay between an event and a subsequent claim.

So, in summary, whether you are setting up your own limited company or using the services of an umbrella company always ensure that you have adequate cover for the nature of your business

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