Independent Contractor Insurance. Who Needs it? 

14/05/2020 15:42 By Team GIC
Are you new to the world of contracting? Perhaps you’re considering becoming an independent contractor? Or you’re already in the business and might be wondering what sort of insurance you need. 

Unexpected scenario or unforeseen events seem to be part and parcel of life and you need to be covered, from on-the-job injuries to unhappy clients. 

Contractor insurance from as little as 35p a day can give you the cover you need at an affordable price. A small monthly payment that could literally save your business. 

What Do You Get With Contractor Insurance? 

Tailored insurance cover depending on your business and personal circumstances. 

Here are some of the main features and benefits of most regular cover for contractors: 

We aim to deliver much needed capital for SME’s and Property Developers.

  • Public Liability Insurance : Accidents can happen, and everyone makes mistakes. Public liability insurance will cover you if you ever damage someone’s property while on the job. 
  • Professional Indemnity Insurance : No matter what you do, sometimes a client might simply feel dissatisfied with your work. Professional indemnity insurance is your first line of defence against difficult clients and unexpected legal costs. 
  • Business Interruption Insurance: Business interruption insurance will cover you for any lost income, so an unexpected incident can become a minor inconvenience rather than an outright disaster. From a problem with your suppliers to damaged equipment, the smallest thing can make it impossible for you to do your job. 
  • Personal Accident Insurance : Most contractor work is inherently dangerous and even more so for certain sectors. No matter what safety precautions you take, accidents can still happen and do happen daily. So, if you’re put out of action for an extended period of time, personal accident insurance will mean you won’t have to worry about any loss to your income. 
  • Legal Expenses Insurance :  No matter what happens, you can rest assured that everything will be taken care of. Who knows what sort of legal expenses you might incur through your contractor work? From damage to property, to contract disputes, from loss of earnings to debt recovery, all kinds of legal expenses can be covered.   

Which Contractors need Contractor Insurance? 

It’s no exaggeration to say that all contractors need contractor insurance as they all face risk, however, there are some specific circumstances in which contractor insurance could save the day: 

  • Are you a painter, a decorator, or involved in any sort of building work? You’ll spend a lot of time on other peoples’ private property. We all make mistakes, and if you should accidentally damage your client’s property, contractor insurance can help pay for repairs, replacements, and settlements. 
  • Are you involved in construction? for example, you’ll spend a lot of time up ladders, carrying heavy objects, and using dangerous power tools. Most contractor work is inherently risky. . Hopefully you’ll never have to use it, but if you’re ever injured on the job, you won’t have to worry about lost income. Contractor insurance will cover you for personal injury and you can focus entirely on your recovery. 
  • Do you work in IT, or offer any sort of computer support? If so, you’re probably aware of the risks of cyber-crime. Contractor insurance can cover you for many of the effects of cyber-crime, from data loss to legal expenses. 
Peace of Mind at an Affordable Price? 

You can be covered from as little as 35p a day, with no hidden fees. Get an online quote tailored to your specific needs in a matter of minutes. 

Does your busineess need some working capital?