A Guide to Business Insurance
As a contractor, getting the right insurance protection in place is critical whether it’s to protect you from a legal claim from a client unhappy with work you have done for them, or from the loss of crucial business equipment like your laptop or computer.
To help you get the most appropriate insurance package for you, specialist IT insurer Hiscox offers a range of flexible business insurance products, allowing you to create one single, comprehensive insurance package from the options below:
Professional indemnity insurance
In the event a claim is made by a client due to problems with work that you have carried out for them, you could face legal costs and/or compensation, as well as the loss of client fees.
Professional indemnity insurance can help protect you by covering risks such as negligence, intellectual property, defamation, loss of professional data, breach of contract and dishonesty. At Hiscox, their professional indemnity insurance for IT professionals has been specifically developed for IT professionals and is tailored to the risks you face.
It is critical that your professional indemnity insurance suits the size of your business and has sufficient cover for the types of claims you might experience. When you’re buying a policy, you should consider the size of the contract and client; the potential amount of your defence costs; and the maximum compensation that could be awarded against you.
Most contractors either work at, or visit a client’s premises. Public liability insurance can provide essential protection in the event you accidentally damage a client’s property at their office for example, or if a client or member of the public had an accident at your office.
It can be bought as a standalone policy, or it can be purchased with a range of other Hiscox Business Insurance products.
Employers’ liability insurance of at least £5 million is a legal requirement in the UK if you have employees. It covers you and your business if you are sued by an employee if they believe their work has caused them injury or illness and will cover any person working for your business even if they are volunteers or are self employed.
Employer’s liability insurance can be bought as a package with a Hiscox public liability policy.
If you work from home, or run a small office-based business, Hiscox Office Insurance has been built specifically around your needs. For IT contractors, the policy covers office equipment as standard but additional cover can be added to protect portable equipment such as laptops, legal expenses, business interruption costs, and buildings.
Have you thought about what you would do if you had an accident and were unable to work temporarily or even suffered a permanent disability?
If you, or if you have employees, a key member of staff suffers an injury from an accident, personal accident insurance cover may pay your business a weekly amount. If the injury results in permanent disability or death, your business could receive a lump sum payment.
You should consider personal accident insurance if you have concerns as to what would happen should you be unable to work following an injury.
E-risks insurance can protect your business against many cyber-related dangers such as damage caused by viruses, hackers or electronic ID theft. You may need e-risks cover if you have a dependence on computer equipment for running your business, send or receive information by email or regularly download documents.
If you run a small business, Hiscox provides a Business HR advice service which can be added to any of their business insurance policies.
BusinessHR are specialists in providing employment advice to small businesses. This includes managing a dedicated website which offers;
- access to the employee contracts, policies and letters you need to effectively manage your staff
- a wide range of downloadable HR and Health and Safety guides
- online human resources and Health and Safety risk assessments which are free
- monthly newsletters to keep you up to date on all employment issues.
Policies are underwritten by Hiscox Underwriting Ltd on behalf of Hiscox Insurance Company Ltd, both of which are authorised and regulated by the Financial Services Authority. This promotion has been authorised by Hiscox Underwriting Ltd.