Why Have Business Insurance?

No matter your industry, if you work as an independent contractor, freelancer, SME, or sole trader, you’re providing your client with your services or your professional advice. If during the course of your work you make a mistake or an error that adversely effects your client or their business, they are well within their rights to make a claim against you to recoup any losses. Because of this, you should strongly consider holding the relevant insurances to protect your own business from potentially steep financial consequences.

Having the right insurance in place when a costly claim is made can be the difference between keeping you in business or having to shut your company down, something that could have a negative impact if you want to work as a contractor again in the future.

Having an appropriate policy or package is akin to having a sturdy safety net in place. Correct insurance ensures that you’re protected against the specific risks your business faces, whether it’s property damage or, liability claims. It instils confidence in your stakeholders, including investors, clients, and employees, showcasing your commitment to responsible risk management.

Regularly reviewing your insurance is paramount to ensuring ongoing adequacy and relevance. As your business evolves, so do its risks and insurance needs. Expansion into new markets, changes in regulations, or upgrades in technology can all impact your risk profile. By periodically reassessing your insurance coverage, you can identify any gaps or deficiencies and make necessary adjustments.

Reviewing your insurance allows you to benefit from new insurance products or features that may better suit your evolving business requirements. Proactively staying informed about your insurance options empowers you to optimise your coverage.

The only insurance required by law is Employers’ Liability insurance (otherwise known as EL), unless you are the only employee of your company and own over 50% of the business, in which case you’ll be excluded. However, if there’s more than one worker in your company (even if it is only your spouse as the company secretary), then it’s likely you’ll be required to carry Employers’ Liability insurance.

That said, clients or agencies will often insist that you have business insurance cover – including Professional Indemnity and Public Liability – before you undertake a contract as part of their onboarding risk management strategy. With all of the above taken into consideration, having the right cover will provide you with something invaluable: peace of mind. That’s where Kingsbridge comes in.

The most common insurances held by contractors and freelance professionals are:

• Professional Indemnity insurance

• Public Liability insurance

• Employers’ Liability insurance

Alongside these Kingsbridge provide Personal Accident cover and Directors’ and Officers’ liability as standard, all in one easy to manage package.

Kingsbridge have many years of experience in the contracting industry and have used their expertise to put together a comprehensive, compliant, and competitive insurance solution specifically tailored to meet the needs of contractors, freelancers, and independent professionals.

Kingsbridge is a trusted partner of  Umbrella.co.uk, they provide market leading products, renowned customer service and depth of knowledge.

Kingsbridge’s policy package offers all the key insurances limited company contractors require in one easy to manage product, meaning only one policy is needed to cover a contractor’s main exposures.

Click here to hear from Kingsbridge.