Contractors Insurance

Many trained and qualified individuals have and are finding becoming a contractor to be a very attractive prospect, especially in the technology sector. For many people, this type of work provides the perfect balance between being their own boss and enjoying some of the security offered by a more conventional working arrangement. Furthermore fees can also be very rewarding.

What is a contractor?

Whilst a contractor may be engaged in a work environment in a similar way and sometimes alongside employees, it is important to understand that contractors are distinct from employees. A contractor provides services to a specific client under specific terms. In contrast to being an employee, contractors can have control over when and where they do the work, subject to their contract, however the nature of the job usually involves the contractor working within a client site.

Contractors are generally paid for the work they complete, whereas employees are paid for the hours they put in. It is frequently presumed that contractors work on a never ending series of short-term projects, however, that is not necessarily the case and we have insured contractors who have remained with the same client for a long time.

Indeed, many contractors are actually employees in all but name. While this has its upsides for the client who needs not to make National Insurance or pension contributions, and for the contractor who retains some control over how they remunerate themselves and what employee benefits they provide themselves, i.e. pension and benefits in kind, H&M Revenue and Customs take a rather dim view of these arrangements and contractors should ensure they do not fall foul of the IR35 legislation.

One of the tests applied to judge if a contractor in indeed a trading body as opposed to an employee acting outside of the PAYE system is their requirement to need insurances such as Professional Indemnity Insurance and Public Liability Insurance.

These insurances are not the sole requirement to pass the IR35 test this is an area we can assist with.

Contractors PI Package

In association with Manchester Underwriting we have designed a Professional Indemnity Insurance Package that specifically meets the needs a contractor has to satisfy their client.

Scheme benefits:

  • £1,000,000 Professional Indemnity
  • £1,000,0000 Public Liability
  • A PI excess of £ Nil
  • Excess not applying to Legal defence costs
  • Specifically designed for Contractors
  • Underwritten by Manchester Underwriting
  • Security by Amlin
  • Amlin Insurance - rated AA by Standard and Poors
  • Same day policy purchase and delivery
  • Policy provides defence and rectification costs

Access the scheme, check it meets your needs, confirm you comply with the statement of fact pay by credit or debit card for immediate cover, confirmation and your policy documents are normally dispatched the same day.

 

Contractors PI Scheme

 

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