What to look for when choosing contractor insurance
When you approach a potential client as a contractor, they will require evidence that you have Employers Liability Insurance – this type of insurance is a legal requirement if you have employees. Even if you are a contractor with an unpaid assistant of volunteer, it’s likely that you will still need to provide this kind of insurance while they are working with you.
Potential clients are also likely to be reassured if you can show that you have:
- A high level of indemnity insurance
- A high level of public liability insurance – this type of contractor insurance provides you with financial cover in the event of injury or damage to people of property in the course of your work property.
These types of insurance are not a legal requirement, but many customers will ask you to show evidence that you have them as a prerequisite to your contract.
Benefits of contractor insurance could include:
- Tools and equipment cover
- Personal accident insurance
- Specialist coverage for high risk trades
- Cover for temporary staff
- No claims bonus deals