Contractor Insurance

Choosing the right contractor insurance provider is crucial, along with the level of business insurance they provide. With so many products to choose from, knowing which one is right for you is not always easy.

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What contractor insurance do I need?

SJD Accountancy is proud to work with Hiscox and offer our clients a 20% discount when they purchase a business insurance product through Hiscox.

Prices start from just £25 a month (plus insurance premium tax), quotes are available by phone on 0800 2800 358 or online by visiting www.hiscox.co.uk/business-insurance/sjd for terms and conditions.

See below for their full range of products and whether they might be the right choice for you and your business:

Employers’ liability insurance

If you have more than one employee, it is a legal requirement to take out cover. Employers’ liability insurance protects against the cost of compensation as a result of employee injury or illness. You should have a minimum of £5 million in cover and you could incur a fine of up to £2,500 a day for every day you are uninsured.

You will also need to take out an insurance policy if you have short-term or casual workers.

Hiscox Business HR insurance

As a limited company director, juggling administration, paperwork and the daily running of your business can be a challenge. Employment advice packages provide access to contracts and policies to help effectively manage staff.

Personal accident insurance

If the injury is more serious and causes permanent disability or death, your business could receive a lump sum payment from your personal accident policy. You can also offer protection against the same happening to a member of staff. If you or a key employee is unable to work, Hiscox will pay a weekly amount to your business.

Personal accident insurance will ensure that your business is protected in the event that you suffer an accidental injury which leaves you unable to work.

Buildings insurance

If you own an office, you should consider buildings insurance to cover risks such as fire water damage. This insurance does not cover you against the actual contents of your office.

Office contents insurance

Contents insurance can cover against risks like the loss, damage or theft of your property. Equipment such as computers, office furniture and documents will be protected in your premises and includes employees working in a home office.

Office Insurance

Hiscox can provide protection for your home or office-based business against the cost of replacing or repairing your business equipment if it is accidentally damaged, lost or stolen.

Optional add-ons to this cover include:

• Portable equipment cover: This covers equipment taken outside of the office space e.g. laptops and phones
• Equipment breakdown: This includes cover for the sudden electrical or mechanical breakdown of your office equipment.

Professional indemnity insurance

Professional indemnity insurance (also known as PI insurance) can help to protect you in the event that any claims are made against you by a client as a result of the work you have done for them.

Hiscox PI insurance provides cover for compensation in the event you need to pay to correct a mistake. The insurance also provides cover for legal costs due to negligence.

Any business providing a professional service is vulnerable to claims of negligence if your clients have lost money. Professional indemnity insurance protects your business against the cost of settling or defending a client’s claim that there is a problem with your work.

Hiscox Professional Indemnity Insurance includes cover for:

• Breach of contract: One of the most common insurance claims for IT contractors, covered as standard by Hiscox. This could include failing to deliver specified software features or the late delivery of a project.
• Infringement of intellectual property rights: For example infringement of copyright or trademark, cyber-squatting violations or any act of passing-off.