Insurance Options
As a freelancer, it is essential that risks are assessed not only on an annual basis upon renewal of premiums but on a contract by contract basis. If your operating trading models do not protect you by limited liabilities, you could lose your home and be forced into bankruptcy should a claim exceed your net assets value. If trading through an incorporated limited liability body, you will still need insurance as it is required by law, your client and to protect your business.
The main insurances are:-
Employers Liability
Protects you from claims arising from those you employ. Not required by law for one man limited companies but the client may insist on it in some industries.
Link to Fact Sheet
Public Liability
Protects you from claims by the public in the performance of your services.
Link to Fact Sheet
Professional Indemnity
Protects you from claims against professional advice given to clients which may be both technical and/ or professional.
Link to Fact Sheet
Employment Law
Provides you with an Employment Management System and Legal Advice Insurance to defend against Employment Tribunal claims.
Link to Fact Sheet
Offshore Working
This is an upgraded Employers and Public Liability Insurance specific to the offshore oil and gas industry.
Link to Fact Sheet
Tax Enquiry
This provides you with legal and professional advice and insurances to cover the cost of defending Revenue assessments and claims.
Link to Fact Sheet
Tax Loss
Specialist insurance which requires specific prerequisites to be in place prior to and during cover. It will pay out agreed levels of tax loss should you be unsuccessful in defending an assessment or claim.
Link to Fact Sheet
Directors Liability
Directors of incorporated companies have specific legal requirements that they have to deliver and can be sued on an individual basis. This provides cover in such instances.
Link to Fact Sheet
Permanent Health Insurance
This provides you as the freelancer with an agreed income should you be unable to provide your services normally after an agreed period of incapacity.
Link to Fact Sheet
Death In Service Insurance
This provides your next of kin, normally with a fixed sum upon death during the provision of your services.
Link to Fact Sheet
Medical Insurance
Normally for International Workers who require emergency medical insurance in foreign countries. This can also be extended to provide GP type cover.
You can also opt for Private Health Cover in the country of domicile if that is where you deliver your services.
Link to Fact Sheet
Travel Insurance
Normally for International Workers to address delays, cancellations and one-off injuries. Do not confuse this with Expat Medical Cover when on assignments rotations.
Link to Fact Sheet
Loss of Driver's Licence Insurance
If transportation by car is your normal mode of travel and you lose your licence, this provides you with an alternative means of getting to and from your clients' site for a period of up to six months through the funding of taxis and/or a driver up to maximum of 400 UKP per week.
Link to Fact Sheet
The above is indicative only and professional advice is required in both the assessment of business risk, the cover required and exclusions that may be enforced.