Professional Indemnity Insurance for IT Contractors
Professional Indemnity Insurance cover at the very best rates for IT contractors from qualified insurance experts
When setting up to work through your own limited company it is highly recommended that you take out certain insurances.These include Professional Indemnity Insurance (PI) for IT Contractors. Insurers put these insurances in place to protect you and your company against any exposures that may exist.
A lot of agencies and recruitment companies are now also asking to see proof of insurance documents from candidates. That’s even before they accepted you for a role. So, certain insurances should be considered, nullifying any risk that may exist to your company, the recruitment company and the end client.
Moreover, more and more companies are insisting that IT Contractors take out Professional Indemnity Insurance.
So what types of insurances should you consider while working as a freelancer or an IT contractor?
The main insurances are:-
PI Insurance for IT Contractors
Professional Indemnity Insurance (PI) covers IT Contractors against any errors they make or bad advice which they give leading to financial loss from those relying on your advice. It provides protection for claims made against them as a result of allegations of professional negligence. Cover, therefore, includes legal defence costs and any damages awarded. Companies can claim for negligence against any company providing professional services.
Public Liability Insurance (PL)
It provides protection against claims for legal liability in respect of accidental bodily injury to third parties or damage to third party property arising in the course of your normal business activities.
Whether you are on your own premises or at a clients’ site, you have a duty to protect anyone who might be affected by your activities. So, if you fail in this duty and someone is injured, or property is damaged as a result of your actions then you could become legally liable to them for compensation.
Employer‘s Liability Insurance (EL)
Employers’ liability provides protection against claims from employees for legal liability in respect of injury or disease. This may arise in the course of their work. Companie may deem you, therefore, to be responsible.
You do not usually require by law to have EL in place. However, it is often a contractual requirement to have this cover.
Finally, other insurances worth considering are
Directors and Officers Liability and Personal Accident.
For further information on these insurance, or to obtain a quote, please fill in the form below.