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Professional Insurance
All freelance contractors using our umbrella company solutions benefit from Professional Insurance cover of:- Professional Indemnity Cover of £2,000,000
- Employers Liability Cover of £10,000,000
- Public and Products Liability Cover of £5,000,000
This contractor insurance cover is included for all umbrella company contractors using either Expat Advantage or Payroll Umbrella. Even higher level project insurances may be part of a Managed Project.
Contractors using our umbrella company solutions do not have to worry about ensuring they have the right contractor insurance in place, completing quarterly VAT returns or making payments of PAYE deductions to the HM Revenue and Customs as everything is taken care of. All you have to do is send us timesheets and expenses, we do the rest.
To find out more about umbrella company solutions including Expat Advantage and Payroll Umbrella call Commonwealth Contractors now on 0800 294 4388 or Submit your details and we will get right back to you.
What is Professional Indemnity Insurance?
Professional Indemnity Insurance protects a business and its workers against compensation claims made by a client where a mistake has been made by a worker or a worker has been found negligent in some way when delivering a service.For freelance computer contractors Professional Indemnity is a must and is normally detailed as a requirement in Client or Agency contracts. Freelance contractors going into business with a Limited Company often do not consider Professional Indemnity Insurance when thinking about starting up and find it to be another one of those unforeseen expenses of running a Limited Company.
Professional Indemnity Insurance should not just be purchased while a company is trading but also for a period after the company has closed. The reason for this is that long delays often occur between an event happening and a subsequent claim. Where a business closes, cancels its Professional Indemnity Policy and then receives a claim from a client the effects can be crippling if the Insurer will not be willing to cover the claim. Freelance contractors running Limited Companies are advised to arrange ‘run off’ cover with the insurer once the business closes.
What is Employers Liability Insurance?
Employers Liability Insurance enables a business to meet legal fees and compensation claims where an employee is injured or made ill at work through fault of the employer.Employers Liability of at least £5 million pounds is compulsory for UK companies unless the company has only one employee and that employee owns 50% or more of the company share capital. As the majority of freelance contractors running Limited Companies only have a solitary employee, Employers’ Liability Insurance is not required. However, contractors wishing to build a business should take out cover as soon as possible as penalties can be steep. Employers Liability Insurance could also be looked at by the HM Revenue and Customs when conducting an IR35 investigation.
What is Public and Products Liability Insurance?
Public Liability Insurance covers a business against claims made where legally liable for personal injury or damage to a property.Products Liability Insurance is required if a company manufactures or supplies goods. Even a small defect could cause damage and open a company up to massive claims.
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