As a contractor, protecting your business is a top priority (as well as cashflow and bookkeeping, of course). While many focus on delivering quality work and managing client relationships, one area that often gets overlooked is having the right insurance in place.

We’ve gone over the essential types of insurance every contractor should consider. These are:

• Employer’s Liability Insurance
• Public Liability Insurance
• Professional Indemnity Insurance
• Cyber Security Insurance

Without proper coverage, your business could face significant financial risks from lawsuits, accidents, or even cyber threats.

Additionally, we’ll introduce you to Kingsbridge, an insurance provider that offers a 10% discount to our clients.

1. Employer’s Liability Insurance

If you employ anyone, even part-time or temporarily, you’re legally required to have Employer’s Liability Insurance. This policy covers claims made by employees who suffer injury or illness as a result of their work. Accidents happen, and even with the best safety measures, you need to be prepared for the unexpected.

Employer’s Liability Insurance covers the cost of compensation claims and associated legal fees, ensuring your business doesn’t face financial ruin in the event of a claim. For contractors managing teams or hiring subcontractors, this is a must-have policy to comply with the law and protect your business.

2. Public Liability Insurance

Whether you’re working on-site or meeting with clients in public spaces, you’ll want to be covered for accidents that could affect third parties. Public Liability Insurance covers your business against claims for injury or damage to property caused by your work.

For example, if a member of the public trips over your equipment or you accidentally damage a client’s property, this insurance will cover the costs. As a contractor, you are likely to be working in environments where these risks are present, so public liability insurance is an essential safeguard.

3. Professional Indemnity Insurance

Mistakes happen, and when they do, Professional Indemnity Insurance (PI) ensures you’re covered for any legal costs and claims for damages. PI insurance is crucial for contractors who offer consultancy, design, or advice as part of their services. If a client alleges that your work has caused them financial loss, this insurance will cover the costs of defending your business in court or paying out any settlements.

Even if you’re confident in the quality of your work, misunderstandings or miscommunication can lead to legal disputes. Professional Indemnity Insurance gives you peace of mind, knowing that if something goes wrong, you’re protected.

4. Cyber Security Insurance

In today’s digital age, even small businesses are at risk of cyber attacks. Cyber Security Insurance covers the financial losses and recovery costs associated with a data breach, hack, or other cyber incidents. For contractors who handle sensitive client information, store data online, or rely on digital platforms for work, this is becoming an increasingly important policy.

A cyber attack can lead to lost income, reputational damage, and expensive recovery efforts. With cyber security insurance, you’ll have support to cover legal fees, data recovery, and even the cost of notifying clients if their information has been compromised.

Partnering with Kingsbridge: A 10% discount for our clients

To help our clients secure the right insurance coverage, we’ve partnered with Kingsbridge, a leading provider of contractor insurance. The firm offers all the key policies mentioned above in a range of packages.

Kingsbridge provide adaptable insurance packages to contractors, freelancers, small businesses and sole traders. Their team consists of underwriters, brokers and claims managers who are in-house and by your side throughout the arranging of your insurance.

Their policies are underwritten by A-rated insurers and, as a special benefit, our clients receive a 10% discount on their insurance premium when referred through us.

This is an excellent opportunity to protect your business at a reduced cost while ensuring you have the coverage needed to operate confidently and securely.

Conclusion

Having the right insurance in place is essential for contractors and small businesses to protect against financial risks and unexpected incidents.

Whether it’s covering employee claims, accidents involving third parties, or defending your business in a professional dispute, insurance offers vital protection. Additionally, cyber security insurance can shield your business from costly online threats.

If you’re unsure where to start or need to update your coverage, speak to Kingsbridge today and take advantage of our 10% discount. Protecting your business has never been easier – or more affordable.