If you are a contractor, it is imperative that your insurance is in place. Ensure that you have the right type of coverage that will give you the best assurances and also help your customers and clients put their complete trust in your business. Here are some of the insurance products that you may need to maintain a healthy and secure business.
Insurance protects your business from worst-case scenarios. Your operations and business model does not suffer an interruption caused by a diversion of funds, a dreaded situation that those without proper insurance have to live with.
Those who hire contractors are also increasingly vigilant when it comes to the insurance coverage of a prospective company or proprietorship. Many hiring parties prefer to check the insurance certificate of a contractor before finalizing. Make sure you do not miss out on a big job for something as simple as an insurance proof.
Tax Enquiry Insurance for Contractors
The British taxation system can be a bit of a quagmire, where the uninitiated can end up in a sticky situation when the HMRC come calling. You may be an expert in your domain, whether it is engineering or IT, but it is best to leave the correspondence with the taxman to the tax experts. Tax Enquiry Insurance will protect you in a scenario where you are faced with legislation regarding incomplete payment of taxes.
Public and Employers Liability Insurance
Your contract work will have endless possibilities, some unwanted. There are times when an incident at the site can cause an injury or damage to someone’s property. This can lead to legal action against your firm from a third party. Public liability insurance will protect you from such legal action, designed to assure a strong defence. In the case where you have to pay for damages, the coverage you receive will be mobilized into that.
Your employees are more susceptible to incidents in the workplace. In the unfortunate circumstance of an injury or workplace death, your company can come under a lawsuit or legal action by the claimant. Employer liability insurance will protect your interests from such action, providing you with a defence and also paying the damages in case you have been proven liable. Remember that employee liability insurance is mandatory for firms with more than one employee, including full time, temporary and part-time workers.
Finding a Reliable Contractor Insurance Provider
Determining the right insurance for your contractors is a must and sites like Qdoscontractor.com can help you understand what you need. You can use a simple and interactive platform to determine the type of insurance you need as a contractor. You can speak to an expert or browse through the various plans on offer.
Some of the perks of choosing a good insurance provider include competitive and transparent pricing, so you do not overspend on the premiums, and easy online documentation process which takes a few minutes, so you can concentrate on what you do best instead of wasting time on paperwork. Get a complimentary IR35 assessment when you sign up for an insurance premium. Remember, when you keep your insurance coverage strong, your business can forge ahead prepared for all circumstances.