You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
Just started contracting and i am wondering which insurance cover is most prudent - there seems to be quite a bewildering range out there.
What does your client expect you to have? The answer may well depend on your industry.
I was asked to get myself public liabilty and professional indemnity. Went to Hiscox. Pricing was good although their service could have been better...
Good luck with the contracting, best thing I ever did, work-wise... perm jobs are so 20th century 🙂
[i]What does your client expect you to have?[/i]
This. Didn't have it for years, as no client had asked for it, until the Wife started with an (ex) public sector company. They demanded it. So we got it; about £20-25pcm if I recall.
And Hiscox are as good as any - plus easy to deal with. We've used them for years.
Thanks but i believe that public liability and professional indemnity is already covered by the agency - so maybe i am ok but having been permanent for so long i was thinking of sickness stuff etc.
What kind of contracting?
Anyway, Liability and Indemnity are the usual required but it depends on the industry. IT industry may require it in the contract clauses.
Would be odd to be provided by the agency. Is this an umbrella company affair? If you work through your own Limited Company you should have it covered by your company really and worth having even if not required by the contract as it protects you / your company if the client decides to sue for some reason.
An umbrella I guess will provide it for you. An agent for one specific contract would be odd as you have to go through the hassle of getting it for another contract if it's a different agent.
"Sickness stuff"... that's what your fees are for 😉 . You're basically being paid the raw overhead cost by the client (less agent fees) and you use that to cover holidays, sick pay, time on the bench etc. Same as a company would do paying an employee and they use the same cost they use to cover sick & holidays.
But yes you can take out insurance, though not sure what gives you cover for normal sick days. You may get cover for long term sick but would have to be dedicated contractor insurance and not really looked into it.
Certainly you can get regular insurances like any employee can get to cover long periods off, redundancy or worse things, but they usually require you to be no longer receiving sick pay from your company or having been laid off (so from your own Ltd Co, you have to sack yourself and get a P45 😉 ).
[i]Thanks but i believe that public liability and professional indemnity is already covered by the agency - [/i]
If it is, then you're perm 😉