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Reply to: Insurance
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Previously on "Insurance"
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I would say 80% of the contracts I see require insurance but that need not be the only reason to have it.
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Originally posted by Alan @ BroomeAffinity View PostI'd say 80 - 90% of my IT contractor type clients have an insurance clause. It's normally about £450 paLast edited by Contractor UK; 10 March 2016, 11:28.
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Also, be aware that many policies will not cover nuclear, oil and gas, aviation, Canadian or American projects. Read the fine print and buy the cheapest, you're unlkely to have a claim.
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Originally posted by Alan @ BroomeAffinity View PostI'd say 80 - 90% of my IT contractor type clients have an insurance clause.
However due to how companies share buildings most of my contracts in the last 2 years require public liability insurance as well.
In other words shop around and read the policies before taking the insurance out.Last edited by Contractor UK; 10 March 2016, 11:28.
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Aside from contractual obligation id say it's also good business practice. Although I can't think off hand of any clients who've ever had to claim so maybe it's a needless expense. Who knows? I guess that's the nature of insurance though.
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I'd say 80 - 90% of my IT contractor type clients have an insurance clause. It's normally about £450 pa.
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Yes it is. You are a supplier contracted to work with clients data and the like. They want to make sure you can pay up if you do something that's going to cost them a lot of money. Employees get the sack, you will get sued. You need Professional Indemnity insurance that will pay out if you **** up with the clients data.
It's not expensive. Go look at QDOS and the like.
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I have checked the contract and it says have the appropriate insurances in place. My question was if this was common? Do the vast majority of contracts include this? Is it fundamental to being a contractor?
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Originally posted by Alan @ BroomeAffinity View PostDepends on what the client and agency stipulates. Check your contract.
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Depends on what the client and agency stipulates. Check your contract.
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Insurance
Hi,
I've secured a position through an agency and having just read the contract it mentions having appropriate insurances in place. Before taking this job I spoke to a few different agencies and they gave different views about the need for my company to have its own insurance, generally they didn't seem to actually know and were just guessing in my opinion.
Is it generally accurate that as a limited company contractor I do need to have my own insurances?Tags: None
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