Hi,
Thanks for the replies, it's all useful stuff.
"If the company is incorporated and has more than one employee, or if you have one employee who owns less than 50% of the share capital you need Employers Liability Insurance by law. "
When the accountant created the LTD company for me, he created 100 business shares for me, and 50 each class (a or b cant remember at mo) shares for me and the part time employee (spouse,not a company secretary)
Does this mean by law I need Employers Liability ?
I think the main thing is about insurance is that I want to make sure I'm covered for any unforseen problems such as websites I have worked on breaking/being hacked leading to loss of business for client, disputes etc. Although maybe an uneccesary argument as I wouldn't put my clients in this position in the first place ! But I was thinking professional indemnity to be on the safe side, as I wasn't sure if it was a good idea not to have it.
Liability - I guess the worse that can happen is someone could trip over my laptop lead possibly. It's a confusing situation as the majority of my onsite work is through a recruitment agent, so technically the client is employing them.
Thanks for the tip on the car, I own my car, but I am using it for travel to clients. The insurance policy at the moment is from when I was permie and designated at "to work and back". I guess this means I may not be covered !
Thanks
Owen
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: What Insurance ?
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "What Insurance ?"
Collapse
-
Guest replied
-
Originally posted by Wanderer View PostYou don't need any of it in my opinion. The only reason to get it is if the agency or client demands that you do.
You don't need public liability unless you have your own premises.
You don't need employer's liability unless you have people on your PAYE payroll (spouse doesn't count).
However a Director and Company Secretary aren't necessarily employees even though they are officers of the company, may do some paperwork and may get paid a "fee" as well as dividends.
(Yes it may be about terminology but you need to be very clear about it when talking to people unless you want to get yourself mis-sold a product you don't need.)
Originally posted by Wanderer View PostProfessional indemnity may be required by your client but if they sue you then you can just shut down the company, presuming the company doesn't have any substantial assets.
Also you cannot close your company down if there is legal action intended or started. Though the fact the company doesn't have any substantial assets is helpful if they obtain a judgement against you.
Originally posted by Wanderer View PostNone of that stops agencies demanding that you have employers liability or public liability though.
If you drive a vehicle you need to get business insurance on it. Otherwise you won't be insured to drive to client sites as they are business trips.
Leave a comment:
-
Originally posted by mro View PostI'm guessing Professional indemnity is defintiely one I need, but not so sure about public liability ?
You don't need public liability unless you have your own premises.
You don't need employer's liability unless you have people on your PAYE payroll (spouse doesn't count).
Professional indemnity may be required by your client but if they sue you then you can just shut down the company, presuming the company doesn't have any substantial assets.
None of that stops agencies demanding that you have employers liability or public liability though.
Leave a comment:
-
The PCG have a guide to insurance on their website I suggest you register and read it. Registration is free.
Leave a comment:
-
What Insurance ?
Hi,
Just wondering - I have been thinking about Insurance for my limited company.
I am predominately freelance web design/development, working on companies premises - usually this kind of work is through a recruitment agent.
I also have direct clients where I work from home, I have one part time employee who looks after all my admin at home, this allows me to get on with the web work.
I'm guessing Professional indemnity is defintiely one I need, but not so sure about public liability ?
Any thoughts ?
Thanks for looking.
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: