IT Contractor Insurance

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IT Contractor Insurance Explained

IT contractors may need specific types of insurance. Sometimes this is due to the fact that it is required in the terms of their contract. However, others just want to get some coverage so they can obtain peace of mind. There are different types of policies that can be availed by an IT contractor. Examine each one of them in order to know what is essential for you.

Is it mandatory that you should take an IT contractor insurance?

Typically, there are two basic reasons why a particular type of insurance policy might be mandatory.

Some clients require their contractors to have a certain type of insurance such as Professional Indemnity insurance. Most often this is included in the terms of the contract. An Employers’ Liability Insurance is mandatory for most businesses. However, limited companies who have a single employee are exempted provided that they own half of the shares in the business.

What type of insurance does an IT contractor require?

If you work as an IT contractor, then you can’t avoid committing mistakes which can sometimes make your client suffer financially. In order to avoid this disaster, you must get professional indemnity insurance. IT contractors also require other types of insurance such as public liability insurance, tax investigation insurance, employers’ liability insurance, cyber liability insurance, business equipment insurance, health and safety insurance, personal accident and sickness insurance, and others.

IT contractor insurance can be tailor-made to protect contractors who are working in the information technology as well as the telecoms industry. There is a wide range of IT contractor insurance that are available at affordable prices.

Finding the Best IT Contractor Insurance

What type of IT Contractor Insurance should you get?

Most contractors think that they must get professional indemnity insurance and public liability cover. But this is not always the case, although there are relevant reasons why IT contractors need to take some coverage, regardless if this is not mandatory. Here are some types of insurance that are pertinent to IT contractors:

Professional Indemnity

This is very important in the event that your client will sue you for your mistakes which cost some money to the client. Examples of the disasters that professional indemnity insurance can cover are loss of data or documents, negligence, and unplanned breach of copyright. A professional indemnity can cover the costs of the claims as well as the damages.

Negligence can happen when you were unsuccessful in fulfilling your duty to your client. For instance, you make mistakes in your work or you provide inappropriate advice to your client. Inadvertent infringement of your client’s copyrights or trademarks is also covered by professional indemnity.

Aside from IT contractors, Professional indemnity insurance is also useful for professional consultants and freelancers. Most insurance providers have specific coverage for every profession including IT contractors, accountants, management consultants, and others.

Public Liability

If you work in more than one area, then a public liability can cover you in the event that you will cause harm to your client or any other people. This type of insurance can protect you against any third-party property damage or injury resulting from your carelessness at work. Nevertheless, it does not provide coverage to your poor workmanship.

For instance, if you are working on your client’s site using your laptop and suddenly a passerby or your client trips over the wire and hurt themselves. This policy can cover the claims in the event that these people will sue you.

This can cover your company or your employees in the event that you’ve caused injuries to other people or you have caused damage to some properties. For instance, if you have damaged your client’s computer while working.

Tax investigation Insurance

The Tax investigation insurance is very important since it can protect you and your company when HMRC will conduct an investigation on your tax affairs. For IT contractors, consultants and other types of professional contractors, this type of insurance is also referred to as IR35 insurance. This can cover you in case there are tax disputes or inquiries such as status inquiries resulting from an IR35 investigation. Your coverage will depend on the policy that you choose. Some will cover only the professional representation while others can cover for any unpaid taxes or penalties.

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