Myths of Contractor Insurance

Myths Of Contractor Insurance

The world of contractor insurance can sometimes be a little confusing to navigate. Everywhere you look there are people telling you what you need and what you don’t. Here at Kingsbridge we know the contractor marketplace inside out. With fifteen years of experience serving the contractor community, we’re able to provide knowledgeable, trustworthy, and impartial advice. Below we’ll try and clear up a few of the most common misconceptions that surround contractor insurance. Without further ado:

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How Do Contractors Benefit From Running A Limited Company?

Pros Cons Contractors Limited Company

We get a lot of questions here at Kingsbridge HQ about the pros and cons that come with running your own limited company. As you’d expect, working for yourself comes with greater responsibility. However, the benefits are worth the extra work. When you make the jump from being a permanent employee to a contractor you become your own boss. Setting up a limited company (as opposed to becoming a sole trader or joining an umbrella company) is often the most tax efficient way of working as a self-employed professional. There are plenty of benefits, but also a few things you’ll need to be aware of. Read our list below:

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Which business insurance do I need as a contractor?

Contractor Insurance

We know it can be a minefield for contractors when it comes to purchasing the right insurance cover to protect you and your business. The volume of products available to you can make the whole process a little overwhelming, so we’ve set out five essential insurances you’ll need going forward. Read on below:

Professional Indemnity Insurance:

Professional indemnity insurance is designed to protect contractors against claims for negligence (such as making a mistake, or giving bad advice.) It also provides cover for loss of documents, loss of data, breaches of intellectual property, as well as defamation and libel.

If you do make a mistake for which you are responsible or are deemed to have been negligent, then professional indemnity insurance will cover any compensation that you have to pay as a result, as well as any legal costs you’ve incurred in the process. A mistake could end up costing you tens or hundreds of thousands of pounds so it’s vitally important to have the right protection in place. It’ll also cover the cost of fixing any mistake you may have made, which could help you to avoid having a larger claim made against you.

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A guide to insurance speak – all the terms every contractor needs to know

Key Insurance Terms

Contractor insurance comes with a lot of related jargon and we understand that it’s easy to become bogged down in what all of these industry specific terms actually mean.

Not to fear! You don’t have to swallow a dictionary in order to understand your contractor insurance policy. We’ve collected some of the key terms you’re likely to come across when searching for insurance cover to make the terrain a bit easier to navigate, and to save you some valuable time!

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Get LinkedIn working for you

LinkedIn

Today’s job market is becoming increasingly competitive, especially as contractors are becoming progressively more important in bridging the skills gap throughout the UK. It follows, therefore, that creating an extensive network of influential contacts is an invaluable way for contractors to compile a prospective client list and raise their profile online.

LinkedIn really is an invaluable tool for this exact task. It can help position you as an expert in your field, catching the attention of specialist recruiters and potential clients. What’s more, you can use your LinkedIn profile to highlight your skillset through client recommendations, endorsements and membership of professional groups.

If you want to get more digitally savvy, sprucing up your LinkedIn profile and keeping it totally up to date is a great place to start. What’s more, you need to know how to make the most of LinkedIn’s special features to make sure that you’re maximising the potential to secure your next, big, game-changing contract.

Here are some of our most important tips to getting the most out of your LinkedIn profile and fully harnessing the power of the professionals’ social media network to make sure that you’re making waves in your industry.

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Cameron’s cabinet reshuffle: key ministers for contractors

Sajid Javid

Much ink has been spilled, including by us here at Kingsbridge HQ, about the all new single party Tory government that few of us were expecting for the next five years. One of the key concerns for contractors, of course, is what policies the party will introduce that support the working life and growth of the independent professional sector.

However, of equal concern are the ministers that hold strategically important positions for contractors. Those that understand and appreciate the unique position that contractors hold in the landscape of modern British business and can advocate on their behalf are a necessity if independent professionals are to flourish and continue to play an important role in the UK’s economic recovery.

Here we’re going to take a look at some of the ministers that will play a significant role in the working lives of contractors for the next five years of Conservative government.

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The Top Ten Tips for New IT Contractors

IT Contractors

We’re big fans of a good list here at Kingsbridge HQ. It’s lucky for us, then, that the lovely people over at Intouch Accounting have put together the top ten tips for new IT contractors. Read on below.

Moving away from permanent employment and into contracting can be a confusing time for an IT  professional. As well as the holistic adjustments, you will want to understand the finer details before you make the leap. From decisions regarding operating under an Umbrella Company or setting up your own Limited Company to how taxation works to the benefits of contracting, it can be an overwhelming time – but it can also be a great opportunity to adapt in the industry and hone your skills.

As an IT professional, the decision to branch out into contracting doesn’t come easy – and whether you’re certain it’s the route for you or still making your mind up, we’ve put together a list of the top 10 tips for new IT  contractors to help you on your way.

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Contractors: How to Handle Non-Compete Clauses

Non Compete Clause

Our friends at Lexoo have put together a great piece on non-compete clauses and how best to deal with them. Read on below.

Imagine you’re about to finish some contract work for the best known brand in your industry. It was  tough to come by so you were thrilled to get the job and with the boost it provided for your CV. Just days before the contract is up, a similarly well-known company in the same industry approaches you with an offer of employment. You’d be forgiven for thinking that everything was working out well, but unfortunately that’s not the case.

Remember that non-compete clause you signed as part of the contractor agreement?  Well, it’s come back with a bite. You were so happy to get the contract that you didn’t even read it.  The result? You can’t take the job you’ve been offered, or any like it for the next two years.

This scenario might sound farfetched, but it’s something that can and quite regularly does happen to those not diligently inspecting their contractor agreement. Most contractor agreements contain a ‘non-compete’ clause, which essentially sets out to what extent you are limited in working for other similar businesses in the immediate future.

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How every contractor can benefit from Professional Indemnity insurance

Professional Indemnity Insurance

We’ve no doubt that you’ve heard of Professional Indemnity insurance before. You may know it by a different name; errors and omissions, PI insurance or professional liability insurance. Whatever you call it, it means the same thing.

It’s insurance that provides cover for freelance contractors in the event that a client suffers financial losses as a result of a ‘breach of professional duty’. That could mean neglect of professional responsibilities, an error in work or omission on the part of the contractor.

It’s a pretty fundamental element of cover for any contractor. It will protect you if a client alleges you’ve made a mistake in any designs, advice or specifications you provide during the course of your contract.

Many freelance contracts now require you have a minimum level of Professional Indemnity cover and for good reason. Read on to find out what we think are some of the main benefits that this insurance can bring to a contractor’s life.

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Getting accredited: the benefits of professional memberships

Accreditation

Trust is a remarkable thing, especially in the world of contracting. If a client trusts you and the quality of your work then you build a reputation as a trustworthy professional and this can do wonders for your career and the opportunities to which you are exposed.

During the course of your career as a contractor you may have considered joining a professional body and becoming accredited as a way of further cementing client trust in your work.  You may have already done so as a result of certain, industry specific legislation, or you may be considering doing so for the business benefits. In this blog we’re going to look at some of the ways that becoming an accredited contractor can add value to your business.

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