One of the most important parts of what we do here at Kingsbridge Contractor Insurance is finding out what it is our customers do for work. As the list of professions and roles we cover continues to grow, so does our list of job titles. We consider ourselves to be experts in every field we cover, but on occasion there are jobs that even we have to Google before setting up a contractor with insurance. In the first of a series featuring all of the industries we cover, we take a look at what some of the more confounding job titles and specific areas within the Oil & Gas industry actually mean.
As a contractor, you’ll find that clients and agencies will often insist that you hold adequate insurance before you undertake a contract. Having the right insurance in place will ensure you’re in line with the terms of your contract, and will provide you with cover should a claim be made against you. One of the most important covers for a contractor or freelance professional to hold is professional indemnity insurance (also known as PI.)
PI is a key IR35 indicator. It’s not a requirement for a traditional employee as they’d be covered by the insurance provisions of their end client. Holding professional indemnity insurance therefore provides a clear distinction between contractor and employee. The fact that you, as the contractor, have purchased professional indemnity insurance demonstrates a financial obligation and a responsibility to protect your interests.
Below you’ll find an easy to follow breakdown of what PI is, why you need it, and a few examples of claims so you can see the full picture.
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:
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 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.
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!
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.
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.
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.
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.
We understand that when you’re freelancing, you want to focus on the job at hand and creating the best work possible. Sometimes, insurance products don’t come at the top of your to-do list and can seem like an unnecessary expense.
However, if you’re a freelance engineer, you occupy a unique and interesting position when it comes to insuring yourself. Your work is based on problem solving and solution finding, and more often than not, your work product will affect the public, not just your end client. It is for that reason that gaining access to adequate insurance cover should be at the very top of your to-do list!
What’s more, many (if not all) freelance contracts stipulate that a freelancer must be covered by a minimum amount of insurance, so your future contract jobs could depend on having access to quality insurance.