Now it’s been decided that IR35 is here to stay, albeit with better management by HMRC, freelance contractors needs to refresh themselves with it, ensuring they are compliant.
Taking out Insurance for your limited company has always been a good indicator to HRMC of your independent status, and although you can buy the basic requirements to satisfy this element, you should also be thinking how best to cover your company for all eventualities.
Being comprehensively covered has to be the key for peace of mind, not just for you, but your client and agency as well. Kingsbridge Contractor Insurance offer a package, specifically designed for freelance contractors working through their own limited company or as a sole trader, and as experts in freelance insurance they have thought about claims coming from every angle. The package even includes a personal accident cover for occupational accidents providing you with weekly income should you be injured at work.
Richard Bell, director of Kingsbridge, says “as a freelance contractor you have to take responsibility for losses which arise from your errors, and relying on other parties to indemnify you for such loss can be seen as evidence that you are not in business in your own right. Why take this risk when affordable comprehensive cover is available, after all could you really afford the legal cost to defend a professional indemnity claim, even if the allegations are unfounded?