Contractor Insurance Checklist: Do you have the right limits?

Insurance Limits

One horror story we regularly hear from contractors is that they did have insurance but were, in fact, underinsured.

While this wasn’t an issue for them for a long time — and kept their monthly or yearly premiums down — it became a problem when a claim was made against them because of a mistake they made, and they didn’t have enough insurance to cover it. This resulted in them having to foot most of the bill themselves with a variety of consequences including using up their savings, selling their home, having to give up their business or, in some extreme cases, declaring bankruptcy.

So you should always make sure you have the right level of insurance with appropriate limits, lest you find yourself in a situation that results in financial difficulties.

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Contractor Insurance Checklist: Are you meeting your contractual obligations?

Contractual Obligations

Whether you’re a veteran contractor or a newbie, whether you’re in IT or engineering, you’ve almost certainly discovered by now that having contractor insurance is often a contractual obligation when it comes to clients and/or agencies. This means that before you sign on the dotted line, you must have insurance in place or else you could find yourself in breach of contract.

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Contractor Insurance Checklist: Does your policy include Employers’ Liability cover?

Employers' Liability Cover

At Kingsbridge, all of our contractor insurance policies include Employers’ Liability insurance cover as standard, but this is not the case across the contractor insurance industry. Many insurers miss it off completely or make it an optional extra, causing many contractors to assume they don’t need it.

And we can see why you may think that. After all, you may well fit into the exemption category (you employ only yourself and own at least 50% of your share capital) as do many contractors. But this is not always the case and just because you are exempt now it doesn’t mean you will be a few months or years down the line.

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Movember at Kingsbridge

Kingsbridge Movember

There’s an old English proverb that says “A man without a moustache is like a cup of tea without sugar.” We don’t know how you take your tea, but it’s safe to presume that whoever came up with that line preferred their men with a little upper lip plumage.

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Kingsbridge SME Insurance

Kingsbridge SME Insurance

Did you know that, by the start of 2014, the Department for Business Innovation and Skills estimated that 99.3% of UK private sector businesses were small and medium-sized enterprises (better known as SMEs)? Their combined £1.6 trillion annual turnover accounted for 47% of private sector turnover.

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Autumn Statement 2016: The Kingsbridge Reaction

Autumn Statement 2016 Kingsbridge

Despite all the political, social, and economic doom and gloom that wrapped around 2016 like a suffocating vine, Britain’s self-employed continued to rage against the dying of the light. Damian Hinds, the current Employment Minister, recently hailed “the resilience of the UK labour market”, citing the fact that Britain’s unemployment rate has fallen to 4.8% – its lowest level in over a decade. Coupled with that, the Office of National Statistics’ employment report for July – September 2016 revealed that the number of self-employed rose to 4.79 million, an increase of 213,000 for the year. That figure now equates to over 15% of the total UK workforce.

Why mention the above? Because instead of the recognition and support they deserve, contractors, freelancers and the self-employed found themselves under sustained attack in the 2016 Autumn Statement.

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Contractor Insurance Checklist: Are you really covered?

Contractor Insurance Checklist

The Contractor Insurance Checklist is our new blog series that will act as your guide to everything contractor insurance. Not only will it go into what the different aspects of contractor insurance are but, more importantly, they will explain why you need them and what could happen to you if you don’t have them.

Over the coming days and weeks, we’ll be running articles on various factors of contractor insurance so you can go through the parts you need to in an easily digestible format — after all, we know most contractors are too busy to be rummaging through huge, long guides.

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Autumn Statement 2016: Contractors’ Wishlist

Autumn Statement Brookson

Our good friends over at Brookson recently published their predictions for next week’s Autumn Statement (taking place on 23rd November). Read on below for Victoria McDonnell’s thoughts on what might transpire:

This year, the Autumn Statement is set to be a pinnacle moment for the new government, as the Tory administration is known to be keen to roll-out its vision for the economy post-Brexit and; dare we mention something even more divisive, post-Trump.

But if it was up to the estimated 1.4million contractors, freelancers and self-employed professionals in the UK, a chunk of whom are our clients, Autumn Statement 2016 would be more granular and less ‘big picture.’ From talking with them, we know that these independent workers want less red tape, more legislative clarity and initiatives or tax rate changes able to genuinely benefit professionals who work via a PSC or umbrella company.

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No Email Day II: The Return

Kingsbridge NED 2

Regular readers of this blog will know that we held the first Kingsbridge No Email Day last month. Such was its success, we’ve decided to make it a (semi) regular occurrence. No Email Day II (all sequel-based puns welcome) arrives at Kingsbridge on Thursday 17th November. The rules remain the same – see below for our original rationale.

We’re throwing a little extra ‘carrot’ into the mix this time too – there’ll be treats laid on for all staff, and all workers will be encouraged to dress down for the day.

Expect an ecstatic review of NED II in due course.

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New Faces at Kingsbridge

As a rapidly growing company, we’re always on the lookout for new staff at Kingsbridge. In the last month or two we’ve added quite a few new faces to the team, and we wanted to take a minute to introduce you to our most recent recruits. Below, meet Sophie Harrington, Sean Walker, Tanya Walters, Tessa Whittock, and Ben Fox.

Sophie Harrington

Name: Sophie Harrington

Job Role: Customer Services Administrator

Previous: Sophie joined the Kingsbridge team after six fruitful years at the John Lewis Partnership. She will be looking after the daily concerns of our client base, as well as making sure that all policies run smoothly. If you call Kingsbridge (and you’re more than welcome to – it’s 01242 808740) Sophie’s will likely be the first voice you hear.

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