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A guide to business insurance for contractors

If you are a self-employed contractor or run a contracting business, you will understand that there are risks associated with running a business. Arranging the appropriate contractor insurance will allow you to focus on meeting your client’s expectations. Contractor business insurance will provide the peace of mind you need, to ensure you are always protected against potential claims.

Whether you are looking for building contractors insurance or cleaning contractors insurance, this guide will help you understand the options available. We outline the key aspects of contractor business insurance and explain how to find the cheapest insurance prices.

What general contractor insurance types are available?

There are a variety of contractor insurance companies which offer a range of policy types. The exact form of insurance and cover level required will depend on the type of contracting you perform. In general, you need to cover yourself and your contracting business against every eventuality.

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General liability insurance for contractors

General liability insurance for general contractors can be divided into three main types of liability insurance.

Contractor public liability insurance

If you work in an environment where you are in contact with the public, you will need public liability insurance. This form of contracting insurance will provide protection against any property damage or injury to a member of the public. This could arise as a result of an accident on site, leading to potentially large financial claims.

Contractors' professional indemnity insurance

This type of insurance is also known as PI insurance. It will provide cover against the cost of claims made as a result of your professional mistakes. If you provide professional contracting advice or design which results in a loss to your client, you could be liable. The company may sue your contracting business for negligence, although insurance is available to cover the claim.

Employers' liability insurance for contractors

If your contracting business employs a person other than yourself, legally you will need to hold employer’s liability insurance. If an employee is injured or becomes ill as a result of their employment, they may make a claim against you.

Accident and sickness insurance for contractors

Occupational personal accident insurance and contractor sickness insurance will provide financial cover, if you are unable to work. You could receive a weekly payment during the sickness period, or a lump sum in the event of a permanent disablement. For example, many insurers will offer up to £500 for each week you are unable to work. If being ill or suffering an accident would leave you without an income, this form of contractor insurance will ease the financial pressure.

Contractor office insurance

An office insurance policy will provide cover for your premises, contents and any equipment against damage or theft. It is possible to arrange cover for your equipment when in use outside the office, for example a laptop used on site. In the event of a claim, your potential loss of income and any damage to your property will be covered.

Cyber and data risk insurance

This type of insurance will cover your equipment, ransom demands, profit loss, legal claims and client claims. If your business holds confidential information about clients and their projects, you could be at risk of an attack.

As you can see there are many types of insurance available to contractors. It is possible to arrange contractors combined insurance or independent contractor insurance policies, depending on your requirements.

Do I need contractor cover?

Although every business will try to limit potential claim problems, it is always possible that a mistake will be made. It is always advisable as a contractor to thoroughly read contracts and ensure you are clear on the project deliverables. By checking that you understand any contract specifications, you can make sure you are able to complete the contract before beginning.

For further peace of mind, it is advisable to ask your client to sign off sections of the project as it is completed. This is ideal when you are completing large projects, as it shows you have gained approval throughout. By keeping as many notes and emails as possible, you will have a paper trail to prove that you have completed the project.

Although you can always try to prevent potential claims against your contracting business, mistakes do happen. Arranging specific contractor insurance will provide complete peace of mind and ensure your finances and reputation are protected. If you are a contractor without insurance, your whole business and livelihood could be put at risk if a claim is made against you.

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How much does contractor protection cost?

Insurance prices vary significantly, as the premium price is based on the individual requirements of the contractor. The exact general business insurance cost will depend on factors such as, the cover you need and the level of risk. If your business is considered low risk and you are able to pay an excess, you will be able to negotiate cheaper contractor insurance.

Many regulatory bodies and clients will require you to hold a minimum cover level in order to complete a contract. This amount will impact the cost of the insurance, with larger cover levels needing more expensive premiums. Insurers will offer a range of limits, so try to think of the worst-case scenario and arrange cover to meet this. It is possible to compare quotes and find the cheapest contractor insurance which meets your specific requirements.

How do I find affordable contractors’ insurance?

We can help you with everything from cheap general liability insurance for contractors to cheap professional indemnity insurance for contractors. By partnering with the insurance companies you know and trust, we can help you compare options. This will ensure you find the best contractor insurance at the best prices. We only partner with a panel of trusted providers, so that you can compare multiple options in one simple place. Our panel includes market leaders such as AXA, Aviva, NIG and Hiscox. To find the cheapest business insurance which meets your individual requirements simply complete our quick online form.

We only need a few details and our dedicated insurance team will quickly find the best quotes for your contracting business. You will then be provided with a range of contractor insurance quotes online, which you can quickly compare. If your business does not fit the usual criteria, this is no problem. Simply give our experienced team a quick call and we will do our best to arrange bespoke insurance cover. Once you have found the ideal policy, we will help guide you through obtaining your insurance policy. Many providers will accept full payment or a monthly payment plan for improved affordability.

Either way, the process is simple to complete, and your insurance will be in place instantly. There are many benefits to being a self-employed contractor, although it is important to ensure you are fully protected. We can arrange policies which cover the modern requirements of freelancers and contractors, ensuring you benefit from complete peace of mind. As experts in business financial comparison, we can guide you through the process and help you find the best deal. To find your insurance simply complete our online form or contact our knowledgeable team.

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