A business, no matter how anybody tries to dress it up (or down) is fundamentally not much different than any other. Sure product, audience, revenue and targets may change, but at the bare bones of it all, a business is selling something to somebody, and that’s a fact. (If your business does not abide by this concept, then we advise that you seriously re-think your business strategy).
Large or small, businesses all have certain obligations and duties, whether that is to their staff, the quality of their products or the value of their service. When it comes to smaller businesses, specifically those who are contractors (one man limited companies and freelancers for example) the pressures that come with running a business can be a very daunting prospect, thus highlighting the importance of contractor insurance.
Contractor Insurance
There are numerous types of contractor insurances, and all of which serve a specific and effective purpose that is designed explicitly with contractors in mind. Insurance is vital for contractors because they are not protected by any larger company umbrella. This means that as they are not classed as employees, contractors would not benefit from any perks or advantages that might come with a certain job role (e.g. Sick pay, life insurance, annual leave or liability cover). Because of this, a contractors profession is what some may call, ‘high risk’, as any eventualities that may incur financial loss to either themselves or a client is not automatically covered by any overhanging insurance policy (whereas it may do to an employed professional). Basically, if a contractor has an accident, makes a mistake or causes a problem, they are on their own.
Contractor insurance can cover a considerable number of eventualities, and as well as providing protection and peace of mind, is often a predetermined requirement when it comes to landing contracts and attracting work.
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