Business Insurance

Small Business Insurance

Business insurance for small businesses is a key component to mitigate your company’s risk against potential incidents that could cause financial loss or damage. Business insurance policies you should consider include; professional indemnity Insurance, public liability insurance and employers’ liability insurance.

In this pitstop guide to business insurance, we’ll run through all of the above and more…

Professional Indemnity Insurance

What will happen if your client alleges to have suffered a financial loss as a result of a professional error or omission in the services that you have provided?  PI Insurance not only fully indemnifies you in these circumstances, but covers the defence costs. Not only does PI insurance act as a vital cover, it also demonstrates that a contractor is in business on their own account – a pointer towards outside IR35 status.

Public Liability

This policy is essential in ensuring a contractor’s complete peace of mind. What would happen if injury or death was caused to a member of the public through your actions? Have you ever considered the potential costs of third party property damage? Public Liability Insurance can protect against claims of this nature. Besides being a good business indicator, PL is usually required in most contracts before work can commence.

Employers' Liability

If you are not the sole employee and hold at least half of share capital of your company, you are legally required to carry employers’ liability insurance.

It covers you for claims whereby an employee has suffered death or injury as a result of potentially negligent actions as employer, including defence costs – a small price to pay should mistake or misfortune occur.

Tax Liability Cover

Regardless of IR35 reform (which has seen medium and large businesses and public sector bodies start assessing IR35 status), HMRC maintains the right to launch an IR35 investigation into contracts that took place prior to the rule changes.

Over the years, HMRC has upped the number of IR35 enquiries it carries out, subjecting contractors to increased scrutiny. Without an IR35 insurance policy in place, contractors will not only need to cover the cost of IR35 defence, but also any resulting tax liabilities, along with interest and even fines handed out by HMRC.

Contractor Sickness Cover

How would you cope with your finances in the event of illness, injury or disability? Contractors work without the security of employment benefits, such as sick pay. It means that if you were to become unwell and couldn’t work, paying your mortgage and looking after your family financially may become difficult. 

What is your business?

Click one of the below to be taken through to relevant business insurance policies.



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