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The What Where and Why’s of Contractor Insurance

Contractors require a certain level of insurance and protection, this quick guide will help anyone in need of knowing the ‘what where and why’s’ of contractor insurance.


First of all… What?

As mentioned before, being a contractor means that there are a certain amount of lawful duties and accountabilities that one must take on. As a result of this, professional error could result in potential claims made against you for negligence, and as there is so much responsibility on a contractor’s shoulders, the claims could prove to be substantially high.

There are a vast number of contractors insurance to choose from, each serving the purpose of covering you from potentially costly and time consuming eventualities.


Professional Indemnity Insurance

This policy is very much a contractor’s bread and butter, not only is  essential policy for contractors and freelancers alike, but Professional Indemnity Insurance (PI Insurance) provides vital protection against the potential costs of defending claims made against you. These claims, should they ever arise, occur when it is accused that a client has suffered financial loss as a consequence of your mistakes and negligence.


Employers Liability & Public Liability Insurance

This policy is a combination of both employers and public liability insurance, creating a fantastic package, essential to contractors.


Public Liability Insurance

This insurance provides cover for your legal liability for injuries that may occur in the workplace. Events resulting in death to third parties and even any potential damage to third party property are covered in this policy in the result of acts of negligence or mistakes made by you or your employees. Not only this, but the policy is also designed to cover third party charges and expenditures.


Employers' Liability Insurance

This policy will insure you for the legal liability against any potential injury made to an employee, and even cases of fatality. The policy also includes claimant’s costs and payments. Employers' Liability Insurance is an essential policy and is a compulsory insurance for any company large or small who employ any amount of staff.


Now secondly… Where?

In a modern world where thick directories are just a distant memory, buying and reviewing insurance has never been easier. Thankfully, hour long waits with call centres having to listen to Enya’s back catalogue are a thing of the past, and technology now leads the way in insurance sales. It is of course the Internet where insurance selling and buying exists, and there a number of places to buy contractor insurance.


Here’s where…

Established broker Qdos has recently launched a ground breaking new online shop. This virtual environment is a fantastic leap forward in insurance sales and really is leaps ahead of many other brokers in the game. Not only is the shop a great place to simply purchase insurance, but it is also a domain in which one can research into the products, not only via the rich amounts of information on offer, but also the news and articles section, providing a great insight into the rapidly developing world of insurance.


Finally … Why?

Protection is a natural necessity in all walks of life, and obviously within business it is very important. Insurance plays a huge part in everybody’s lives without them even noticing, providing unseen protection resulting in the knowing and peace of mind that your assets are protected and your mistakes are covered. Contractors value insurance very highly, and with this guide we hope that the choices and questions when it comes to the what, where’s and whys of contractor insurance have been answered.

By Troy Stevens


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