Coulson Pritchard Associates – Protecting the Interests of Consultants, Contractors & Freelancers

Professional Indemnity Insurance Professional indemnity (PI) insurance protects you against your liability for damage suffered as a result of your customers, your negligent advice. Professional Indemnity (PI) is legally in certain professions such as law, accounting and financial services required. It is common practice in other areas such as management and IT consulting, publishing, technology and design. If you could give advice to help you liable, or if you work in a common system must be of an appropriate professional indemnity insurance policies. Your professional liability insurance should be reduced retroactively, so that you for all claims, the insured over the next 12 months, but also for the work or decisions of new start on the date of exchange. When completing your proposal form, you must indicate a likelihood of a future demand, given to the insurer for protection from exposure current or known claim. Professional indemnity (PI) insurance works on a “claim” basis, so if you cease to trade, is to retire or take a permanent job, it is advisable to buy off the Race cover at least 12 months after the event a claim is filed against you if your contract has expired for the work done previously. Employers Liability insurance for professional indemnity insurance employer Employers Liability Act of 1969 requires all employers, when they are free, at least 5 million of employers liability insurance with an insurer authorized, they must protect themselves against claims of employees in case of accident or disease through work. In practice most insurers offer at least 10 million pounds. The law was amended with effect from February 28, 2005 in very small businesses, free to deal solely with their operators changed. As an independent consultant or contractor, who, outside IR35, but you’ll probably have a substitution clause in their contracts. Without insurance employer liability, you can not comply with this clause without breaking the law, so you should have to meet in practice. There are no fixed rules entitled as your employee for the purposes of liability insurance for employers. People who have many self-employed may be considered employees for purposes of liability insurance for employers, what counts is the real relationship with people who work for you, and the degree of control that is on the job For You. Even part-time and casual employees can count on your staff. Liability insurance for professional liability insurance for public liability Liability insurance covers you against accidents, in which members of the public or damage to property that occurs as a result of your company. It also includes all costs related to litigation. Even if you work from home, you may need to cover the liability. If clients visit you on the policy to cover you if they are injured while on your premises – it could be something as silly as tripping over a computer cable. If you regularly work off-site, you must have your insurance coverage, too. Product Liability Insurance PII LiabilityProduct for Product liability insurance covers you for injury or damage caused by defective products. This can be important when you are ready to repair, install or even retail goods, a small mistake, you can open massive demands. Your policy should guard against claims of safety, quality manufacturing, waste and compensation costs. Buildings & Contents Insurance Professional Insurance for goods and materials You must insure your business property, including premises, facilities and office equipment, inventory, computers and appliances. If you work from home, you should check these devices used for commercial purposes is yet to complete your home insurance or insured by the acquisition of specific companies. In response to a growing trend in home work, a growing number of insurers offer no buildings and contents policies, which cover specific actions and tools. IR35 & legal expenses insurance Professional indemnity insurance for IR35 & Legal ExpensesIR35 insurance pays the cost of professional fees related to investigations concerning the taxes to cover; Income tax autonomy, issues of assessment in its entirety Corporation Tax Self Assessment full and aspect of the investigations The employer disputes over compliance with PAYE, P11D and NIC VAT & IR35 disputes, S660A applications. Professional income protection insurance income protection insurance Income protection insurance can be used for workers with long term health insurance term with his salary during the period of incapacity. Executive Income Protection provides coverage for earnings and dividends. Permanent Health Insurance for health insurance and medical professional liability As a freelancer, you do not have to pay the safety net of a permanent employer of the disease. It is useful to health insurance long term, you cover your personal expenses if you ever not be possible over long periods of time, private health insurance can work much sense. Improved processing time through private care can help avoid layoffs, too long. Some activities are charged to cancer of the lump sum in case of serious illness. It is advisable to apply for health insurance before you experience symptoms of a serious nature. Other types of professional liability insurance The business interruption (or indirect) of the insurance indemnity for costs and additional operating profits lost if your business suffers disruption, such as after a fire. Tax loss carry insurance pays the taxes, penalties and interest are paid losses HMRC ruled against you, resulting in additional taxes, particularly in IR35. Legal expenses cover legal fees as lawyers and court fees. Many policies offer legal advice through a telephone line. Key man insurance can make your business less vulnerable to illness or death of employees in key positions. Tips IIP It can be costly for employer liability, liability insurance and business facilities as a single package to buy. Premiums for professional liability insurance will depend on the type of activity, your turnover and number of employees. Do not underestimate the amount of coverage of professional liability insurance you need. Read the fine print in the policy documents. Question any clauses that you do not understand. Be scrupulously honest with your insurance company information about your company and all previous claims.