Insurance for freelancers
Working for yourself doesn’t mean you’re on your own. If a client has a problem with your work, freelancers’ insurance is the team of legal, financial and risk experts you need on your side.
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Covers the costs of fixing your mistakes, and defends you against allegations you’ve not done your job properly. A must-have for business with paying clients.
Public liability insuranceBeing your own boss: an exciting chance to control your own destiny or a terrifying ticket to an uncertain future?
Well, it’s true that working for yourself gives you the freedom to choose what you do, where and when you do it, and who you do it for.
But it also means that you’re on your own. Doing without the security of an employer takes guts, hard work and total commitment. Your success depends on it.
So, if you’re going it alone you need all the help and support you can get. A healthy book of contacts for ongoing work is a prerequisite, of course, but joining your one-person army should be a reliable accountant to look after your finances and a knowledgeable insurance broker to keep an eye out for potential risks.
That’s where freelance insurance comes in. We know that freelancers are vulnerable; larger clients won’t hesitate to roll out the lawyers if you make a mistake.
We also know that it’s unlikely you’ll have the time or resources to defend yourself if they do. Don’t worry, we’ll point you in the direction of good policies from reliable insurers designed to protect you if the worst happens.
But where do you start? A good place is our blog on What insurance do freelancers need? Or keep reading below...
What freelancer insurance do I need?
Professional indemnity insurance
This essential insurance for freelancers protects you against claims of negligence made by dissatisfied clients.
If you find yourself in dispute with a client, professional indemnity insurance covers the cost of defending any allegations or claims made against you.
If you’re in the wrong, the insurer will either pay to fix your mistake or compensate your client if that’s not possible.
Click here for more information on why freelancers need professional indemnity insurance or here for a quote.
Public liability insurance
Freelance public liability insurance covers claims against you for bodily injury and/or physical damage.
If you visit clients’ premises (whether it’s for an hour’s meeting or daily on a six-month contract) or they visit yours, and there’s an accident that’s your fault, you could be held liable.
This insurance covers the cost of your day in court and any compensation paid owing to your client.
Employers’ liability insurance
The clue’s in the name and you only need employers’ liability (EL) insurance if you have actual employees.
But that doesn’t only mean full-time staff. It also includes part-timers, occasional or temporary help, volunteers and people on work experience.
So, if you find yourself in the lucky position that you have too much work, and you hire others to lighten the load, you’ll need to protect them with EL. It covers you against claims of injury or illness made by employees.
More to the point, it’s required by law. The minimum level of cover is £5 million and if you don’t have it, when you should, the Health & Safety Executive can impose hefty fines.
Cyber insurance
Anyone can be hacked. And if you work solo with no reliable access to rapid IT back-up, it can mean your work quickly grinds to a halt.
Cyber-attacks like malware and denial of service can cripple your networks and websites. Worse, it can mean sensitive data is stolen. Worse still if it belongs to your clients.
Cyber insurance provides technical expertise to stop attacks, fix systems and retrieve data. It also covers legal costs and compensation if you’re sued for losing sensitive information.
Office, property and general business insurance
Whether you work from home or at your clients’ office, this insurance covers your fixed and portable equipment against loss, damage or theft. It pays for repairs or replacement as new, and even covers hiring replacement equipment in the meantime.
If needs be, it covers damage to your workspace and helps with the cost and logistics of keeping your business up and running if disaster strikes.
Personal accident insurance
If you’re unlucky enough to be physically injured, this insurance pays your business a lump sum to help keep it going in your absence. It covers the costs you’d face to recruit or retrain someone to help you out while you’re out of action.
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