Small Business Insurance
Insurance is something that is vital in the business world. No matter how large or small a company is, from contractors to global corporations, insurance exists as protection and risk management against potential incidents that could cause financial loss or damage. Business protection can range from contractor covers to small business insurance and can range from a number of different policies.
Small Business Insurance Products
Professional Indemnity Insurance is designed for any circumstance where a client claims to have suffered a financial loss as a result of a professional error made through the services they have provided. PI Insurance acts as a shield in this case and not only totally insures the policy holder in these circumstances, but covers all potential costs. PI is also a good business indicator and is considered as part of the IR35 business entity tests. This cover is often specified as a contractual requirement and is available for as little as £147.
Public Liability is designed to cover all situations that arise if injury or death is caused to a member of the public through the actions of the policy holder. The policy is effective also when considering the potential costs of 3rd party property damage. From just £46.80 per annum, Public Liability Insurance can protect against claims like these. Besides being a good business indicator, PL is also usually required in most contracts.
If your Ltd Company employs anyone other than a director who owns at least 50% of the share capital, 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 your negligent actions as employer, including defence costs.
When concerning IR35, many who believe that they are safe from any HMRC scrutiny may actually still be in the firing line. Even those most compliant contractors are still at risk of an IR35 enquiry, even if they are in their first year of trading. This can begin as something as simple as a business records check. Lack of this insurance could lead to devastating financial consequences, and for the policy’s small price of £117, FTP will provide the necessary defence to deal with a claim from day one.
HMRC are increasing the number of IR35 enquiries, subjecting contractors to increased scrutiny. For the small price of £360, Tax Liability cover will not only protect potential legal and representation costs, but also your Tax, NIC Liabilities, interest penalties and fines. Potential liabilities in respect of an IR35 enquiry could easily equate to sums of tens of thousands of pounds. TLC can give any contractor the complete peace of mind that they are protected in event of any HMRC enquiry.
Tax Liability Insurance
As an independent contractor, the security of employment benefits such as sick pay or paid leave do not apply, therefore with financial responsibilities such as a mortgage and monthly bills, the potential costs that would occur when falling ill could be overwhelming. From only £25.51 per month, Contractor Sickness Cover would help greatly by providing payments for up to a year. With the assurance of payments up to £3,000 every month during illness, the policy can be very effective.
Travel insurance is something that any business professional should have covered, especially for those who take business trips or frequent holidays. Our annual travel insurance can cover almost all travel destinations and includes cover for winter activities or high risk events. Adding Qdos Travel Insurance to your package of insurance gives you the convenience of having all of your business policies under one roof, Qdos acting as a secure insurance umbrella. For the small price of £49.90 per year, having travel insurance is one less worry in the fast paced lifestyle of contracting.
Office Protect Insurance provides protection for your office content, legal liability, computer equipment. We can offer all of this under just one policy. For only £300, Office Protect Insurance gives a contractor the complete peace of mind necessary when it comes to protection.
Jury service can be a hugely costly and time consuming process, and commonly, the costs of funding legal representation on behalf of your business can be substantial. For only £66per annum Jury Service and Legal Protection will represent you and cover the cost in the event of contract/property disputes, personal injury and even debt recovery.