We understand how important it is to arrange insurance cover through a company that really understands the specific challenges you face. That’s why we are delighted to be working with Kingsbridge Professional Solutions (KPSol), an insurance broker with in-depth experience working with contractors in the energy sector.
Why do I need insurance?
As a contractor with a limited company, you have certain responsibilities and it is important to ensure you’re protected. Many of the employers we work with require thier contractors to have sufficient insurance in place. That’s why we require all of our contractors to have appropriate insurance at all times.
What insurances do I actually need?
The requirements from employers can vary so check your individual terms to find out what types of insurance and what levels of cover are required. In terms of you and your business, you’ll need to consider all of the following:
- Professional indemnity (often referred to as PI) relates to claims that could result from any mistakes you make while you’re doing your job. If you’re negligent, make an error or omission, or give some bad advice which causes your client to lose money, professional indemnity insurance provides cover for legal defence costs and damages awarded against you.
- Public liability (or PL) provides cover if someone is injured or property is damaged as a result of your actions while carrying out your job. Whether you are on your own premises or at a client’s site, you have a duty to protect anyone who might be affected by your activities. If you fail to do this, you may have to pay substantial compensation.
- Employer’s liability provides protection against claims from employees for injury or disease relating to work. It is compulsory for almost all UK businesses, so if you need to comply with a standardised contract, your client may insist on it – whatever your set-up.
Where can I buy the right insurance?
Kingsbridge Professional Solutions are a specialist insurance broker for freelancers and contractors. They offer a number of comprehensive insurance packages designed specifically for contractors in the oil and gas, engineering, power and energy sectors. Cover can be arranged online in minutes with electronic policy documents instantly available.
Get in touch