Contractors – are there gaps in your insurance?

When it comes to insurance, some risks are more obvious than others. 

As a contractor, you’ll probably already know about the three main types of insurance available to you: Public Liability, Products Liability and Professional Indemnity. But have you ever wondered if there are risks these common insurance programmes don’t cover?

You may not be aware that even with these basic types of cover, there may still be threats you are not insured for, that could bring your business crashing down.

So what might you be missing when it comes to your business insurance, and what additional options are out there?

Office Contents and Computers

Often overlooked by contractors, this type of cover is competitively priced and can protect your valuables against a wide range of risks including water, fire, theft and accidental damage. 

What additional cover does this give me?

  • Damage to office furnishings and carpets
  • Costs of internal improvements after insured damage
  • Desktop computers and electrical equipment
  • Can be extended to include portable equipment such as laptops and tablets 

Increased Cost of Working

A more specialised form of Business Interruption cover, this type of insurance is designed for businesses who earn most of their income away from their permanent premises. 

What additional cover does this give me?

Increased Cost of Working covers you for any expenses incurred to maintain the normal running of your business in the event of damage at your permanent premises. This includes the cost of overtime, additional rent and ‘business as usual’ advertising.

 

Cyber Liability and Data Security

This policy provides protection against the growing variations of cyber-related damage and associated financial costs.

What additional cover does this give me?

  • Costs incurred by hacking
  • Loss of data due to a computer virus
  • Provides emergency response in the event of a cyber-related attack or data breech 

Crime (Social Engineering) 

Recent surges in social engineering scams have caused Crime Insurance to become increasingly popular, providing cover in the event of theft by employees and third parties as well as protection against the financial implications of electronic fraud.

 

Employers’ Liability

If you employ just a single person, this insurance is actually a statutory requirement. 

What additional cover does this give me?

  • Indemnity up to £10,000,000 to cover any injury caused to your employees as a result of your negligence
  • Increased limits for business with large numbers of employees
  • Excess Layer Public and Products Liability
  • Some public sector jobs may ask you to provide a higher level of indemnity than your standard contractors’ insurance policy provides.
  • What additional cover does this give me?
  • Cover for limits of £10,000,000 or higher as required by councils, schools and hospitals
  • Cover can be arranged as a ‘top-up’ to the limit provided under your main policy 

Directors and Officers Liability

This insurance protects the personal assets of individual directors and key managers within your company, against any actions brought against them for actual or alleged acts of wrongdoing.

This insurance protects in the event of:

  • Breach of duty
  • Breach of trust
  • Personal/professional negligence
  • Defamation
  • Breach of warranty

Corporate Legal Liability can be further purchased to provide protection for claims made against the company as a whole. 

Why not get in touch for more information, or for further advice on the most essential cover for your business.

 

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