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Freelancer insurance for UK contractors
In a marketplace increasingly focussed on compliance, it has never been more important for contractors to safeguard themselves and their companies.
It is with that in mind that we have chosen to work with Kingsbridge Contractor Insurance, one of the leading independent UK Brokers and have agreed an exclusive 10% discount on their already competitive pricing for all Matchtech contractors.
Kingsbridge specialises in providing a comprehensive, competitive and compliant insurance solution for contractors and freelance professionals.
Matchtech requires contractors to secure no less than £1,000,000 Professional Indemnity insurance, £2,000,000 Public Liability insurance and £5,000,000 Employers Liability insurance, alongside any other industry-specific insurance. Kingsbridge provides a complete package, including all of the key insurances detailed above. This means that a contractor may only need one policy to cover their main exposures and contractual obligations. Cover is available either online or over the phone with quotations and policy documents provided in minutes.
Please follow the link below for further information about our compliance partner.
Charlotte Baxter – Overall Relationship Manager
T: 01242 802666
M: 07917 386207
Why do I need insurance?
The majority of clients in the engineering and professional services sectors require contractors on assignment to have appropriate insurance in place. This is to not only protect their business, but also to ensure that any contractor on assignment is suitably covered should any issue arise when they are doing their jobs. Failing to have insurance is a breach of contract and could result in the agency seeking recovery from you in the event of a claim.
If your actions lead to anything being damaged or anybody being injured it is essential that you are insured, as it may result in a costly claim being made against you. Likewise, if in the course of carrying out an assignment, you give your client any advice or complete any work for them that leads to them losing money, they may bring a claim against you. In such a situation, having appropriate insurance in place could be what keeps you in business.
Adequate business insurance is insisted upon by the majority of clients. To ensure that your business is protected financially and you are complying with the requirements of our clients, we ask that all of our contractor candidates have suitable cover in place at all times.
Finally, ‘taking financial risk’ is one of the factors considered by HMRC when reviewing IR-35 status.
Does Matchtech require me to have insurance?
Yes. In Matchtech’s ‘Terms of Engagement’ contract, we stipulate that all of our contractors working via their own Limited Company must have adequate Professional Indemnity Insurance (minimum cover of £1m), Public Liability Insurance (minimum cover of £2m) and Employer's Liability Insurance (to the statutory requirement) in place – plus any additional insurances, if required by the end client. You will be asked to provide Matchtech with copies of your valid policies before you begin your assignment.
What insurances do I need and what cover do they provide?
- Professional indemnity covers you if you are accused of professional negligence, making an error or omission, or giving bad advice which results in your client losing money. This provides cover for legal defence costs and damages awarded against you.
- Public liability 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.
- Employers liability provides protection against claims from employees. It is compulsory for almost all UK businesses. Regardless of your set-up, this is often insisted on by clients who may require you to comply with a standardised contract. Even if you are the sole employee of your company, Employers Liability insurance would protect your spouse/family in the event of your death or injury.
Do I need insurance after I have completed the assignment?
Yes. The Matchtech ‘Terms of Engagement’ contract states that contractors ‘shall maintain the Professional Indemnity insurance policy in force for at least six years following completion of the Assignment.’
Professional indemnity cover is provided on a ‘claims made’ basis. Effectively cover needs to be in force at the time a claim is brought against you, rather than when the incident actually occurred. It should not be purchased just while you are on an assignment or contract, because the cover ends as soon as you cancel or lapse the policy.
Can I remain with my existing insurance provider or use an alternative provider?
If you already have the required insurance cover in place with an alternative provider, simply advise Kingsbridge of this in any communication and forward over your valid certificate/schedule to email@example.com.
We believe that Kingsbridge offer a very competitive and comprehensive package for contractors however, should an individual wish to source advice and cover elsewhere, we simply require evidence of the cover prior to the start of an assignment.
Please note that any information supplied by Matchtech about such third parties is provided on an impartial basis. Matchtech cannot give any guarantee concerning the quality of the advice and/or documentation provided by such third parties and it is your responsibility to make reasonable enquiries in this respect. Matchtech will not be liable for any losses, costs, claims, expenses, penalties or other liabilities incurred by that company, including those which arise as a result of your use of the services of such third parties.
Relationship between Kingsbridge and Matchtech
Matchtech has chosen to work with Kingsbridge due to their expertise and knowledge in the freelancer insurance market. However, please note it is entirely the individual’s decision with regard to which broker or insurance company they wish to engage for their insurance requirements. Kingsbridge is a third party insurance supplier and is not part of Matchtech. Matchtech is an Introducer Appointed Representative of Kingsbridge Risk Solutions Ltd. Accordingly, Matchtech will receive a commission for each annual policy from Kingsbridge should an individual decide to arrange their insurance through them.