Often the low priority in your to do list is for Limited Company Contractor Insurance. The reason behind this becomes a left out matter is because we find it stressful to make space for working on insurance policies and processes.
This article is here to ease you for bringing the importance of insurance for IT contractors in limelight. To convince yourself about the importance of Limited Company Contractor Insurance and how it protects you, give time to this important read.
Popular options that an IT Contractor might need are sorted out below for you along with their details.
1- Liability Insurance
This aims to protect all possible aspects that come under the Limited Company Contractor Insurance.
This covers the followings:
- Cyber Liability Insurance
- Liability Insurance for the Employers
- Public Liability Insurance
Cyber Liability Insurance
In research, the percentage of cybercrime was out to be 63%. In case you are thinking why do you need cyber liability insurance as an IT Contractor, you don’t become immune to cyber crimes and the percentage level says it all about the need.
Being an IT Expert, you would know better what level of damage it may cause you if you are in hot water by cybercrimes. The rising percentage about cybercriminals is another challenge that IT Contractors face in today’s world which includes the followings:
- Availability on clients’ queries for 24 hours is challenging to maintain cyber defence.
- Unprotected sensitive data brings stressful debates between clients and Limited Company IT Contractor.
- Data recovery in case you are attacked by cyber crimes.
- Restoration of business reputation after the damage.
So, to keep your business reputation intact and to protect your data, cyber liability insurance is a must have.
Liability Insurance for the Employers
According to the recent law changes in business, this requirement is added for your own betterment.
Here is a scenario for your better convincing to this option of Limited Company Contractor Insurance.
Even if you have one employee depending on the type of services you are providing to your clients as a contractor, and that employee undergoes any bad incident, it could be a road accident. Now, being the employer you are liable to meet his hospital expenditures for treatment.
This compensation to damage can go to any extent depending upon the types of injuries and treatments. If the employers’ liability insurance bears the cost to compensate, this will be great to deal with such ugly happenings in the timeline of your business. Otherwise, you are liable to deal with the cost from your own pocket.
The avoidance can bring problems in your reputation as well as relations with the employees.
Get a handy guide on Employers Liability Insurance!
Public Liability Insurance:
You will damage your own wallet if you don’t find Limited Company Contractor Insurance important for your business. Here is the reason, why?
In case you meet your clients at the home office or you visit their office for a purposeful meeting. The client’s claim for a certain damage you cause them by claiming about a coffee mug spilled over their computer or you did hurt them physically during an argument. What way out do you see from this situation?
Who will compensate for the fees of solicitors if involved to protect you? I order to avoid this compensation from your wallet, get public liability insurance now and get protected from the damage.
2- Portable Insurance
Being a Limited Company IT Contractor, the importance for portable insurance is mandatory for you. since , you carry your electronic equipment including gadgets like mobile phones, laptops and others can bring the chances of problems. While the contractors may provide the services from a public cafe or any other public place during travelling, this increases the chances of damage like:
- Equipment are stolen
- Broken or dropped
- Lost at a public place
Portable insurance offers protection to such events while you are traveling to any part of the world.
3- Property Insurance
Every object that is present at the office for a purposeful use, from planters to laptops and machinery at organizations comes under the property list. Additionally, the office building is the first and main part of this list.
At times, during clients’ visits, we do borrow equipment for a good impression too. The cause of possible damage could come with fire, flood as major reasons. Some other common reasons are theft, breaking and mishandling of resources etc.
Realize the need to avoid damage your own pocket for loss compensation, and this is how property insurance is important.
In Conclusion, at times being a part of Limited Company Contractor Insurance comes with several occupying challenges that we find it less important to get insurance and realize that it will provide protection from loss and damage. Furthermore, get your to do list organized and mark insurance as important to avoid your pocket damage.