Insurance for Contractors

You will be aware that running your own business brings new challenges and responsibilities. Here at Orange Genie Accountancy we want to ensure that all aspects of your business run as smoothly as possible and recommend that you carefully consider insurance matters.

If you are setting up a limited company you will need to consider the following;

Professional Indemnity

Professional Indemnity covers your business if claims are made against you as a result of allegations of professional negligence. This can happen if one of your clients alleges that you’ve made a mistake or given bad advice during the course of your work (like giving incorrect designs, for example, or loss of documents, or loss of data, or defamation, or libel).

What is covered?

  • Any legal defense costs incurred as a result of an allegation of negligence
  • Damages caused as a result of the alleged act.
  • Free retroactive cover.
  • Worldwide cover (excluding USA/Canada) as standard.

Public Liability 

Public Liability covers any compensation payout for any injury or damage caused by you or a product that you have sold or manufactured. 

If you or your business accidentally cause an injury to any person or cause damage to any property then compensation may be warranted. Public Liability insurance will provide cover for damage to third party property or injury to third party persons, as well as covering any legal fees that may arise as a consequence of any claims you have to defend.

What is covered?

  • Compensation for any injury to third party persons.
  • Compensation for any damaged caused to third party property.
  • Legal defence fees that may arise as a consequence of any claim for Public Liability.
  • Up to £10 Million cover available.

Employers Liability 

Employers Liability protects you against the cost of compensation claims arising from employee illness or injury, sustained as a result of their work for you.

Many contracting agencies will require you to have employers’ liability insurance, even if your only employee is yourself. Employers’ liability cover is a legal requirement for any business that has its own employees, in case they suffer any illness or injury. 

What is covered?

  • £10 Million cover as standard.
  • Ability to hire another person to complete a contract on your behalf should you be unable to as a result of illness/injury.
  • Legal defense fees that may arise as a consequence of any claims for employers’ liability.

Directors’ and Officers’ Liability 

Directors' and officers' liability insurance provides cover for your legal defense costs, will pay any subsequent fine, and will protect your financial assets.

Directors’ and officers’ liability insurance is a broad-brush policy that covers you for the many reasons you might come under fire and be held liable as a director. If your business is accused of financial mismanagement, a legislative breach, a health and safety failure, or of breaching company law, then directors’ and officers’ liability will step in.

What is covered?

  • Cover against accusations made against yourself as a director/officer of a company.
  • Legal defense fees that may arise as a consequence of any claims for directors’ and officers’ liability.
  • Protection for your financial assets.

Occupational Personal Accident cover 

Occupational Personal Accident cover is an insurance that covers you if you are injured at work, or going to and from work, in both the UK and abroad.

What is covered?

  • If you're injured as a result of an occupational accident and are unable to work, then there's a good chance you'll be looking at a significant financial loss. If you are injured and unable to work as a result of an accident at work our personal accident cover gives a guaranteed weekly payment whilst you recuperate along with lump sum payments for death or disablement, providing you with piece of mind that, in a worst-case scenario, your loved ones will receive a benefit.
  • Weekly benefit of up to £500 per week (Maximum 52 weeks)
  • Lump sum payments for Loss of Limb/Eyesight/Hearing
  • Accidental Death Benefit

**To get a quote from Kingsbridge, click HERE (note: all Orange Genie Accountancy clients get 10% off)!**

Why Orange Genie Accountancy?

Orange Genie Accountancy offers fixed fee accountancy packages to contractors and freelancers. Each client has unlimited access to their own dedicated approachable and friendly accountant. All Orange Genie Accountancy accountants are specialists in the contracting market, so they can give you bespoke, high quality advice.

We will always keep you informed about anything that could affect you and your company. Our relationships with our clients are extremely important to us so we'll be in touch often, whether it be face to face, over the telephone or email.

Our packages start at £75 + VAT a month for an online service. Our most popular package is £120 + VAT a month which provides you with your very own dedicated accountant as well as:

  • Unlimited accountancy support
  • Face to face meetings so we can get to know you and understand your contracting goals
  • Proactive contact
  • Director and employee payroll
  • Annual Return
  • Self-Assessment Return
  • A fully compliant service so you are safe in the knowledge that you are meeting your legal obligations
  • Access to the Freeagent Software, which is updated in real time so you can always see how your business finances are looking

​And much more, includingaccess to wealth management advice, IR35 reviews and pensions planning. 

If you would like to appoint Orange Genie Accountancy as your accountants please either fill out our enquiry form or give one of our friendly expert accountants a call on 01296 468 185 or email accountancy@orangegenie.com

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