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Protection for Contractors

These days many contracts will include the condition for contractors to take out certain insurance, below are some useful details about the most commonly recommended policies.

1. Professional indemnity

Professional Indemnity insurance is designed to protect UK professionals and their businesses against errors and eventualities that can’t be foreseen, however careful you think you are. An Insurance policy can provide cover for liabilities that arise from negligent advice you give or services you provide in a professional capacity to your clients, causing a financial loss.

2. Public and employers' liability insurance

Public and Employers’ liability insurance is to protect your business from financially crippling claims by members of the public or your employees.

a.) Public liability
Such policies provide financial protection in the event your business is sued for injuring, or causing damage to the property of a member of the public. A classic example of where your business is at risk is a courier or visitor to you office tripping over a computer cable or slippery surface and injuring their back. Policies usually cover the cost of compensation or damages as well as any legal fees incurred relating to the claim.

b.) Employers' liability
This insurance is designed to protect your business financially against claims made by employees for workplace accidents or work-related injuries or illnesses e.g. stress suffered whilst under your employment. It usually covers the cost of compensation or damages as well as any legal fees incurred relating to the claim.

However, it is not just your Company that needs protection, it is you too. Carrington can also provide you in-house independent advice on the following:

3. Executive Income Replacement (EIR)

EIR is designed to replace a percentage of your income should you be unable to work for a specified period of time due to accident or sickness. One of the main advantages to you (aside from maintaining a level of income) is that the Company can pay the monthly contribution and this can be offset against your Corporation Tax liability.

4. General Financial Planning

As a firm of Independent Financial Advisers, we can advise you on most aspects of your financial circumstances. As we will also have detailed knowledge about your Company, we will ensure that our advice takes into account personal and company tax planning to utilise as many allowances as possible. Click here for Financial Planning or visit Carrington Investments website at {Insert Investment site link}

Should you be interested in discussing your options or obtaining a quote from a professional, please contact us on 020 7324 6020 or visit www.carringtoninvestments.com