If you are working independently in a knowledge-based role, then you are part of a growing community. The number of self-employed people in the UK is on the rise, from 3.8 million in 2008 to 4.6 million in 2014 (ONS: Self-employed workers in the UK – 2014, Aug 2014). This means that self-employed workers (whether contractors, freelancers, or sole traders) make up, on average, 15% of all workers. In London this figure is as high as 17%.
Our insurance products are designed to suit professionals who work for themselves, as freelancers or contractors, as well as small business owners.
As a self-employed person or sole trader, insurance may not be high on your list of priorities. But, although you may feel confident in the quality of the service you provide, and even if there is no fault with your work, you could incur significant costs to defend yourself against any allegations.
Whether you are a small business with employees or a self-employed freelancer, we understand that your business is always growing and changing. We never charge an administration fee if you need to update your details, amend your turnover information or add employees during the period of insurance.
So whether you work in recruitment, marketing and advertising, management consultancy, IT, estate agency, or accountancy and tax, we have tailored professional indemnity policy wordings which are designed to cover the specific risks you might face in your industry. Often your clients will make professional indemnity cover a contractual requirement when you start working for them, so if you are not sure what kind of cover will meet those requirements, just give us a call and we’ll be happy to explain what our different insurance policies can cover. Our professional indemnity limits range from £100,000 to £10 million, so we hope you will be able to find a product that suits your needs.
Professional indemnity is designed to protect your business against the cost of settling or defending a client’s claim that there is a problem with your work. For example, you may have given incorrect advice or made a mistake in your work. Although nobody likes to think that this kind of thing will happen to them, it can and does. And the impact on small businesses can be great. Even if a claim is unfounded, the process of battling it can be expensive, time-consuming and disruptive. So it’s wise to cover all bases with an insurance plan.
We offer a range of profession-specific policies, all of which are designed with small businesses in mind, including sole traders and freelancers.
More about Hiscox professional indemnity insurance >
Public liability insurance
If you’re self-employed, public liability insurance can protect your business against the cost of settling or defending a claim for bodily injury or property damage from a client or member of the public. For example, if you have members of the public on your premises, it is important to ensure you have protection in place should they trip over a piece of your equipment and injure themselves. This can also apply if you visit them on their premises and, as an example, damage some of their property.
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Personal accident insurance
Personal accident insurance covers your business in the event that you are unable to work as the result of an accidental bodily injury. It protects against the financial impact of this by providing your business with a lump sum or weekly amount. It’s designed for those whose business would struggle should they or a key member of their staff find themselves unable to work, and offers protection against income loss, whether that’s from a short-term injury or a serious accident with long-term implications. Personal accident insurance for self-employed people can offer a real life-line due to there being no employer to fall back on should they find themselves unable to work.
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Whether you work from home or an office, our office contents insurance policy protects your business against the cost of replacing or repairing your business equipment if it is accidentally damaged, lost or stolen. You can also add a range of specialist covers to your policy such as portable equipment (e.g. laptops and phones).
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Cyber and data risks insurance
Our cyber and data risks insurance supports and protects small businesses if they experience a data breach or are the subject of an attack by a malicious hacker that affects their computer systems. It provides comprehensive cover, simplicity, reputation protection and a trusted partner in the event of a claim.
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What level of cover do I need?
When it comes to self employed insurance, protection for your business if you are unable to work is probably on the top of your list of priorities. You are your business, with no larger company infrastructure or support to fall back on, so it’s vital that your business’s income doesn’t disappear should something happen to you. With this in mind it’s wise to add personal accident insurance to your plan. It can bring security by providing your business with a lump sum or weekly amount if you’re unable to work as a result of an accidental bodily injury. Things like office insurance can also be helpful if you rely on expensive equipment to work, and of course public liability insurance will give you the peace of mind that you’re covered should you face any claims for compensation from members of the public or clients. When deciding what level of cover you need, it’s wise to think of how you would cope financially should you be unable to work or face a legal battle. This should give you an idea of the appropriate package for you.