21May

Professional indemnity and public liability insurance for freelancer/contractors

In my last contract, the agency I worked for required me to get a professional indemnity and public liability insurance. It was the first time someone required this for my business.

I couldn’t escape so I looked to buy a professional indemnity and public liability insurance online. There are lots of them… The problem online is websites ask you to fill your details for you to get a quote. Then, most of the time, insurances company start calling you to explain many options and add-ons for your business.

I just wanted to cover what my contract said:

The Contractor shall at its sole expense, secure and at all times, for the duration of this Agreement, maintain adequate insurance coverage against all risks associated with the Services. Such cover is to include, but is not limited to:

  • (i) professional indemnity insurance for cover to the value of £2,000,000 per claim, and
  • (ii) public liability insurance for cover to the value of £2,000,000 per claim to cover the Contractor’s liability in respect of any act or default for which it may become liable to the Company under the terms of this Agreement.

 

I wanted nothing more, nothing less. And specially not to spend my time on the phone. I had a look alone and I talked with one other freelancers where I worked who had to do it too. We use the website simplybusiness. You can do the full process and pay directly without spending time on the phone or talking to anyone. You then receive your insurance contract by mail. Bam, done!

Those insurances prices can vary a lot! I spend £217 to cover the mention above. This was the cheapest solution available (going to nearly £1000 a year for the same settings). In fact, I bought two insurances:

– A professional indemnity insurance

Professional indemnity insurance can provide you with cover for claims made against you due to an issue with your work or professional advice

– A public liability insurance

Public liability insurance protects you if clients or members of the public suffer personal injury or property damage because of your business. It covers the costs of subsequent legal expenses or compensation claims and is an integral cover for businesses that interact regularly with customers.

This has a cost, and you probably never will need it (I hope for you). So get a little discount when you buy.

If you spend less than £228 choose  “refer a friend” to get some money back.

If you use SimplyBusiness, I can refer you (http://www.simplybusiness.co.uk/refer/)

How it works

  1. Once you’ve submitted the form, we’ll send your friend an email
  2. Your friend will need to click the ‘get a quote’ link in their email – this will let us track things back to you. If they buy a policy, we’ll send you both a £25 cheque, as a thank you
  3. You and your friend will need to hold your policies for at least 30 days, to receive your cheques

Fill your details and I will email you asap using the url mentioned above asap.

 

However, if you spend more than £228 choose a cashback method.
At the date I write this article the cashback is 11% for a new policy purchase.
So if you pay £250 for instance you will get £27.5 back as a cashback money. Just register with your email to http://www.topcashback.co.uk/ref/deju/simply-business and use the link on their website to access simplybusiness. You can read more about cashback on this article if you don’t know what it is.

That’s it! I am not an expert at all about this topic but if it can help someone I am happy.

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