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Why Contractor Professional Indemnity Insurance is essential...
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Many contractors, including IT and Financial consultants will be required to have Contractor Professional Indemnity insurance in place to secure a contract.
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Not having the correct insurance can affect your business opportunities. Some clients will not hire contractors who have not obtained the correct Contractor Professional Indemnity Insurance.
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If you have found your position through an agency, their insurance may not cover you – another reason why having your own Contractor Professional Indemnity Insurance is necessary.
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Professional Indemnity Insurance protects your business against claims for damage or loss made by a client or a third party.
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If you make a mistake or have been negligent in the provision of your services, Contractor Professional Indemnity Insurance (or PI Insurance as it is also known) can cover any legal costs.
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PI insurance provides complete peace of mind, as well as aiding your business position in relation to IR35 regulations. Having Contractor Insurance in place helps to indicate that you are genuinely self-employed. Qdos Consulting provide an insurance called Tax Liability Cover or TLC35 that can help if an IR35 status enquiry does arise.
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If you don’t have Contractor Professional Indemnity Insurance in place, you could face severe financial difficulties, as well as destroying your company’s reputation.
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Although some contracts do not require PI Insurance to be taken out, it is wise to do so… as the saying goes: “better safe than sorry”.
When searching for your Contractor Professional Indemnity Insurance policy, look no further than our Contractor Insurance shop.The dedicated and qualified team at Qdos have over 20 years of experience in providing advice and support to freelancers, defending clients with IR35 issues and developing a bespoke range of insurance products and services. Their products include Freelancer Tax Protection, TLC35 and Professional Indemnity Insurance.
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