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Do you have the correct insurance cover?

Paystream News

Daniel Haslam

Monday 15th Dec, 2014

If you're an umbrella company contractor, you can rest assured that you are covered by our insurance policies because you are an employee of the umbrella company.

However one of the risks when working through your own company is that you don't have the protection of an employer's insurance policies. This means that as a director of your company you are responsible for ensuring you have sufficient insurances in place should something happen.

Another reason to ensure you have adequate insurance cover is that most end clients and agencies will insist that a contractor has at least £1m Professional Indemnity insurance in place.

Having the correct insurance cover not only makes sense from a protection point of view in the event of any claim, but it also makes you as attractive as possible to your next client.

At PayStream we offer three packages of insurance; Bronze, Silver and Gold and as company insurance is an allowable expense you receive tax relief on your chosen package which saves you up to £79.80 depending on your level of cover.
*A cap below £2m applies in certain sectors. Please contact us if you require further clarification.

For more information on what Employers Liability (E/ L), Public Liability (P/L), Professional Indemnity (PI) and Personal Accident (PA) insurances are and what they cover click here.

If you would like to discuss the options available feel free to call our New Business team on 0800 197 6516, choose option 1.
Please note that our fees are subject to change.