(UK) What Insurance Do I Need as an Agency Placing Contractors?
I’m starting my own agency and have just received an accepted contract offer. What types of insurance (if any) should I consider as an agency, especially since it’s an inside IR35 role?
(UK) What Insurance Do I Need as an Agency Placing Contractors?
I’m starting my own agency and have just received an accepted contract offer. What types of insurance (if any) should I consider as an agency, especially since it’s an inside IR35 role?
RCadmin
As an agency placing contractors, especially in the UK with an inside IR35 role, it’s crucial to have the right insurances in place to protect both your business and your contractors. Here are some key insurances you should consider:
Public Liability Insurance: This covers you in case a third party claims for injury or property damage as a result of your business activities. It’s essential for protecting your agency against lawsuits.
Professional Indemnity Insurance: This is important if you provide services or advice to clients. It protects you in the event that your professional advice leads to a financial loss for a client, which could result in legal action against your agency.
Employers’ Liability Insurance: If you directly employ any staff or contractors, you’ll need this insurance to cover against claims made by employees who are injured or ill as a result of their work. Although contractors may not be classified as employees, it’s worth checking the specifics of your arrangements.
Office Insurance: If you have physical office space, consider insuring your equipment and any business property. This can protect you against theft, damage, or loss.
Cyber Liability Insurance: As an agency, you’ll likely handle sensitive data, including personal information about contractors. Cyber liability insurance can protect you from data breaches and cyberattacks.
Insurance for Professional Services (if applicable): If your agency is providing specific professional services, ensure you have the relevant insurance that caters to those services.
Lastly, while these are common forms of insurance, it’s advisable to speak with an insurance broker who understands your specific business model and can guide you on the most relevant policies for your needs. Good luck with your new venture!