Guide to Freelancer Insurance
Having adequate insurance protects you and your business should unexpected events or claims arise. The adage of “hope for the best, prepare for the worst” holds for business insurance – It makes good business sense, and many clients expect you will have this in place.
Why do I need it?
Whether you work through an agency or independently, you operate a business providing a high level of skill and expertise to end clients. With that comes the risk that you could be held liable for any errors or mistakes that adversely affect an end client.
It is essential to manage these risks in the event of any claims made against you, however unfounded they may be. You should also consider cover for claims from third parties, and it is mandatory to have employer’s cover if you have employees.
What type of cover do I need?
There are several types of insurance products available on the market.
You must hold professional indemnity and public liability for any bookings you take on via The Crewing Company.
The type of insurance you take out will ultimately depend on the kind of work you do and your annual turnover. Many end clients will specify the type and levels of coverage required as part of their contractual requirements. Professional indemnity is often the bare minimum outlined.
As a professional in the creative industries:
- Professional indemnity covers you for professional negligence claims and errors or omissions, including delays to time-sensitive work for clients, confidentiality breaches or copyright infringement. Professional indemnity also works on a “claims-made” or retroactive basis, meaning your policy must be in force at the time of the claim and cover you for work carried out in previous years.
- Public liability covers you for any accidental damage to property or injury to a person due to your professional actions, whether working on your own or a client’s premises.
- Employers’ liability covers you against claims from employees during working hours (only applicable if you have your employees).
- Kit cover for any owned/hired equipment
Other considerations include whether you will require worldwide coverage and be sure to read the fine print on any exclusions within a policy to make sure this aligns with needs. Depending on the nature/extent of your business, it may also be worth considering legal expenses cover (for any disputes involving your business such as tax investigations or money owed for services provided) or other add-ons such as cyber liability, business interruption etc.
How much will it cost?
This will depend on what constitutes adequate insurance in light of your work and the business you run. Insurance advisors are best placed to guide you on this and can offer bespoke packages tailored to your needs.
For a quotation, you can speak with Kingsbridge Contractor Insurance. They provide a 10% discount to The Crewing Company contractors. You can get a quote by calling Kingsbridge on 01242 808744 or online here.
Please note that there is no requirement to obtain your cover through Kingsbridge should you wish to source cover elsewhere. There are also several media freelance combined policies out there on the market and if you are a member of a professional membership body such as BECTU or IPSE, you may be able to avail similar discounts through their insurance partners.