IR35 Insurance for freelancers and small businesses

IR35 insurance is essentially a tax investigation cover. For true or false reasons, you may become a prey to IR35 and end up paying a huge part of your yearly savings as tax instead! That sounds awful!Well to know whether or not you and your business need insurance against IR35, proper research is required; and based on HRMC laws, you can determine whether you will fall into the category to pay IR35 tax.IR35 insurance products usually cover the costs of a tax investigation, and even the tax and national insurance liabilities which may arise from an HMRC enquiry. IR35 has been taxing business owners since the past nine years but despite efforts to abolish this law, the results have remained negative. There has been an ever more in increase in the number of people opting for insurance covers including protection against IR35 as it may cause the worst impacts on your business if it comes your way!


The complexities of the tax system are beyond normal understanding; and however hard you try, you cannot rule out tax problems completely out of the list. Good insurance protects you when IR35 investigations are made and you become liable to pay huge sums to compensate for the legal claims made.

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Professional Indemnity Insurance – The possible risks that it will cover you for

Professional Indemnity is a must in this global uncertainty. There are chances of a lawsuit coming your way for every minute error you make while on a professional assignment.

Here is a mention of a few reasons that your client is likely to sue you for:

· An act of negligence, error or omission which causes damage or loss to the client
· Unintended infringement of intellectual property rights
· Loss of Documents/Data entrusted to you
· Unintentional defamation or slander
· Accidental breach of contract (eg. Breach of confidence, private duty or misuse of information)

Professional insurance is a solution for all the above problems and more. Depending on your needs, Professional Indemnity Insurance will tailor the policies to suit you.

An important thing to keep in mind is that at times, there could be a gap between an event and a claim. This means that you should be insured well even after your work is over.

If you have any queries, call us on 0870 752 5455. Our working hours are 9.00am-5.30pm, Monday to Friday. You could also send us an email to info@professionalindemnityinsurance.co.uk.

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CRITICAL ILLNESS INSURANCE

We rarely think of hard times when we might fall sick critically while we are hale and hearty. However, Contractor Critical Illness Insurance is something that we must consider for those tough times as no one has seen the future and you cannot be sure that if you are healthy today, you cannot fall sick tomorrow. This kind of cover provides a financial peace of mind to your family and instead of having a luxurious cup of coffee every day, paying some money every month or every week for you insurance cover and safeguarding your interests is a better idea.

Critical Illness Insurance gives you cover if you are seriously ill and your condition is critical or if you need a surgery and also cover you in case you are not able to earn or work due to your illness. If you are the only bread winner of your family, then you must ensure that you critical illness insurance is in place so they don’t have to be worried in difficult times.

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CONTRACTOR’S CRITICAL ILLNESS INSURANCE

As an experienced freelancer or an independent contractor, you are well aware of the pressures of your job. Meeting deadlines, delivering work on time, quality of the work, earning profits etc. always keeps on the run. You work long hours and there is no schedule for eating and exercising and gradually all this take a toll on your health. Imagine a scenario where you are diagnosed with a serious illness and the doctor says that you are unfit to work. Apart from the physical stress, you will have an added mental stress too as to how will you manage your finances for the daily bills and mortgages and also how will you get food and basics for your family. The contractor's critical insurancecover has been designed for these difficult times only.

The critical illness insurance helps you ease your financial pressures and pay a lump sum and tax free amount to you in case you are critically ill or not able to work at all. Most companies pay you as soon as you are detected with a serious illness like stroke, cancer or heart attacks etc. The contractor's critical illness insurance support people financially while they are on their way to recover so that they can only concentrate on their illness and not on how to manage the finances for their daily life.

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