Guide To Insurance

Guide To Insurance For Freelance Professionals

2008-06-03T09:37:00.001-07:00

Guide To Insurance For Freelance Professionals

Coulson Pritchard Associates - Protecting the interests of consultants, contractors & freelancers

Professional Insurance can provide financial compensation and peace of mind when things go wrong, but even some seasoned freelance contractors are unsure as to which types of insurance they need. Very few types of insurance are compulsory for small businesses, but it can be a false economy to neglect those which really should be viewed as essential.

Professional Indemnity Insurance

Professional indemnity (PI) insurance protects you against your legal liability for losses suffered by your customers as a result of your negligent advice. Professional Indemnity (PI) is legally required in certain professions, such as law, accountancy & financial services. It is common in other areas such as management and computer consultancy, publishing, engineering and design. If you give any advice which could make you liable, or if you are working in a collaborative arrangement, you should have a suitable professional indemnity policy.

Your professional indemnity policy should include retroactive cover, so that you are insured for any claims arising in the next 12 months, but also for your work or decisions back to the date you commenced trading. When you complete your proposal form, you will need to disclose any likelihood of a future claim, as the underwriters will want to protect themselves from taking on any current or known claim exposure.

Professional Indemnity (PI) Insurance works on a 'claim made' basis, and so when you cease trading, retire or take a permanent job, it is wise to purchase run off cover for at least 12 months after that in case a claim is made against you, after your policy has expired for work done previously.

Employers Liability Insurance

Professional Insurance for Employers Liability
The Employers Liability Act 1969 requires all employers, unless they are exempt, to have at least 5 million GBP of employers liability insurance with an approved insurer to protect them against claims from employees for accidents or sickness caused through work. In practice most insurers offer at least 10 mill GBP cover.

The law was amended with effect from 28 February 2005 to exempt very small companies that employ only their owner. As a freelance consultant or contractor operating outside IR35, however, you are likely to have a substitution clause in your contracts. Without employers liability insurance, you cannot fulfill this clause without breaking the law, so in practice you ought to have cover.

There are no hard and fast rules about who counts as your employee for the purposes of employers liability insurance. People who you many think of as self-employed may be considered as your employees for the purposes of employers liability insurance; what matters is the real relationship with the people who work for you and the degree of control you have over the work they do for you. Even part-time and casual staff may count as your employees.

Public Liability Insurance

Professional Insurance for Public Liability
Public liability insurance covers you against accidents to members of the public or damage to property that occurs as a result of your business activities. It also covers any related legal costs.

Even if you work from home, you may need public liability cover. If clients visit you there, the policy will cover you if they injure themselves while they are on your premises - it could be something as silly as tripping over a computer cable. If you regularly work off-site, your policy should cover this too.

Product Liability Insurance

Professional Insurance for Product Liability
Product liability insurance covers you against injury or damage caused by faulty goods. This can be important if you manufacture, repair, install or even retail goods; a small defect could open you up to massive claims. Your policy should guard you against safety claims, manufacturing quality, spoilage and indemnity costs.

Property & Contents Insurance

Professional Insurance for Property & Contents
You will need to insure your business property, including premises, fixtures and fittings, stock, computers and equipment. If you work from home, you need to check that equipment used for business purposes is still covered by your home contents insurance, or purchase specific business insurance. In response to a growing trend in home working, an increasing number of insurers no offer buildings and contents policies that specifically include cover for business stock and equipment.

IR35 & Legal Expenses Insurance

Professional Insurance for IR35 & Legal Expenses
IR35 Insurance pays costs to cover professional fees relating to tax investigations covering;

    * Income tax self assessment full enquiries
    * Corporation tax self assessment full and aspect enquiries
    * Employer compliance disputes in respect of PAYE, P11D and NIC
    * VAT & IR35 disputes, S660A enquiries.

Income Protection Insurance

Professional Insurance for Income Protection
Income protection insurance schemes can be used to cover employees in the event of long-term sickness, paying their salaries during the period of incapacity. Executive income protection provides cover for both salary and dividends.

Permanent Health Insurance
Professional Insurance for Health & Medical
As a freelancer, you do not the safety net of a permanent employer to pay for sick leave. It is worth investigating permanent health insurance to cover your personal outgoings should you ever be unable to work for long periods, Private medical insurance can make a lot of sense. Quicker treatment times through private care can help you avoid lengthy lay-offs. Some policies pay a lump sum in the event of a critical illness. It is advisable to apply for medical insurance before you experience symptoms of a serious nature.

Other types of freelance professional insurance

    * Business interruption (or consequential loss) insurance compensates you for extra costs incurred and trading profits lost if your business suffers disruption after, say, a fire.
    * Tax loss insurance reimburses the tax, penalty and interest losses arising from an HMRC ruling against you which results in additional tax to be paid, especially in relation to IR35.
    * Legal expenses insurance covers legal costs such as solicitors fees and court costs. Many policies offer legal guidance via a telephone helpline.
    * Key man insurance can make your business less vulnerable to the illness or death of key employees.

Professional Insurance Tips

    * It can be more cost-effective to buy employers liability, public liability and business equipment insurance as a single package.
    * Professional indemnity insurance premiums will depend on the type of business, your turnover and the number of employees. Don't underestimate the level of professional indemnity protection you need.
    * Read the small print in any policy documents. Question any clauses that you don't understand.
    * Be scrupulously honest with your insurance company about information relating to your business and any previous claims.

For further information on professional insurance solutions for UK freelance professionals please contact Coulson Pritchard Associates directly on 01480 470220 or visit at http://www.coulsonpritchard.com

Guide To Insurance For Freelance Professionals / Author: Annie Jones

Occupation: Online Promotion
Annie Jones
http://indianseoexperts.blogspot.com/

How to Get Cheap Auto Insurance in Montana

2007-08-30T21:19:00.001-07:00

How to Get Cheap Auto Insurance in Montana
Looking to buy auto insurance in Montana? Want to get the cheapest rate with a top company? Here's how to do it.

Montana Auto Insurance
In order to drive in the state of Montana, you need to have liability insurance. This pays to repair damage to the other person's car, plus pay for any medical bills they incur and court awards for "pain and suffering" when you cause an auto accident.

The minimum liability coverages Montana requires are:
1. $25,000 worth of bodily injury coverage for one person involved in the accident.
2. $50,000 worth of bodily injury coverage for all people involved in the accident.
3. $10,000 worth of property damage coverage for the other person's personal property.

Liability coverage is the most important part of your auto insurance policy, and is the only coverage you need to drive in Montana. You may, however, want to purchase additional insurance to make sure you're totally covered.

Additional Insurance Coverage
* Collision coverage pays for repairs to your car no matter who was at fault in an accident. You can save money on this coverage by raising your deductible to an amount you can afford to pay if you were to have a claim.
* Comprehensive coverage pays for repairs to your car caused by fire, theft, vandalism, storms, or hitting an animal. You can save money on this coverage, too, by raising your deductible.
* Personal injury protection pays for bodily and property damages done to you and your passengers by another driver. You can save money on this coverage by eliminating it if you have medical insurance that already covers you.
* Uninsured motorist coverage pays for bodily and property damages done to you and your passengers by uninsured, underinsured, or hit-and-run drivers.

Get Cheap Auto Insurance in Montana
The best way to get the best price on anything is to comparison shop, and this is especially true when it comes to auto insurance. Premiums from one company to the next can vary by hundreds of dollars for the same insurance, so it pays to compare rates.

Visit http://www.LowerRateQuotes.com or click on the following link to get cheap cheap Montana auto insurance quotes from top-rated companies and see how much you can save. You can get more insurance tips in their Articles section.

Author: Brian

About the Author:
The author, Brian Stevens, is a former insurance agent and financial consultant who has written extensively on auto insurance in Montana.

Life Insurance an Income Protection Measure

2007-08-30T21:17:00.001-07:00

Life Insurance: an Income Protection Measure

Life insurance is basically an income-protection measure. If the insured person is the sole bread earner of the family and he passes away all on a sudden, the family will not be left in the lurch, at least financially. As per the terms of the insurance policy, beneficiary will receive the proceeds to offset the lost income that is caused due to the demise of the insured person.

A person of any age can go for life insurance, though some of the agencies may not be ready to cover the group that is very old. A person who is above sixty can take out an insurance policy, but it may not be a good idea. You are around 60 years old means that your income stream is largely over and hopefully you have accumulated the assets you need anyway by now. So, an insurance policy will not have great rewards to give you.

However, if you have nothing left with you in terms of monetary savings, you better go for a life insurance policy, no matter what your age is. Insurance not only covers you when you lose your income; rather it comes handy in so many other ways. Insurance is exigent for those who are married and earn a living through work. This is applicable for spouses that use their income to support their lifestyle.

Author: Allan

In case you are married and the spouse is not working, then the bread earner should go for Life Insurance. Of course, if you are independently wealthy then you may not need one. Otherwise an insurance policy may go a long way to save a family from any kind of financial woes and worries that is resulted by the death of the bread earner. Whatever type of insurance policy you take out, make it sure that you do some research before you finally pack up a deal.

About the Author:

Allan Elvin is an MBA in Finance and has a rich experience of writing on topics related to finance. He professes special interest and expertise in Life Insurance and in guiding you on its various details.

Where to Get Cheap Colorado Renters Insurance

2007-08-30T21:15:00.001-07:00

Where to Get Cheap Colorado Renters Insurance

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Looking for Colorado renters insurance? Here's how to get cheap renters insurance with a top company.

What does Colorado renters insurance cover?
There are three areas of coverage:
1. Personal possessions - Renters insurance pays to replace your personal possessions when they're stolen, or damaged by fire, plumbing leaks, explosions, vandalism, or storms.
2. Loss of use - Renters insurance pays for your lodging and meals when you're residence becomes uninhabitable and you need to live elsewhere until it's repaired.
3. Personal liability - Renters insurance pays others people's medical bills, and property damage bills, when they're hurt or their property is damaged and you're held liable. It also pays your legal fees and court costs.

What's not covered?
Damage to your property done by earthquakes and floods are not covered under standard policies. If you live in a flood or earthquake zone you'll need to purchase additional insurance. Also, there may be limits on expensive items like jewelry, computers, furs, and silverware. Again, you may need separate insurance to cover these items.

How much insurance do I need?
You should have enough renters insurance to cover all your possessions. Take an inventory of everything you own and use the total value as the amount of coverage. For liability insurance, you should have enough to cover your assets - bank accounts, CDs, stocks and bonds, etc.

How much does renters insurance cost?
For the protection it provides, renters insurance is dirt cheap. You can get renters insurance in Colorado for as little as $13 a month for $20,000 worth of coverage. That's less than the cost of one CD.

Where can I get cheap Colorado renters insurance?
The best way to get cheap Colorado renters insurance is to compare prices from different companies, and the best way to do that is to go to an insurance comparison website.

Author: Brian Stevens

Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to get Colorado renters insurance quotes from top-rated companies and see how much you can save. You can get more insurance tips in their Articles section.

About the Author:
The author, Brian Stevens, is a former insurance agent and financial consultant who has written a number of articles on getting cheap Colorado renters insurance.

How to Get Cheap Car Insurance in Chicago

2007-08-30T21:12:00.001-07:00

How to Get Cheap Car Insurance in Chicago

If you're a driver in Chicago, you need to purchase car insurance to protect yourself, your vehicle, and others. Whether you're driving a car, van, motorcycle, recreational vehicle, truck, or bus, you need car insurance.

How Much Insurance Do I Need?

Illinois is a “tort” state, which means drivers are financially responsibility for any damages they cause in an accident. Illinois law requires that you carry the following amounts of liability insurance:
* $20,000 to cover the injury or death of one person in an accident.
* $40,000 to cover the injury or death of all people in an accident.
* $15,000 to cover damage to the property of another person.
* $20,000 per person up to a total of $40,000 for uninsured motorist’s bodily injury. This pays your expenses if you're hit by a driver who doesn’t have enough insurance or a hit-and-run driver.

These are the minimum requirements you need to drive in Chicago.

What Other Coverages Are Offered?
In addition to the required coverages, you may want to purchase optional coverages, such as ...
* Collision coverage
* Comprehensive coverage
* Towing and rental coverage
* Medical coverage
* Accidental death benefit coverage

If you choose to buy Collision and Comprehensive coverage, set your deductibles as high as you can afford. The higher your deductibles, the lower your premium.

How Can I Get a Cheap Rate?
Once you know what coverage you want, you need to shop around and compare insurance quotes so you know you're getting the best rate.
The Internet makes it easy to find cheap car insurance quotes in Chicago. All you have to do is go to an insurance comparison website and type in your insurance information. You'll then receive quotes from multiple A-rated insurance companies.
On the best insurance comparison websites you can even talk with insurance professionals if you have any questions about your car insurance (see link below).

Visit http://www.LowerRateQuotes.com or click on the following link to get Chicago car insurance quotes from top-rated companies and see how much you can save. You can get more auto insurance tips in their Articles section.

Author: Brian Stevens

About the Author:
The authors, Brian Stevens and Stacey Schifferdecker, have spent 30 years in the insurance and finance industries, and have written a number of articles on car insurance in Chicago.

Saving Money on Insurance for Your Wheels

2007-08-30T20:37:00.001-07:00

Saving Money on Insurance for Your Wheels

If you want to buy a good car, it will be expensive. Not only do you have to invest a large amount of money, you also have to service it regularly and fill up the fuel. Moreover, given that most of us lack the liquid cash to pay for a car all at one go, car loans have become increasingly popular. Even here, we have to do quite a bit of looking around so that we find the best bargains. A car loan is a long term commitment. It helps if one's degree of indebtedness is not too great. Few things are as stressful as working like a dog to repay loans.

A similar stressor is the car insurance that one ends up procuring. Given the number of accidents that take place on city roads everyday, people should be intelligent enough to buy good car insurance policies for their vehicles. And accidents are not the only problems that are faced by car owners. There are also the rampant burglaries that are among the many worries of car owners. So, car insurance is certainly not an option anymore. It is essential for this speed-crazy world.

Now, scouring the markets for the best car insurance is very similar to looking for the perfect car loan. The best solution to the dilemma of finding a cheap car insurance policy is to do your share of the homework. Don't get too happy with any insurance plan that comes your way. There are bound to be other plans that are significantly less expensive. If your target is to spend less, you could try clubbing your home and car insurance together. Alternatively, you could consider procuring car insurance from the same company that provides you with your home and life insurances. This could help you make the most of the low rates of interest.

You could keep your insurance problem in mind prior to deciding on the make of your car. Remember that a higher-end machine is likely to increase the rates that the insurance company would otherwise charge. However, if you also purchased certain security devices for your car, you could end up having to pay lower interest amounts. Also, if you agree to a higher deductible, you will end up paying a lower insurance premium. But in such a case you should take care and drive very safely. The deductible amount has to come out of your pocket in case of an accident.

While on the lookout for insurance, you should keep a lookout to find special discounts that you can avail of. You can save money if you put in some effort.

If you compare car insurance, you will get cheap car insurance. Also let us help you get car loans.

By Ajeet Khurana