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.

Included within the annual PCG membership fee

• Professional Expenses Insurance

• Professional Expenses Insurance
• PAYE Audit Cover
  
• Jury service expenses insurance
  

Compulsory for most businesses

• Employers' liability insurance
  
• Motor insurance

Essential or advisable for most businesses

• Public liability insurance
• Property and contents insurance

Recommended for most freelance service businesses

• Professional indemnity insurance

Recommended for product businesses

• Product liability insurance

Other insurances worth considering

• Permanent health insurance
• Income protection insurance
• Business interruption insurance
• Tax loss insurance
• Legal expenses insurance
• Key man insurance
  

Insurance tips

• It can be more cost-effective to buy employers� liability, public liability and equipment insurance as single package.
• Premiums will depend on the type of business, your turnover and the number of employees. Don�t underestimate the level of protection you think you need and don�t underinsure your property.
• 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.

• Guide to insurance for freelance businesses

Disclaimer

The information is furnished for general guidance only. It is highly recommended that you contact an insurance specialist for detailed advice specific to your particular circumstances. PCG cannot be held responsible for any loss or damage resulting from� action taken as a result of advice given.�

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