Most of us have various types of insurance policy for our homes, cars, pets and for when we travel. In all these aspects of our everyday lives we hope for the best, but insure for the worst. The same should go for business insurance.

As a contractor it makes good sense to mitigate risk by having appropriate professional insurances in place.

But did you know… that all Tempus workers are automatically covered by our essential business insurances?

Apart from giving you peace of mind, when it comes to finding work this gives you the edge over contractors who may not have equivalent levels of cover. Indeed many contracts require that insurances are in place as a condition of acceptance.

Types of cover

Here’s an overview of the different types of policy, and instances when they might come into play:

Public Liability

Public Liability insurance covers against the risk of accidents or incidents which affect third parties, resulting in them making a claim.

Examples include damage to property, injury to third party persons and legal costs. Even very minor incidents can result in massive third party claims, enough to put you out of business several times over, so it is worth considering this type of policy carefully. Aside from that, most clients will insist on having Public Liability cover in place before you start work, in which case it isn’t really optional.

Professional Indemnity

Essentially Professional Indemnity (PI) insurance is to cover you against possible claims of negligence. If you make an error in the performance of your duties or otherwise cause your client financial losses, they may put in a claim against you.

PI covers any damages you have to pay out as a result of such a claim and also your legal costs. Aside from negligence, bear in mind that this type of insurance covers loss of data or documents, intellectual property breaches and cases of libel or defamation.

When you take on a job or project there will often be a contractual obligation for a certain level of Professional Indemnity cover. It is worth checking the small print to make sure you and your company meet this requirement, otherwise you could be held personally liable if things go wrong.

So rest assured, if things go wrong, with Tempus you are covered.