If you're a contractor in the UK, professional indemnity insurance may be required depending on your specific situation and the nature of your work. This is particularly important if you're an IR35 contractor working as an individual. PI insurance protects you against claims made by clients who claim you've caused them financial loss through professional negligence, errors, or omissions. For contractors, this is particularly important as you may be considered self-employed and therefore personally liable for claims. The cost of PI insurance for contractors varies depending on your profession and the level of cover you choose. Many contractors pay between £150 and £500 per year. To get PI insurance as a contractor, you'll typically need to provide information about your business, your experience, your claims history, and the nature of your work. Many insurers offer policies specifically designed for contractors. It's worth comparing quotes from multiple insurers to find the best cover at the best price. Use Leo's comparison tool to find the best deal on PI insurance for contractors.
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