At RiskBox we are dedicated to helping and protecting people and businesses working within the technology and creative sectors.
Our ethos? To build effective, affordable insurance packages that let you to focus on the interesting stuff…without being distracted with policy admin, paperwork or legal wrangling if a claim or problem should occur.
But what do you need if you are a self-employed consultant or freelancer? This is a question we get asked quite frequently, hence an introductory blog.
The good news. Legally, unless stated under contract you often have no obligation to take insurance of any sort, giving you the freedom to decide which protection is of value to you
What we recommend
For those carrying out creative and design services usually the principal risk is Professional Indemnity.
This type of insurance protects your liability arising from the service you provide, so RiskBox always recommend anyone delivering or advising on creative content takes it.
This is where Professional Indemnity can step in to protect you. Whether it be for alleged defamation, suspected infringement of someone’s Intellectual Property, a breach within a contract or just negligence a good insurer protects these, not only for the litigation but also the settlement.
Get the peace of mind to focus on the work you love to do without fear or distraction.
There are plenty that may be relevant depending on what you do, and the contracts you sign.
Normally you can build Public Liability, Business Interruption, Property and even Cyber/Data risks into the policy, creating a custom package
Which Insurer shall I use?
Professional Indemnity insurance varies hugely from insurer to insurer, that’s where we step in.
Our expertise, industry knowledge and independent status ensures you have a suitable insurance product for your needs at the right price.
Many insurers exclude key covers such as breach of contract cover or accidental virus transmission, so be careful to ensure you have the right product to fit your business offering.
What limit shall I have?
There is no standard answer for every freelancer; it depends on the type of work undertaken and the values of the contracts concerned. If you operate with small Companies for low value contracts a £250,000 limit is often fine. However, if you tend to work with larger well known brands with higher contract values then a £1,000,000 limit will normally suffice. Again, it depends on your circumstances and the implications if it all goes wrong.
But I limit my liability under contract
Great, you’re taking the right steps to mitigate your risks. This is normally more effective for allegations of breach of contract.
The limitations on liability you put into the contract are really useful, however they won’t fully dictate what limit you should have and the action a third party can take against, as often these limits will be irrelevant if you are sued for being negligent.
At RiskBox, we like to make things easy and simple for you.
Photo by Hannah Wei on Unsplash
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