Contractor Insurance

Associates-Banner

You will need certain compulsory insurance cover in order to operate as an independent contractor, but there are other products and types of cover available which are designed to reduce your financial risk and give you peace of mind. In partnership with QDOS consulting, RSL Project Solutions offer a comprehensive range of insurance products tailored to the needs of the freelance / contractor market. Click the link below to browse and use discount code RSL2013 to obtain a 5% discount on any products purchased.

Compulsory Insurance Cover

To operate as an independent contractor there are a number of compulsory insurance policies that you must hold. To enter into any contract for services with RSL Project Solutions your Limited Company (or Umbrella Company) must hold the following levels of cover:

  • Professional Indemnity – £1M
  • Public Liability – £1M
  • Employers Liability – £10M

Note: This cover can be bought from any reputable insurer – you are not obliged to purchase any insurance products from RSL Project Solutions.

Optional Insurance Cover


Freelancer Tax Protection

BUY

The bulk of IR35 enquiries start with a PAYE compliance visit or an enquiry from a tax return and could possibly end up at a Commissioners’ Hearing. Freelancer Tax Protection is a tax enquiry insurance providing you with expert defence in the event of any HMRC enquiry, including IR35.
Tax Liability Cover

BUY

A comprehensive insurance policy designed with the threat of IR35 in mind. This policy will protect you in the event of HMRC opening an enquiry into your accounts, whether it is a PAYE compliance review, VAT dispute, IR35 enquiry or any other HMRC enquiry, the insurer will be there from day one to defend you. In addition to this invaluable support, the policy will also cover any tax/NIC liabilities, interest and penalties should you be found ‘caught’ by the IR35 legislation up to the indemnity on your policy schedule.
Jury Service and Legal Protection

BUY

The great freedom of contracting may come with increased risk, such as the legal-related risks involved with contracting as well as the financial impact of being called up for jury service. The policy is designed specifically with contractors in mind and provides cover for up to £50,000 in legal expenses for a variety of different legal risks applicable to contractors. The policy also includes jury service cover, so if you were called for jury service during a contract, you wouldn’t lose out on your income.
Contractor Sickness Cover

BUY

Contractor Sickness Cover is an accident and sickness insurance policy designed specifically for contractors, giving you some financial security should your ability to work be affected by illness or injury.   The policy provides a lump sum payment in the event of an insured person suffering accidental death, or monthly payments in the event of an insured person being unable to work through their disablement (accident or sickness). The monthly benefit will be paid for a period of one year, provided your policy is kept in place.
IR35 Contract Assessment

BUY

In the eyes of HMRC, having a contract review is an excellent way of demonstrating that you have operated ‘due diligence’ in determining whether you operate outside of IR35 or not. This will reduce the risk of penalties being applied if your status is subsequently challenged. Contracts are reviewed by experienced IR35 specialists, who have a wealth of experience in dealing with status enquiries.
Full IR35 Contract Review

BUY

In an IR35 enquiry, HMRC will usually request a copy of the contract(s), in question and may then approach the end client directly to check that the actual working practices mirror the written terms. Having a contract and working practices review will therefore allow you the opportunity to ensure your compliance and provide the relevant evidence. It will also show HMRC that you have taken ‘reasonable steps’ to ascertain that your status lies outside of IR35.
Full IR35 Contract Review

BUY

In an IR35 enquiry, HMRC will usually request a copy of the contract(s), in question and may then approach the end client directly to check that the actual working practices mirror the written terms. Having a contract and working practices review will therefore allow you the opportunity to ensure your compliance and provide the relevant evidence. It will also show HMRC that you have taken ‘reasonable steps’ to ascertain that your status lies outside of IR35.
Public Sector IR35 Solution

BUY

HMRC have now set up four new specialist teams solely tasked with status enquiries. With around 12 inspectors in each team they have the potential to undertake over 1,200 enquiries per year. We are therefore likely to see a significant increase in the number of IR35 enquiries being undertaken.

In HMRC’s opening enquiry letters they will ask whether IR35 has been considered and if so, why the contractor feels that IR35 doesn’t apply. The IR35 Defence Pack will assist in presenting such information to HMRC to give you the best possible chance of a successful defence.

The service providers will undertake a detailed review of your written contract, your actual working practices and HMRC’s Business Entity Test. They will ask you to verify your working practices with your end client and put in place a signed Confirmation of Arrangements Letter. Once they are comfortable of your status, they will issue a certificate confirming their opinion regarding your status. All of this information will be put together as a dossier of information, which can be presented to HMRC at the outset of an IR35 enquiry.

Public Sector IR35 Solution

BUY

In 2012, new rules were introduced by the Treasury governing individuals operating through their own limited companies who provide services to the public sector. All workers are required to provide evidence of their IR35 status within 20 working days of the issue or renewal of their contract. If they cannot do this, the contract could be terminated and their details may potentially be passed to HMRC.

The Public Sector IR35 Solution will make the process as quick and pain-free as possible. The service providers will undertake a detailed review of your written contract, your actual working practices and HMRC’s Business Entity Test. Once they are comfortable of your status, they will issue a certificate pack that can be forwarded to the body you work for (or your agency if applicable).

This certificate will confirm that the service provider considers your assignment to be IR35 compliant, giving your end client the assurance they require.

Please contact us for more details or click here to select and buy insurance.