Nov 9, 2023

Insurance Explained for Data Freelancers & Contractors

Learn more about the different types of insurance available for UK based Data Freelancers & Contractors. Keep yourself and your business protected should something go wrong on one of your projects.

Insurance Explained for Data Freelancers & Contractors

The ultimate online hub for Data Freelancers & those looking to hire them.

Consider how much you want to earn

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Choose your pricing strategy

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Every project is different

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Create rate charts

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There’s arguably never been a better time for Data Freelancers to be self-employed.

Many specialist skill sets are in short supply – notably analysts, data visualisation, engineers & scientists. This is driving up rates for contractors skilled in these areas and making it potentially very lucrative to be a limited company contractor in the data sector.

However, whether you’re already in the contracting game or considering a move to self-employment, all the growth in your sector is meaningless if you don’t have the right insurance. Why? Well, without it, you put yourself at some serious financial risk.

Many clients and recruiters have some minimum insurance requirements written into contracts. It’s wise to ensure your insurance is in place before you start putting yourself forward for roles as a Data Freelancer. But what insurance do you need to get started?


Professional Indemnity Insurance for Data Freelancers

Professional indemnity cover is an instrumental piece of insurance for those working in data. It covers you for mistakes you might make when carrying out your work and could see you face a negligence claim. Still, it can also cover you for loss of data or documents, defamation, money or goods, or breach of copyright or confidentiality.

Imagine you accidentally wipe a client’s server of vital data that they need to run their business; they could sue you for negligence. Professional indemnity insurance safeguards your business, so should that claim be successfully made against you, up to the limit of your indemnity. This means you don’t have to suddenly find hundreds or thousands of pounds to make it right.


Public Liability Insurance for Data Freelancers

Public liability is often stipulated in contracts as necessary. It covers you against damage to property belonging to a client or member of the public and physical injury to a client or member of the public.

As a professional in data, imagine you’re working from your laptop in your client’s office. However, you don’t safely tape down the power cable and a member of your client’s team trips and injures themselves. Should you be held liable and a compensation claim made against you, your public liability insurance would step in to cover the costs incurred.


Employers Liability Insurance for Data Freelancers

Many Data Freelancers quiz us on employers' liability cover, as they don’t employ anyone. However, many employ their spouse or partner in an administrative role. It also counts if you temporarily employ a fellow contractor as a substitute on a job. Should they suffer an insured issue due to working for you, your employers’ liability insurance will cover you for compensation, expenses, etc.


Directors and Officers Liability Insurance for Data Freelancers

Directors’ and officers’ liability, sometimes known as D&O, protects you as a limited company director against claims made against you for contravening legislation and regulations such as health and safety, financial regulations and company law. The insurance gives you the means to properly defend yourself against such claims and cover the cost of any compensation.


Occupational Personal Accident Cover for Data Freelancers

Personal accident cover covers some of your income should you find yourself unable to work due to an injury sustained while carrying out your duties. It will cover you with a weekly sum for up to 52 weeks, a lump sum should you suffer permanent disablement, or even a lump sum to your estate should the worst happen.

You may think that working in data isn’t especially dangerous - but this insurance even covers your journey to and from work. So, should you find yourself in a car accident during your commute, you could be covered for loss of income.

It’s worth considering to give you complete peace of mind.


IR35 Insurance for Data Freelancers

For those working through their own limited company, and with the off-payroll working rules having changed in April 2021, you may now find that sometimes liability for taxes, interest and penalties lies with you but, at other times, with your end client or recruiter.

IR35 insurance, such as Kingsbridge’s IR35 Protect, flexes to cover whoever holds the liability and makes you a more desirable hire by removing the element of risk. This is particularly useful for Data Freelancers who often work with large, risk-averse clients (who may have concerns about hiring a limited company contractor).

Clients and recruiters can hire you safe in the knowledge that they’re covered in the event of an HMRC investigation, whilst you can rest easy knowing the same is true should any liability lie with you.


How to Get Insurance for Data Freelancers & Data Contractors in the UK

Kingsbridge’s business insurance offers contractors public liability, professional indemnity, personal accident, employers’ liability and directors’ and officers’ liability in one convenient package, making it easy to get the essential cover you need as a Data Freelancer without purchasing many separate policies.

As a user of the Data Freelance Hub, you would also receive a 10% yearly discount on your premiums! This discount will also be carried over into future years, saving you money today and in the future.

To get started, Click Here for a quote online, and your exclusive discount will automatically be applied at checkout.