Like all freelancers, contractors in the banking and financial services sector require the right business insurance. Working for yourself brings more freedom and flexibility, but the downside is greater vulnerability if something goes wrong. Indeed, if you’re the boss, there are no company resources to provide support and protect you if a problem arises.
We understand that searching for the different types of cover you need is time-consuming and stressful. The good news is that there’s no need to go to all that trouble. As contractor insurance specialists, we can compile your banking and finance contractors’ insurance cover into a single, affordable, and easy-to-manage package.
What is banking and finance contractors’ insurance?
Kingsbridge banking and finance contractors’ insurance is a specially tailored version of our standard contractors’ insurance package. We understand that you may deal with sensitive issues and sometimes give unwelcome advice where large sums of money are at stake. Our packages allow for these sector-specific risks.
What does our banking and finance contractors’ insurance cover?
Up to £5 million on any single claim. It covers legal fees and compensation costs that may arise if you’re accused of making a mistake or providing erroneous advice. As an additional benefit, PI insurance can be a positive indicator of being outside IR35, as it can help show you are a genuine business that is taking on financial risk.
Up to £10 million for any single claim. It covers legal fees if you need to defend yourself against claims resulting from damage to third-party property or injury to third-party persons.
Up to £100,000 on any single claim (and the total of all claims). Directors’ and officers’ liability insurance covers company directors and managers if legal action is taken against them. Such scenarios include if your business is accused of financial mismanagement, a health and safety breach, or a breach of company law.
Up to £10 million on any single claim. Employers’ liability insurance covers your business against any legal and compensation expenses incurred if an employee becomes ill or sustains an injury where you are found to be liable.
What additional cover can I add?
The need to protect yourself and your clients’ data from breaches and other cyber risks has never been greater. Available as an add-on to your contractor insurance package, Kingsbridge cyber liability insurance provides cover for:
- Business interruption costs (£20,000)
- System and data rectification costs (£100,000)
- Regulatory defence and penalties (£25,000)
- Cyber extortion and ransom costs (£25,000)
It also provides access to ReSecure, a dedicated 24-hour helpline and specialist cyber incident report service.
Legal expenses cover protects your business from legal action relating to IR35 and other tax issues, such as NIC and PAYE investigations. There’s also cover for personal injury claims, identity theft, jury service and debt recovery service.
Your business or your end-client could be the subject of an IR35 investigation if HMRC suspects that you’re falsely working as a contractor. In such cases, the defence costs and potential penalties are often crippling. Therefore, this insurance includes professional fees paid to defend against an HMRC enquiry, including any additional taxes, interest and penalties up to £100,000.
Occupational personal accident cover provides essential cover for loss of earnings if you suffer a temporary or permanent injury while working or commuting. The policy also pays out a lump sum in the unfortunate event of your death as a result of a work-related incident.
Our insurance package includes international cover—perfect for banking and finance contractors working abroad. Cover for working in the USA and Canada isn’t included as standard, though you may be able to add this cover if needed.
What professions can banking and finance contractors’ insurance cover?
Our policy may cover the following professions, depending on your individual circumstances. Call the Kingsbridge team on 01242 808740, we will be happy to discuss.
- Business Analysts
- Finance Analysts
- Management consultants
Why is banking and finance insurance vital?
Clients trust you with significant sums of money and critical deadlines. Yet you can never rule out human errors, technology malfunctions, and natural events. Therefore, the right insurance can protect your business from these consequences.
Why choose Kingsbridge?
- One package, full cover – We provide a comprehensive insurance package, tailored to meet the primary exposures you and your business face.
- Instant access – You can get a quote or renew your policy in a matter of minutes. You’ll also gain instant access to your documents when the purchasing process is complete.
- Price promise – We’re confident you won’t find better contractor insurance in the UK. In fact, we’re so sure that we’ve created the Kingsbridge price promise. If you find the same cover at a lower cost, we’ll beat it*.
- IR35 – Are you worried about IR35 regulations? You don’t have to with Kingsbridge. Our policy is a key IR35 compliance indicator, and the policy includes cover for the legal costs associated with an investigation by HMRC.
- A Rated- All Kingsbridge insurance policies are underwritten by A-rated insurers.
Frequently Asked Questions
- Is insurance a legal requirement for financial service contractors?
The only cover many businesses are obliged to have by law is employers’ liability insurance if you have staff. You could receive a heavy fine for not having it. However, our banking and finance contractors’ insurance policy offers additional protection that could save you thousands of pounds.
- How much does freelance financial professionals’ insurance cost?
The price will vary depending on what you choose to cover. Things like the nature of the work you do and the size of your business will affect the cost of cover.