Being employed under an umbrella company embraces certain benefits, one among them being entitles to the Contractor Umbrella Liability Insurance . The Insurance covers certain heads which enables the contractors to additional protection. Check out what the Liability Insurance is all about.
What is Contractor Umbrella Liability Insurance
Liability Insurance endowed on the contractors by an umbrella company by giving additional protection over and above the existing General Liability, Business Auto, as well as the Employer?s Liability. Other than this you are also entitled to specific claims that are hitherto not included under these three heads. In order to obtain an Insurance in this sector you have to pay a minimum premium of $500 to $1000 that pertains to an increment of every $1,000,000 of insurance purchased.
Professional Indemnity Claims
If a situation arises whereby you get involved in a tiff with any of your clients, you need not bear the cost of defending by paying lawyer?s fees which will be taken care of by the umbrella company Professional Indemnity Claims.
Therefore Professional Indemnity Claims are all about repayment on your behalf on an incidence of conflict with a client wherein you need to undergo a court case. Even if you are on the wrong side or it was you who committed the mistake, your mistake expenses or compensation will also be paid through the Contractor Umbrella Professional Indemnity Claims.Other than this, the Professional Indemnity Claims will also act as a bulwark against any sort of negligence on your part for which you have to pay an amount, misrepresentation of anything due to negligence, cases of defamation and the likes.
It also protects against any sort of forgery or dishonest ways catered to by business partners, freelancers or employees of the umbrella company.Therefore, having a Contractor Umbrella Professional Insurance Claim at your disposal will save you in times of need, when you might be faced with sudden requirement of paying off huge sums without being prepared for it.
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