There are many articles online about how freelancers enjoy having the freedom to move around whenever they please, and the freedom to work wherever they choose.
Yet, there are very few articles that look at how freelancers can protect themselves from the risks that they probably don’t even know exist as a result of their level of freedom.
Before we begin, this article won’t advise you to stay at home and lock the door to your home office. Nor will we tell you that you should keep your mobile device on a keychain clipped to your belt.
At Caunce O’Hara we care about the freelance contractor sector, and because of this we feel it’s only right to inform you of how you could be better protected from the perils of freelance business life.
We’ll start by asking you a question…
When you decide to spend a day working in your favourite café, or outdoors, or at one of the many co-working spaces that have cropped up in towns and cities across the UK, do you ever think of whether the portable devices and technologies you use for your work are insured?
Think… mobile phone, laptop, iPad or tablet, camera and photographic equipment, video camera, or even a projector if you give regular presentations on other premises.
What would you do if you lost or damaged one of these items when you were on the job?
After the expected flustered panic that we’d all experience, you might start to think, it’s okay my home contents insurance will cover it. If so, this is where you may find you encounter a problem…
If you purchased your device through your freelance limited company, then your home contents insurance may not cover the device.
Why not? Simply because it will be classed as a business asset, not a personal item.
Freelance professionals who could be particularly exposed to this type of risk, include; photographers, copywriters, graphic designers, website developers, journalists, videographers, offshore energy contractors, contractors who work abroad, bloggers and vloggers and influencers, to name but a few.
Working on the move
If you work on the move, or regularly in co-working spaces, you’ll no doubt carry your office in your laptop bag. This could include your laptop, tablet, smartphone, cables, removable storage devices and cameras.
How would you feel if you accidentally left your bag and all its contents on a rail platform, or on the bus, or in a café? Even worse, your bag could be taken whilst your back is turned.
Claims such as these are commonplace, yet without the correct insurance the cost of replacing these items (not to mention the work stored on them) could run into thousands of pounds.
If you’re self-employed and working as a freelancer or contractor, losing your portable equipment could result in your business coming to an abrupt stop.
This can be even more important if you undertake location-based projects. As an example, imagine being a photographer who is contracted to document life on a cruise liner and losing your camera overboard to the watery depths.
Losing your portable equipment could also expose you to other risks such as a professional indemnity claim if, as a result of losing your portable equipment and the work stored on it, you miss a client’s deadline which costs your client money.
Is a solution available?
One key investment that you could make, that won’t break the bank, is Portable Equipment Insurance, which is available as part of the Caunce O’Hara Business Combined policy.
The policy provides cover from £1,000 to £5,000 for accidental physical loss (including theft) or damage. You can also choose whether or not this cover is within the UK, Europe or Worldwide.
At one point, nearly 80% of the claims forms we received were related to business equipment.
As with all claims our priority is to help get you back up and running as quickly as possible and with the minimum amount of disruption. A lot of cases are turned around in a matter of days, but some have been settled on the same day that the claim form was received.
Examples of equipment covered include:
- Digital cameras
- Hand-held mobile technology
- Hardware and tools
- Mobile phones
- Video cameras and equipment
To take advantage of this outstanding type of business insurance, call our award-winning Schemes Team today on 0333 321 1403 for a quote.