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It can be a common misconception that ‘all risks’ means that it includes every type of insurance cover a tradesperson or those working on site may need. That is however not the case. In fact, ‘all risks’ simply refers to the way that the policy operates.

Some insurance policies will provide cover for perils specifically included i.e., losses, events or causes of a claim, and only those listed in the policy cover. ‘All risks’ insurance however covers all causes of a loss, provided the cause is not specifically excluded.

A common policy self-employed individuals operating in the construction sector may also need, is Public Liability Insurance. See below for more information.

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A big part of being a consultant involves advising and recommending changes within your client’s organisation. As an expert in your field, your client relies on your advice and services, which opens your business up to risk of negligence allegations. For this reason, most self-employed consultants carry Professional Indemnity Insurance.

Professional Indemnity Insurance protects against claims of professional negligence and errors made during consulting services (or at least alleged to have been made). You might find that your contracts with clients specify that you need Professional Indemnity Insurance in place in order to work with them.

You may also wish to consider:

1. Public Liability Insurance: Covers potential third-party claims for property damage or injury sustained during the course of your work, such as whilst visiting your client’s office.
2. Employers' Liability Insurance: If you’re not the only employee of your business, even if it’s your spouse, you might be required by law to hold Employers’ Liability Insurance.
3. Tax Enquiry Insurance: HMRC can open an investigation into anyone’s accounts and Tax Enquiry Insurance provides protection in these instances. Here at Qdos we have two options which you can compare here.
4. Legal Expenses Insurance: Covers the legal costs incurred in pursuing or defending legal rights and interests in various situations such as contract disputes and debt recovery. Qdos Jury Service & Legal Protection also includes income protection if you are called for jury service.