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Starting Out :: 7. Insurance, Banking, Financial Services  

Banking

If you are an IT Contractor working though a Limited Company, you will need to set up a business bank account. Although many contractors may prefer just to use their personal bankers for this purpose, it is worth looking round for the best deals.

Some banks now offer completely free business banking for up to 2 years. Typically, you will find that most banks provide either free banking OR reasonable interest rates, so you will need decide what is best for you and your business.

Read more in Choosing an IT Contractor Bank Account.

IT Contractor Insurance

Due to the specialist nature of many IT contractor roles, many contractors take out Professional Indemnity Insurance. This type of insurance will protect you in the event of negligence on a project, loss of data, or unintentional trademark infringement, and more.

Most Limited Companies will also take out Public and Employers Liability cover. Specialist IT Contractor insurance cover is also available from many suppliers - including IR35/Tax Investigation insurance.

For more details, read our Guide to IT Contractor Insurance

Financial Services for Contractors

Gone are the days when IT Contractors, and other self-employed people would be penalised when it came to IT contractor mortgage applications.

In addition, other key products such as Contractor Pensions, Critical Illness Cover, and Income Protection are all available to contractors at very competitive rates.

You can read an overview of financial services for IT contractors here.


Published on Feb 13, 2006


Further Reading