If you are the sole employee of your limited company and own more than 50% of the issued share capital, then your company is exempt from holding employers’ liability legally. However, most contracts are standardised and it is still very likely that your client will require your business to hold employers’ liability insurance.
It will also cover you if you have a family member working for your business in a clerical capacity, or if there is a substitution clause in your contract.
What is a Substitution Clause?
If for any reason you are unable to complete a contract, a substitution clause allows the use of a qualified replacement to complete the work.
P.S. We've partnered with Kingsbridge Insurance to offer YJ freelancers a 10% discount off their policy premium with Kingsbridge (UPDATE: 20% for the month of August 2017).
The package includes:
- Full cover in one package
- Cover for previous work (up to six years)
- Business insurance that acts as a key IR35 indicator
- A tax deductible expense, paid monthly
To find out more about the cover available or get a quote, head to the benefits section when logged into your YJ profile.