Indeed, working in the sector often means spending extended periods at sea in hostile, unpredictable conditions or on dangerous wind farms. Therefore, our offshore contractor insurance exists to protect workers against the financial implications of these perils. Find out how you could benefit.
What is offshore contractor insurance?
Offshore contractor insurance is a package of cover designed for offshore engineering professionals working as contractors, freelancers, or sole traders.
To create the perfect package, we have taken our standard contractor insurance and tailored it to the particular needs of contractors in this uniquely high-risk sector.
What does offshore contractor insurance cover?
With the specific demands of offshore working in mind, the policy includes cover for any hold harmless agreements you may have entered into, a waiver of subrogation, and cover for corporate manslaughter, all as standard. We can also provide protection for both onshore and offshore work, manual and non-manual work, and working at height.
Kingsbridge offshore contractor insurance includes:
Public liability insurance covers damage to third-party property and injury to third-party persons, plus any legal fees resulting from defending yourself against claims. Public liability claims are not unusual when working in hazardous conditions with expensive equipment, and they are typically very costly. As such, this insurance covers valid claims up to £5 million.
Professional indemnity insurance protects you against negligence claims up to a value of £1 million (higher limits may be available). Typical reasons for such claims include making a costly mistake or providing bad advice. The policy also covers loss of documents, data, breach of intellectual property, defamation and libel.
You may think, “I’m not an employer, I don’t need employers’ liability cover.” But the truth is that this protection is often critical for contractors. For example, if your spouse looks after your accounts, does clerical work for the business, or you have a contract with a client that includes a substitution clause, employers’ liability insurance could be essential. Kingsbridge employers’ liability insurance covers valid claims up to £10 million.
As a director or manager of a limited company, you could find yourself held accountable if legal action is taken against your business. Kingsbridge directors’ and officers’ insurance can protect you from considerable legal fees, with cover up to £100,000 on any single claim (and the total of all claims).
Personal accident claims are surprisingly common among contractors working on oil and gas rigs, wind farms, and other marine locations. If an accident leaves you unfit for work, you can claim up to £500 per week for a maximum of 52 weeks. There’s also a £100,000 death benefit and up to £50,000 for temporary total disability. Kingsbridge policies also cover you during journeys to and from work, which is particularly useful for offshore contractors.
Optional add on cover:
Every business needs expert protection in the face of ever-increasing threats from cybercrime, digital malfunctions, and human error. Cyber liability insurance covers against:
- Business interruption costs (£20,000)
- System and data rectification costs (£100,000)
- Regulatory defence and penalties (£25,000)
- Cyber extortion and ransom costs (£25,000)
HMRC is keener than ever to investigate arrangements between end clients and contractors. In this climate, it makes sense to have cover that protects your business in the event of an IR35 investigation, and allows you to pre-empt enquiries using the Kingsbridge IR35 status tool. Legal expenses cover for other types of tax investigation, such as NIC and PAYE, is also included, along with insurance in case of jury service.
Given the global nature of the offshore energy industries, international cover is vital. The good news is that this is included as standard. You may also be able to add extra cover for working in the USA and Canada—just speak to the Kingsbridge team.
Why is insurance essential for offshore contractors?
Being a contractor or self-employed professional while working offshore adds additional layers of risk. As well as physical danger, there are legal and financial hazards. For instance, if an injury prevents you from working, or if legal action arises following allegations of negligence, you may not have resources to call upon. The financial consequences can be disastrous for a one-person business.
That’s exactly why specialist contractor insurance exists. It’s arranged by Kingsbridge experts who have extensive experience working with offshore professionals, offering essential support in the face of such challenges. Our policies provide cover if something goes wrong, and that leaves you free to focus on working to the highest standards.
As well as protecting you and your business, having insurance can help to meet the compliance requirements of end clients, agencies, regulators, and industry bodies. Another bonus of having the right insurance is that it can help demonstrate to HMRC that you’re a genuine business taking on financial risk—a positive indicator of being outside IR35.
Why choose Kingsbridge?
We are offshore contractor insurance specialists. Our experience in providing cover for self-employed and freelance professionals, enables us to meet your business insurance needs in one comprehensive package, tailored specifically for contractors working offshore.
We’ll make sure you’re covered from the instant you purchase insurance. That starts with emailing your policy documentation within minutes so that you can forward them straight to your agency or end client. Then you’re ready to carry on working, safe in the knowledge that you’re covered by comprehensive, simple to manage insurance.
You can be sure of outstanding value too. A-rated insurers underwrite all our policies with competitive premiums and no hidden fees. In fact, the Kingsbridge price promise guarantees that if you find comparable cover at a lower cost, we’ll beat it*.
Get your quote now
You can get a quote in a matter of minutes online or by calling our dedicated client services team on 01242 808740.
Frequently asked questions
- Are offshore contractors required by law to have insurance?
The only legal obligation is to have employers’ liability insurance if you are an employer in any capacity. However, you will almost certainly need a comprehensive insurance package to operate as an offshore contractor because end clients insist upon this, as do agencies, regulators, and trade bodies.
- How much is offshore contractor insurance?
This will vary depending on the size and nature of your business, your contracts and risk levels. Kingsbridge can provide a free no obligation quote.