subject: Limited Company It Contractors [print this page] Christmas is almost upon us, the weather is turning colder and the decorations are no doubt up and ready. With presumably a great deal of festive cheer and winter bustle taking place at home, day to day life is most probably getting considerably busier, and as a result the temporarily forgotten business world becomes considerably quieter. Or at least that is what usually happens. Despite the usual seasonal decline, the weeks of November showed a great demand for contractors within the professional market, especially concerning those working within IT, and as a result of a report given by the Recruitment & Employment Confederation, it is clear that this shows no sign of slowing down this Christmas.
The requirement for IT contractors has been at an exceptional high these past few months, results revealing that the demand for contracting experts even being greater than through much of the typically busy summer period. This rise in contractors working through the winter has obviously resulted in a clear leap in contractor insurance products, making the market for limited company protection sustained despite a usual seasonal lull. Contractor insurance itself protects those working through limited companies from the potentially damaging eventualities that face modern day businesses in today's competitive market. With any form of insurance however, most of us want to put its existence to the back of our minds as much as we can, but in the currently busy profession of contracting, it seems that most are keen to get up to date on their policies before Christmas.
The recent information provided by the Recruitment & Employment Confederation potentially shows that contracting as a profession is becoming more popular, this recent increase being a trend that shall continue into the coming year. When discussing this possibility, the increase in contractor insurance products also reinforces this theory, a clear growth in popularity existing within the insurance market. Contractors are often legally bound to carry contractor insurance policies, and with each contract that is taken on, there will no doubt be policies bought unless already in place, and in almost all cases, those taking on a contract arm themselves with added safety measures to ensure peace of mind.
As a result of the contracting profession growing, the need for insurance increases thus the risks of the trade continue to rise. Considering risks is the job of insurance underwriters, who calculate the possibility of a claim to then determine premiums, and this often dictates the state of an insurance market. Because the number of contractors working over this normally quiet period has increased so much, many insurers and brokers are working around the clock to ensure that contractors are protected during this period.
Contractor insurance has always been a busy and competitive market, and with a continuing rise in contracts and limited company workers, the sheer volume of cover policies being issued this Christmas is, if you don't mind the pun, snowballing.
