There are some 2,000,000 freelancers in the UK and most of them find themselves out of work from time to time. These freelancers spend around £15 a month on their business insurance but at least half of them won’t need it all year around. Based on 1 month out of work in a year, that’s £15,000,000 that could be saved if freelancers could freeze their business insurance when not needed.
Freelancers like any other business need to protect themselves with insurance and it starts with protecting their livelihood against liability claims from unhappy clients or members of the public seeking financial compensation. The covers to take care of these situations are professional indemnity and public liability insurance.
There are plenty of insurance providers out there who’ll provide business liability insurance but only a handful – you could count them on one hand – will offer the flexibility to freelancers to turn their insurance cover down to save money when out of work.
Usage based insurance
When work is scarce it seems a bit of a waste to pay for business insurance. A lot of freelancers cancel their cover. That’s risky as claims from unhappy clients can still arise in the future. Others will just let their business insurance run knowing the time on the phone and cancellation charges aren’t worth the hassle.
The good news is that there is now a way for freelancers to stay insured when work is slow but save money. Suited has designed a usage based liability insurance which is sold on a monthly subscription basis. When out of work, freelancers can login to their customer portal to ‘hibernate’ their professional indemnity cover and turn off public liability insurance to reduce the monthly insurance cost. That means those freelancers stay insured for any work they did in the past but saving money in the meantime. When they secure the next client contract, all they need to do is to take the cover out of the hibernation mode to be insured again for future work.
By using technology smartly Suited is able to provide insurance without charging any extra fees to set up or change the insurance cover and there is no APR to pay on top the insurance premium. Freelancers are empowered to make changes themselves online or take advantage of well trained UK based customer support.
Leave when you want to
Cancellation should be a walk in the park with any service. None of the long winded pre-recorder messages, endless options and then the wait time on the phone followed by irrelevant questions and cancellation charges.
Freelancing is uncertain and it’s nice to know that loose ends can be tied easily. Cancellation at a simple click of a button and no extra charges is the only fair way forward.