Compliance a vital factor as the number of contractors continues to rise
New figures released have indicated that the number of individuals entering the contractor and freelancer community has dramatically increased over the last 7 years.
Research published towards the end of April 2015 illustrates that there are now 1.88 million independent professionals in the UK. The study, which was carried out by Kingston University and commissioned by IPSE concludes that there has been over a 35% increase in highly skilled contractors since 2008.
Moreover, recent numbers from Kingsbridge Contractor Insurance, a specialist insurance broker for contractors and freelancers, support the fact that there is a strong growth in the importance of compliance and meeting obligations in the contracting market.
Dedicated to assisting contractors with their insurance needs, Kingsbridge have seen a strong increase in the number of contractors taking out an insurance policy with the company during 2015, clearing indicating that compliance is a significant factor.
Thomas Wynne, Head of Business Development at Kingsbridge comments: ‘the last few months have been phenomenal, particularly with our team reaching record policy numbers. This is a clear indication that not only is the freelancer market increasing, but, with Kingsbridge offering a comprehensive insurance cover package, our policy is meeting all of the necessary compliant requirements for contractors.’
It is highly recommended that all contractors have adequate insurance in place before undertaking any role to cover their main exposures and meet contractual obligations, and based on these recent results in the contracting market this could be an exciting and important time for Kingsbridge.
For further information about Kingsbridge and their insurance solution please visit www.kingsbridge.co.uk.