I've recently started contracting and I'm now on my second job and have just received the contract and there's a section I'm unsure about.
My first contract was through a recruiter, so I assume the recruiter had a contract with the company and I had a contract with the recruiter and following on this trail of thought I assume the recruiter had whatever insurance needed - however this time around I'm contracting directly to the company.
The contract states (I've shortened it a bit, this isn't word for word):
The company will be relying upon the contractors skill, expertise and experience; accuracy of all representations or statements made and advice given; accuracy of any documents conceived, originated, made or developed...and the Contractor hereby agrees to indemnify the Company against loss, damage cost, legal cost and professional and other expenses of any nature whatsoever incurred or suffered by the Company or by any third party whether direct or consequential as a result of such reliance.
Do I need to get some insurance? Is this a standard looking section from a contract? It sounds a bit intimidating!