No matter how professional you are and no matter how careful you are, it’s impossible to prevent the unexpected from happening from time to time.
Your property can be stolen or accidentally damaged. You can damage a third party’s property or injure them. One of your employees could be injured as a result of your negligence. You can become injured yourself, or fall ill, meaning you lose income because you can’t work.
Although you can’t stop the unexpected from happening, you can stop it from affecting your business by using cavity wall insulation insurance to take care of the unexpected costs.
Because there are a number of things that can result in unexpected losses, there are a number of different types of insurance to protect cavity wall insulation installers. These include:
- Employer’s liability insurance
- Public and products liability insurance
- Cover for your property
- Personal accident and sickness insurance
- Motor insurance
- Legal expenses insurance
Employer’s liability insurance and products and public liability insurance both protect your business against compensation claims that are made by someone who has been injured, or had their property damaged, as a result of something that you have done, or due to a product that you have sold or supplied.
Employer’s liability insurance covers compensation claims made by your employees and it’s a legal requirement if you employ anyone, even if you only employ people on a temporary or casual basis. Public and products liability insurance, on the other hand, cover compensation claims made by members of the public.
Cover for your property
If your property is accidentally damaged or stolen it will need to be replaced. You can insure your business premises and its contents as well as your tools, equipment and materials. Cover is available for property at your own business premises, as well as property that is on a job site. You can also cover any hired-in equipment that you are responsible for.
Personal accident & sickness insurance
Personal accident and sickness insurance covers you if you are unable to work due to having been injured as a result of an accident or because you have fallen ill. This is important because if you are self-employed you don’t get sick pay when you’re unable to work, but the bills still need to paid.
Personal accident and sickness insurance pays out a weekly sum if you’re off work temporarily and a lump sum if your injury or illness means you’ll never be able to return to your former occupation.
Motor insurance is legally required if you use a vehicle anywhere that the public has access to. Comprehensive motor insurance covers damage to your own vehicle, whereas third party, fire and theft motor insurance only covers damage to your own vehicle if the damage was caused by a fire or theft.
Legal expenses insurance
Legal fees are expensive, and so it’s important to have legal expenses insurance to protect you in case someone takes legal action against you.
Legal expensive protects you against the costs incurred from a range of different types of legal action such as disputes with your neighbours, the costs of employment tribunals, and the cost of tax and VAT investigations.