No matter how much training you’ve done and no matter how professional you try to be, mistakes will still be made and accidents will still happen from time to time.
It is important to make sure that your damp proofing business is adequately insured so that in the event of the unthinkable happening, the unexpected costs are covered. But what insurance does a damp proofing contractor need?
If an accident that you have caused results in an injury to a third party or damage to their property, they may decide to claim compensation from you. Public liability insurance is designed to handle such compensation claims. It covers the legal costs incurred in handling the claim, as well as any compensation awarded to the claimant.
Employer’s liability insurance is similar, but covers compensation claims where the accident has resulted in an injury to an employee. If you employ people, employer’s liability insurance is a legal requirement.
Personal accident & sickness insurance
As well as other people being injured as a result of an accident, you could be injured or fall sick. If you are self-employed and find yourself unable to work due to an accident or injury you would not get sick pay, but your monthly outgoings would still need to be covered.
Personal accident & sickness insurance pays a weekly benefit so you do not have to worry about how you will be able to pay your bills during your recovery. If your injury or illness means you will no longer be able to work as a damp proofing contractor, this type of insurance pays a lump sum.
Your tools, equipment, materials and other property could be accidentally damaged or stolen so it is important to make sure that they are adequately insured. You should also insure any hired-in tools and equipment that you are responsible for.
Because you will be using your tools and equipment on site, it is important to make sure that they are not only insured when they are on your own business premises.
Legal expenses insurance
People could take legal action against you, and even if you manage to successfully defend yourself against such legal action, the legal fees you would incur in your defence could be costly. Legal expenses insurance covers the legal costs incurred as a result of a range of different types of legal action, such as:
- Employment tribunals
- Customer disputes
- Criminal defence
- Tax/VAT inspections
If you use a vehicle anywhere that the public can access, motor insurance is a legal requirement. Comprehensive motor insurance covers damage to your own vehicle as well as damage to other people’s vehicles. Third-party, fire and theft motor insurance is cheaper, but it does not cover damage to your vehicle unless that damage is caused by fire or theft, which could leave you with big gaps in your cover.