Accidents can still happen no matter how much training you’ve had, how many years of experience you have under your belt and how careful you are. If someone injures themselves and claims that it was as a result of paving that you laid, it could result in liability claim that might cost hundreds of thousands of pounds. Without insurance, a claim of that magnitude would make most businesses struggle and could even result in some businesses becoming bankrupt.
As well as injuring other people or damaging their property, your own property could be damaged or stolen, or you could be unable to work because you’ve been injured.
All of these risks could lead to unexpected costs and you should protect your business by making sure you have adequate paving contractor’s insurance. There are a number of different covers associated with paving contractor’s insurance.
Liability Insurance protects paving contractors in the event that a compensation claim is made against them by someone who feels that a paving contractor was responsible for their injury or damage to their property.
You are required by law to have employer’s liability insurance if you have any employees. This insurance protects you against compensation claims made by your employees.
Public liability insurance is not a legal requirement but as compensation claims for serious injuries can reach £250,000 or more, no business should consider operating without it. It is similar to employer’s liability insurance, but rather than covering compensation claims made by employees, it covers claims made by members of the public.
Public liability insurance usually includes products liability insurance. This covers compensation claims arising from defects in the products that you have sold or supplied. You should make sure that your public and products liability insurance includes a financial loss extension, so that it covers you for compensation claims involving purely economic losses in addition to claims for injuries or damage.
You should make sure that your business premises and contents are insured in case of accidental damage or theft.
You can also insure your property on site via a contract works policy. This covers your tools, equipment, materials and other property against accidental damage or theft. It also covers tools and equipment that you have hired in and your work-in-progress.
Personal accident & sickness insurance
Even if you cannot earn money because you are off work due to an injury or an illness, your bills will still need to be paid. Personal accident & sickness insurance can protect you if you find yourself in this situation, meaning that you have one less thing to worry about during your recovery.
It pays a weekly benefit until you are fit enough to return to work. If your injury or illness means that you will not be able to return to your job, it pays a lump sum.
Other types of insurance
You should also consider legal expenses insurance. This protects you against unexpected legal costs arising if you are involved in legal action such as employment tribunals, disputes with neighbours or clients, criminal charges or tax/VAT investigations.
If you operate a motor vehicle you should also make sure that you have motor insurance, as this is a legal requirement.