Unexpected losses can be minimised by adapting your working processes and procedures to make them safer, and by taking precautions to make it less likely that your property will be stolen. You can also take action to make sure that when things do go wrong, the impact is minimised.
However, some unexpected losses are inevitable. To prevent these unexpected losses from having a detrimental impact, you need partition contractor’s insurance to protect your business.
There are a number of different covers available to a partition contractor looking to get insured.
Employer’s liability insurance
Employer’s liability insurance is required by law if you employ anyone. There are heavy fines if you don’t have insurance or fail to display the Certificate of employer’s liability insurance.
This type of insurance covers you if an employee makes a compensation claim against you because they feel you are responsible for an injury that they sustained in work. It also covers the legal defence costs associated with the compensation claim.
This is another legal requirement if you operate a motor vehicle as part of your business. As with employer’s liability insurance, there are heavy penalties for anyone operating an uninsured motor vehicle.
Public liability insurance
This is similar to employer’s liability insurance, although it covers compensation claims made by members of the public rather than compensation claims made by employees.
Unlike employer’s liability insurance it’s not legally required. However, as compensation claims can cost over £250,000, it would be unwise to consider trading without adequate public liability insurance. Also, if you are operating as a sub-contractor, often the main contractor will want to see evidence that you have public liability insurance before you are allowed on site.
Public liability insurance should include products liability insurance which covers compensation claims arising from defects in the products you have sold or supplied. It should also include a financial loss extension which covers compensation claims involving purely economic losses.
You should make sure that your business premises and contents are insured against losses arising from accidental damage or theft.
You should also make sure that your property on site is insured against losses due to accidental damage or theft via a contract works policy. This covers your tools and equipment, or any tools and equipment that you have hired in. It also covers your materials and your work in progress.
Personal accident & sickness insurance
People often forget that they can also be at risk. You could be unable to work following an injury. Perhaps you could find yourself off work due to an illness. If you found yourself in this situation, it could be a problem because the bills would still have to be paid despite the fact that you had no income.
Personal accident and sickness insurance pays a weekly benefit while you’re off work, so you don’t have to worry about how you will cover your monthly outgoings. If you’ll be unable to work permanently, a lump sum is payable.
Legal expenses insurance
Legal action is nearly always expensive. The legal fees can mount up at an alarming speed.
Legal expenses insurance protects you from unexpected legal costs in a range of situations including:
- Tax/VAT inspections
- Disputes with clients or neighbours
- Criminal charges
- Employment tribunals