All businesses face risks. Some of these risks can be minimised to either reduce the chance of an unexpected loss or to make sure that in the event of an unexpected loss, the impact is minimised.
However, the risk of unexpected losses cannot be completely eliminated. Thankfully, insurance is available to protect domestic appliance engineers. What insurance do they need?
Accidents happen and as a domestic appliance engineer, the fact that you are regularly coming into contact with members of the public means that the likelihood of a compensation claim being made against you is increased.
Compensation claims can be expensive. If a washing machine that you have repaired floods a property, the resultant damage could easily reach a five-figure sum. If you cause a serious injury, that claim could reach a six-figure sum.
Public and products liability insurance protects you against such compensation claims. Public liability insurance also provides you with a legal defence so you don’t have to worry about dealing with a claimant’s solicitor, and pays your legal defence costs.
Employer’s liability insurance is similar, but rather than covering compensation claims made by members of the public, it covers compensation claims made by your employees. Employer’s liability insurance is a legal requirement if you employ anyone, even if they’re only employed on a temporary or casual basis.
As well as the risk of damaging other people’s property, there’s also the risk that your own property could be accidentally damaged or stolen. This includes your business premises and its contents, as well as your tools, equipment, stock and other materials. See our tools, materials and eqipment insurance
Because much of your work will be carried out in your customer’s homes, it’s important that your property is insured when it is away from your business premises. It’s also important to make sure it’s insured for its full value so you are not underinsured if you find that you have to make a claim.
If you are using a vehicle to travel to and from your customers’ homes, you’re legally required to have motor insurance. You could face severe penalties if you are caught driving while uninsured, and your vehicle could be confiscated.
If you are using your own private vehicle you should make sure that your motor insurance includes cover for business use and isn’t restricted to social, domestic and pleasure use only.
Personal accident & sickness insurance
Being injured or falling ill is never nice, and worrying about how you’re going to be able to pay your bills while you aren’t earning makes it even worse.
Personal accident and sickness insurance takes away that worry. It pays a weekly benefit when you are temporarily incapacitated. If your incapacitation will be permanent, it pays a lump sum.
Legal expenses insurance
Legal fees are never cheap, so if legal action is taken against you, it can end up being costly, even if you manage a successful defence against the legal action. Legal expenses insurance covers the legal fees arising out of a number of different types of legal action, such as employment tribunals, customer disputes and tax/VAT tribunals.