In a perfect world, accidents wouldn’t happen. But no matter how much training you have been through, how much experience you have and how careful you are, some accidents are inevitable.
You might accidentally injure an employee or a member of the public and end up facing a claim for compensation. Your tools and equipment could be damaged or stolen. If you are injured or become ill, you might lose income if it means that you are not able to work. You could be facing a large bill for legal fees if legal action is taking action against you.
Engraver’s insurance protects your business from all of these risks.
What does engraver’s insurance cover?
Engravers liability insurance covers a wide range of risks. The different types of insurance available are:
- Liability insurance
- Cover for your property
- Personal accident & sickness insurance
- Legal expenses insurance
- Motor insurance
Liability insurance protects you if a compensation claim is made against you by someone who believes you caused an injury that they have sustained or damage to their property. It also covers the legal costs that would be incurred in handling such a claim.
Employer’s liability insurance protects you against claims made by your employees. It’s legally required if you employ anyone.
Public liability insurance protects you against claims by members of the public. It should also include products liability insurance, which covers claims arising from a defect in something you have sold or supplied.
Standard public and products liability insurance policies only cover claims arising from injuries or property damage, so it’s important to make sure there is a financial loss extension, so that claims for pure economic losses are not excluded.
Property insurance makes sure that your property is repaired or replaced quickly if it is accidental damaged or stolen. This ensures that there is minimal disruption to your business and protects you against unexpected cost.
Your property includes your business premises and contents, as well as your tools, equipment and stock. It is important to insure for the full value of your property so you’re not underinsured in the event of a loss.
Personal accident & sickness insurance
You won’t be able to earn if you are unable to work due to an injury or an illness. Personal accident and sickness insurance makes sure you are able to cover your outgoings while you recover by paying a weekly benefit.
If your incapacity will be permanent, personal accident and sickness insurance pays a lump sum. This could be used to pay for training so you could take up an alternative occupation.
Legal expenses insurance
Legal fees are expensive, so if you end up having legal action taken against you, you could end up facing a large legal bill. Legal expenses insurance covers a range of legal action, including:
- Disputes with your neighbours
- Employment disputes
- Tax/VAT investigations
- Customer disputes
You are legally required to have motor insurance, and there are heavy penalties for anyone caught driving an uninsured vehicle. You could even have your vehicle confiscated.
If you use your private vehicle for your business, it’s important to check that claims arising from business use are not excluded. Some motor insurance policies only cover claims arising from social, domestic or pleasure use.