Like every other business, a cable television installer’s insurance is required to protect their business in case there are unexpected losses.
Some of this insurance is legally required. If you employ anyone, even if you are only employing them on a temporary or casual basis, you’re legally required to have employer’s liability insurance. This means that if an employee makes a compensation claim against you because they have been injured and believe that you are responsible for their injury, you’re covered. You are also legally required to have motor insurance if you use a vehicle for your business.
There are other types of insurance that aren’t legally required but that all businesses, including cable television installers, need to have. This includes insurance against losses arising from accidental damage to their property, or loss of their property due to theft. This property includes any business premises and its contents, as well as the cable television installer’s business tools and equipment cover. It also includes any stock and materials.
Legal expenses insurance is also a good idea. This protects you against unexpected legal costs. The range of legal costs covered includes things like the costs arising from employment disputes if an employee feels that they have been unfairly dismissed, claims from customers that feel the service you have provided was inadequate and tax disputes.
Public & products liability insurance
Public and products liability insurance protects you against compensation claims made by members of the public who believe that something you have done – or something you have sold or supplied – has injured them or damaged their property. It also covers the legal costs that you would incur while defending yourself against such compensation claims.
This is important because cable television installers tend to do a lot of their work on third party premises. This means that they come into contact with members of the public and their property on a regular basis. This, in turn, means that there is an increased risk of them injuring a member of the public or damaging their property.
Compensation claims for serious injuries can easily run into the hundreds of thousands of pounds. Even claims that are successfully defended with no payments being made to the claimant can end up costing several thousand pounds.
Personal accident insurance
Unlike employees, self-employed people don’t get paid when they are unable to work. Personal accident insurance plugs this gap. It pays a weekly benefit if you are unable to work because you’ve been injured in an accident and it pays a lump sum if your injury means you won’t be able to work as a cable television installer on a permanent basis.
Personal accident insurance can also be extended to cover work absences due to sicknesses. Again, this covers you via a weekly benefit if you’re unable to work because you’re ill, and a lump sum if your illness means you won’t be able to return to work.
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