Anyone involved in dry lining faces a number of risks. There’s the risk that their employees and members of the public could claim compensation from them if they do something that results in an injury or property damage. There is the risk that the dry liner’s own property, including tools, equipment and materials, could be damaged or stolen. An accident or illness could mean they lose wages through being unable to work.
Whatever the risk, there’s a chance that it’ll lead to unexpected business costs. With dry liner’s insurance you don’t need to worry about those business costs because you have the peace of mind of knowing that the insurance policy will deal with the costs if they arise. So, what insurance does a dry liner need?
If an employee or a member of the public is injured or their property is damaged, they may decide to make a compensation claim against you if they feel that their injury or the damage to their property was your fault.
Compensation claims can be expensive. A claim for a serious injury could cost more than £250,000 by the time the legal costs have been factored in. They can also be difficult to deal with because often complex legal issues are involved.
Employer’s liability insurance covers compensation claims made by your employees. You’re legally required to have this insurance if you employ anyone, even your employees are only employed on a temporary or casual basis.
Public and products liability insurance covers compensation claims made by members of the public. It’s important to make sure that your products and public liability insurance contains a financial loss extension because some public and products liability insurance policies only cover claims arising from injuries and damage and don’t cover claims for purely economic losses.
There is a risk of accidental damage to your property, or the chance that your property could be stolen. It’s important that you make sure you have property insurance to cover your property, as well as any hired-in property for which you are responsible.
As much of your work will be carried out on site, it’s also important that you have contract works insurance. Not only does this cover your tools, equipment and materials on site, but it also covers the work in progress.
Other types of insurance
Motor insurance is a legal requirement if you use a vehicle anywhere that the public can access. Comprehensive motor insurance is more expensive but covers damage to your own vehicle, as well as damage to third-party vehicles. Third party, fire and theft motor insurance is cheaper, but only covers damage to your own vehicle if the damage is caused by fire or theft.
Personal accident and sickness insurance replaces your lost income if you’re unable to work due to an injury or an illness. A weekly benefit is payable during temporary absences and a lump sum is payable if your incapacitation will be permanent.
Legal expenses insurance covers your legal fees in the event that legal action is taken against you. You could be facing a tax/VAT inspection. You might be involved in a dispute with a client. An employee could be taking you to a tribunal because they feel that they were unfairly dismissed. And well as covering your legal fees, your legal expenses insurer will also help you deal with the legal action.