It’s impossible to completely prevent accidents. No matter how much care you take and how experienced you are, accidents can still happen. Your tools, equipment and stock could be damaged. You, or the furniture that you have installed, might accidentally injure a member of the public.
You can minimise the chance of things like this happening, but by making sure you have the right Furniture Installer Insurance, you can also minimise the impact on your business when things like this actually happen.
But with so many different insurance products on the market, it’s not easy to decide which to choose. Do you go for the cheapest and risk being uninsured in the event that something goes wrong because a policy exclusion left you with a gap in cover? Or do you pay extra, potentially buying cover that you don’t actually need?
What insurance does a furniture installer need?
There are two types of insurance that a furniture installer requires by law: employer’s liability insurance and motor insurance.
In addition, you should make sure that your property is insured in case it’s accidentally damaged or stolen. You should also make sure you have public liability insurance in case you injure a member of the public or damage their property.
You should also consider legal expenses insurance, which can protect you against large, unexpected legal bills, and personal accident and sickness insurance which replaces your lost income if you’re unable to work due to an injury or an illness.
Employer’s liability insurance
Employer’s liability insurance is a legal requirement if you employ anyone, even if your employees are only employed on a temporary or casual basis.
This type of insurance covers you if an employee makes a compensation claim against you because they believe you’re responsible for an injury they’ve sustained at work. It also covers the legal costs that would be incurred.
Motor insurance is a legal requirement if you use a vehicle anywhere that members of the public can access. It comes in two forms. Comprehensive motor insurance covers damage to your own vehicle as well as damage you have caused to other people’s vehicles. Third party fire and theft insurance is usually cheaper, but doesn’t cover damage to your vehicle other than damage caused by fire or theft.
Making sure you have property insurance means that your property will be repaired or replaced quickly if it’s accidentally damaged or stolen. This keeps the disruption to your business to a minimum.
You may also need to consider contract works insurance. This covers your property while it is on work sites, including the work in progress.
Public liability insurance
This is similar to employer’s liability insurance in the sense that it covers compensation claims made against you. However, its a liability insurance that covers claims made by members of the public rather than claims made by your employees.
You should make sure your public liability insurance includes products liability insurance, so you’re covered if a compensation claim arises from an injury or property damage caused by a product that you have sold or supplied. You should also make sure it includes a financial economic loss extension so you’re covered in the event of a claim for a purely economic loss being made against you.
Legal expenses insurance
If legal action is taken against you, the legal fees you’ll incur in your defence can mount up. Legal expenses insurance covers these legal fees and your legal expenses insurer will help you handle the legal action.
Personal accident & sickness insurance
If you’re unable to work because you have fallen ill or been injured you’ll be unable to earn, but the bills will keep coming in.
Personal accident and sickness insurance replaces your lost income, either by paying a weekly benefit until you have recovered, or by paying a lump sum if your incapacitation will be permanent.