Loft insulation installers need to be insured, whether they’re working on residential or commercial premises, because they face risks the same as all other businesses do. No matter how careful you are, it’s impossible to prevent losses from occurring.
There is the potential for causing an employee or a member of the public to be injured, which could lead to a compensation claim being made against you. There is also the potential for a loss of tools, equipment, materials and other property due to accidental damage or theft.
Although you can’t prevent losses from occurring, buying loft insulation installer’s insurance means you can protect your businesses from the impact of any losses.
What sort of loft insulation installer’s insurance is available?
Liability insurance is vital for any business because compensation claims can be extremely expensive to settle. It’s common for compensation claims arising from serious injuries to cost well in excess of £250,000.
Employer’s liability insurance is a legal requirement if you employ anyone, and covers compensation claims made by your employees following an accident they have had at work.
Public liability insurance covers compensation claims made by third parties who allege that you are responsible for them having been injured, or their being property damaged.
Public liability insurance should include products liability insurance, which covers compensation claims arising from defects in products that you have sold or supplied. It should also include a financial loss extension to cover compensation claims for purely economic losses.
You should ensure that your business premises and contents are adequately insured against accidental damage or theft, so that they’re quickly repaired or replaced in the event of a loss.
You can also protect your property when it’s on a work site via a contract works insurance policy. This insures your tools and equipment, including any hired in tools and equipment, as well as your materials and any work-in-progress.
Personal accident & sickness insurance
While people usually remember to insure themselves against compensation claims because other people have been injured, they often forget that they can be injured as well.
Personal accident & sickness insurance caters to this risk. It covers your lost income if you’re unable to work following an injury or as a result of an illness by paying a weekly benefit. If you’ll be unable to work on a permanent basis, it pays a lump sum.
Legal expenses insurance
Whenever you’re involved in legal action, the legal costs soon start mounting up. Legal expenses insurance covers you against legal costs arising from legal action such as:
- Disputes with clients or neighbours
- Criminal charges
- Tax/VAT inspections
- Employment tribunals
If you have legal expenses insurance, your legal expenses insurer can also help you deal with the legal action in which you have become involved.
Like employers’ liability insurance, motor insurance is a legal requirement if you use a vehicle in your business.
Comprehensive motor insurance covers damage to your own vehicle as well as any damage to other people’s vehicles that you have caused. Third party, fire & theft motor insurance is cheaper, but it will only cover damage to your vehicle if that damage was caused by fire or theft.