Although you can reduce the risk of unexpected events happening, you can’t completely stop them happening. And when they happen, they often result in unexpected costs.
If your property is damaged or stolen, it would need to be repaired or replaced. If you injure an employee or a member of the public, you could end up having to pay compensation. If you cannot work due to sickness or an injury you may lose income and might need to pay someone else to do your work until you are fit enough to return. And if legal action is taken against you, you could end up facing a large bill for the legal fees incurred in your defence.
Thankfully computer repairer’s insurance means that these unexpected costs are taken care of, so you don’t need to worry them adversely affecting your business.
Computers are high-risk items from a theft point of view because they tend to be fairly high-value items and are relatively easy to sell on. As such, it’s important that you make sure you are insured against the risk of your stock being stolen. They’re also fairly fragile, so it’s also important that you make sure that you are insured against the risk of your stock being accidentally damaged.
You should also make sure that your business premises and contents are insured, as well as your tools and equipment. It can be surprising to discover just how much all of your property is worth. Make sure that you are fully insured for the full value so that you’re not penalised for being underinsured in the event of a claim.
Compensation claims can cost hundreds of thousands of pounds, and the associated legal fees can also be costly. Even a minor injury could result in a compensation claim that costs over a thousand pounds to settle.
Employer’s liability insurance covers you if a compensation claim is made against you by an employee who claims that they have been injured as a result of something that you have done. This type of insurance is a legal requirement if you employ anyone.
Public liability insurance is similar but covers compensation claims made against you by a member of the public, and includes damage to property as well as injury as a result of your business activities. It includes product liability insurance, which covers compensation claims arising as a result of a defect in a product that you have sold or supplied. As computer repairers come into contact with members of the public on a regular basis, it’s vital that they have this type of insurance.
Personal accident & sickness insurance
If you’re self-employed and are unable to work because you have been injured or fallen sick, you don’t get sick pay. If you have personal accident and sickness insurance in place however, that would pay you a weekly benefit while you’re off work, so you would still be able to cover your bills.
If your injury or illness means that you won’t be able to return to your job, personal accident and sickness insurance pays a lump sum instead.
Legal expenses insurance
If legal action is taking against you, the cost of defending yourself can be substantial. You could find yourself in a dispute with your neighbours. You may be facing an employment tribunal from an employee who feels that they were unfairly dismissed. You might even have to go through a tax/VAT tribunal.
Legal expenses insurance takes care of the legal fees and deals with the legal action on your behalf.