Even if you have years of experience and take as much care as possible, even when you work as a plasterer, accidents will still happen. Some of those accidents will result in insurance claims and some of those claims could be very expensive to deal with.
If you have to work at height for instance, if an employee falls and injures themselves, or if you drop something onto a member of the public and injure them, it could result in liability claim that might cost hundreds of thousands of pounds. Without insurance, a claim of that size could result in your business becoming bankrupt.
What does plasterer’s insurance cover?
There are a number of different types of insurance that plasterers should consider.
Firstly, they need to insure their property, both at their business premises and while it is on site.
Secondly, because people could make compensation claims against them if those people are injured or their property is damaged, they should have self employed public liability insurance.
If they are using a motor vehicle, they will need motor insurance because this is legally required and there are severe penalties for anyone caught using an uninsured vehicle.
They should also consider protecting their income via personal accident and sickness insurance and covering themselves against unexpected legal costs via legal expenses insurance.
It doesn’t matter how much security you have or how careful you are. The unexpected will still happen, so it is important that you insure your property to protect yourself against unexpected losses.
Business contents insurance covers your any equipment you use to conduct your business activities, including landline telephones and computers. Contract works insurance protects your property while it is on site. This includes your tools, equipment and materials. It also includes any hired-in tools or equipment for which you are responsible, and your work in progress.
There’s also tools and equipment cover too. Tools and equipment cover is useful if someone breaks into your van and steals your tools, as by having this cover in place, you can use it to pay for replacement tools and equipment.
Liability insurance protects you against compensation claims made by people who allege that you are responsible for their injury or for damage to their property. Compensation claims can be expensive to settle. A compensation claim following a serious injury could easily cost £250,000 or more.
Employer’s liability insurance protects you against compensation claims made by your employees. This type of insurance is a legal requirement if you employ anyone.
Public liability insurance protects you against compensation claims made by third parties. It usually includes products liability, which protects you if a compensation claim is made as a result of someone being injured of having their property damaged by a defect in a product that you have sold or supplied.
You should make sure that your public and products liability insurance includes a financial loss extension, because some standard public and products liability policies exclude cover for purely economic losses.
Other types of insurance
As mentioned, motor insurance is a legal requirement if you are using a motor vehicle.
Personal accident & sickness insurance can help you if you are unable to work following an accident or due to an illness by paying a weekly benefit. It also pays a lump sum if you end up permanently incapacitated.
Legal expenses insurance can protect you from potentially expensive legal costs if you are involved in legal action for a range of things, including:
- Criminal charges
- Disputes with neighbours or clients
- Tax/VAT inspections
- Employment tribunals
It’s definitely worth considering these additional covers to ensure you’re fully covered across the board for anything that might come up in the future.