Although moaning about health and safety may be a way to get a cheap laugh for a comedian, those working in the construction industry know it isn’t something to joke about. More than most, it is an industry in which workplace accidents are always a possibility.
There are hazards at every turn and so the need to have strong guidelines in place to prevent accidents is paramount. However, anyone who has worked on a building site knows that with all the best will in the world, things can still go wrong and injury and damage can occur.
That’s why having public liability insurance in place is an absolute must for anyone working the construction industry. Public liability insurance is designed to help you when a client or member of public makes a claim against you. They may have been injured or fallen ill as a result of your work or had their property damaged and are seeking compensation. Tackling these claims without public liability cover can lead to your business losing tens of thousands of pounds.
What do I need to get public liability insurance?
Before you take out public liability insurance, you need to work out what your requirements are. The level of cover you take out will depend on the size of your operation and the amount of risk involved. You will need to gather information related to your line of work, your company’s annual turnover, what kind of jobs you take on and where you operate.
This information will be used to work out what indemnity levels your policy will have. Indemnity levels are the maximum amount your insurer will pay out for any single claim. They are usually around £1 million but can be as much as £5 million depending on the size of your business and the level of risk involved.
What other information will I need?
Insurers will also want to know details of any previous claims you have made on your public liability insurance. This will help them work out the cost of your premium and the level and type of cover you are offered. It is, therefore, a good idea to dig out any paperwork from previous claims so you can give your insurer as accurate information as possible.
How will I know which public liability cover is right for me?
Speak to your insurer and don’t be afraid to ask questions about your policy before take out public liability insurance. It will be much easier to iron out problems now rather than later down the line when you need to make a claim.