Many sign writers are confused by sign writers insurance. Do they need it? Why do they need it? What does it cover?
To a lot of sign writers, sign writers insurance can seem to be an unnecessary expense, particularly if they’ve never found themselves having to make an insurance claim. But like all businesses, insurance is vital to protect the business against unexpected costs.
So, why do you need sign writers insurance, and what does it cover?
Why you need sign writer’s insurance
The main risk a sign writer faces arises from the fact that they are coming into contact with members of the public on a regular basis. This means that there is a risk that they could injure a member of the public or damage that person’s property.
This risk is increased where the work is undertaken at height because that means that there’s a risk that something could be dropped on a member of the public or their property. There is also a risk of injury to an employee through falls.
Like all businesses, there is a risk of property damage or loss. This could be to your business premises and its contents, or it could be your tools, equipment and materials. These should be insured against losses due to accidental damage or theft.
Unlike employees, self-employed people don’t get sick pay, so it’s important to consider personal accident and sickness insurance to protect your income in case you are unable to work.
You might also be legally required to have some insurances. If you employ anyone, employer’s liability insurance is a legal requirement and motor insurance is a legal requirement if you use a motor vehicle.
What does sign writer’s insurance cover?
As a minimum, a sign writers insurance policy should cover public and product liability insurance. These protect you if a compensation claim is made against you by a member of the public who alleges that something you have done, or a product that you have sold or supplied, has injured them or damaged their property. Ideally, the public and products liability insurance should be extended to cover pure economic losses, as standard public and products liability insurance does not cover those unless there has been an associated injury or property damage.
The policy can be extended to include employer’s liability insurance. This protects you if a compensation claim is made by an employee who claims you were responsible for them being injured, and is a legal requirement if you employ anyone.
Legal expenses insurance is also a good idea. This protects you if you find yourself involved in employment or property, compliance and regulatory matters, and even tax investigations and VAT appeals.
All risks and contract works insurance can be added to protect your property against accidental damage or losses due to theft.
Personal accident and sickness Insurance covers you if you are unable to work due to an accident or an injury. This pays either a weekly benefit or a lump sum if you are unable to work due to an injury or illness.
Motor insurance is also available. This can be on a comprehensive basis, which covers damage to your own vehicles, or on a third party fire & theft basis, which only covers damage to your vehicles if the damage was caused by a fire or a theft.