Contractor Liability Insurance
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Protection against costs and damages, awarded as a result of damage or injury caused by your business, is provided by liability insurance. As even relatively simple cases can cost thousands of pounds in legal fees and compensation payments, it can make good business sense to have such a policy no matter how large or small your business is. In the UK, there are several different types which may be relevant to you, depending on the nature of your business, and these are summarised below.
- If you produce, refurbish or sell any products, then you should consider product liability insurance. This is designed to pay the damages awarded if the product injures a person or damages property, the costs associated with treating an injured person, and also any legal expenses;
- If customers and other people visit your premises, or you carry out work on customers’ premises, then public liability cover could be a good idea as it will pay out for damages awarded against you if people are injured or property is damaged. This can cover both accidents and negligence, such as putting a nail through a water pipe or failing to properly secure a kitchen unit as well as someone tripping on an even floor tile or an employee spilling something on a visitor’s clothes;
Employers’ liability insurance is required by law in the UK for anyone who employs others, including yourself if you are the managing director of a limited company, though there can be exceptions. It will compensate employees if they are injured as a result of the business being negligent, such as providing insufficient training or inappropriate tools. Employers must be covered for a minimum of £5 million.
- Professional indemnity cover is another form of liability insurance UK cover that protects you if you cause damage to the income or reputation of another business by your actions. The law requires some professions have this cover, and many others find it to be a useful way of protecting their business against mistakes made when providing advice or services for a client.
Liability insurance can have some detailed clauses. A specialist intermediary should be able to give you advice about which of these is appropriate for your business, and what level of cover you require.
Fiona Kent is the Marketing Manager at Assure UK, commercial insurance brokers who specialise in providing cost effective business, public liability insurance for professionals, and tradesman insurance. Don’t take a risk, don’t play the lottery with your livelihood. Assure UK are here to ensure that you get the right business insurance cover.
Where to get cheap Contractor General Liability Insurance?
Any Ideas?
I Am in Wisconsin. Have no employees. Only me.
And Am in Property Preservation.
Rekeying, lawncare, winterizing, and pick up and removal of garbage and debris.
You do not state where your business is based or what type of contractor you are so I can only give you limited information. If you are located in DC, MD, PA, VA, NY, TN, IL, IN, NC, OH, WI or WV and you are an artisan contractor (carpenter, plumber, electricion, drywall installer, hvac technician, etc.) then Erie Insurance has some great programs for contractors with less than 10 employees (Fivestar) and for contractors with more than 10 employees it would be the Ultraflex policy. The rates are among the most competitive in the industry. You must have experience to qualify for either of these programs. If you are in any other state and have the necessary experience, you might want to check with Travelers Insurance since they also have very good rates for the artisan contractors.
If you do not have the experience or are in any type of high risk contracting, i.e. “paper contractor”, high rise window cleaning, etc., then Tapco Underwriters has some very good programs.
Your best bet is to check with an independent agent that will sit down with you and go over all your options and see what programs you are eligible for. Also remember “cheap” is sometimes not the best thing to do with your insurance!
Hope this helps. Good Luck!
Contractors Liability Insurance
