PROVIDING PRODUCTS FOR LONG TERM SOLUTIONS
Public & Products Liability
This is a key part of your cover as it is often asked for by prospective customers and main contractors before you are allowed to enter a site. It provides you with cover against claims from a third party. Cover can be arranged for limits as low as £1m but we would recommend a minimum of £5m with many businesses ideally needed £20m or higher depending on what type of property is being worked upon.
It is a legal requirement that you have Employers Liability if you have employees or you have multiple directors as a limited company or partnership. The cover provided is usually set at £10m but this may not be enough if you have a large business. Don’t forget that some sub-contractors and labour only workers also need to be covered. We also provide an Employers Liability Certificate that legally needs to be displayed in the place of work.
Excess of Loss Liability
Most public liability covers the primary exposure to third party claims however, where the underlying insurer does not provide adequate cover then this policy will top-up the limit to the level required. Often work on factories, hospitals, schools and blocks of flats will need far in excess of the original £5m so this cover is in excess of the liability already in place.
Contractors All Risks
Most of the assets of a roofer’s business are based on the stock, equipment and machinery they deploy but many companies don’t realise that they can insure these. Imagine being halfway through replacing a roof and a storm blows the roof off. The roofer is responsible for the manpower and materials required in replacing and repairing the work. It can also cover equipment like forklift trucks, cherry pickers and hand tools.
Many contractors have an office base where they keep stock, powered hand tools, stationery, laptops etc including items stored in the open in a yard. However, these are often not insured. For a relatively low price, we can provide a solution that will cover the assets both inside and outside of the property.
A growing number of contractors are starting to realise that they have an exposure here to PI despite never really providing advice for a fee. The liability cover outlined above only provides cover where the contractor has followed instructions, where an element of design or advice is provided then this is not covered. For example, a roofer changes the position of a Velux window to fit the roof trusses and a claim occurs later for loss of energy then the roofer could be held liable. Many main contractors now require contractors on the site to have PI cover in place.
Directors & Officers Liability
As a Director of a limited company, they are directly personally responsible for actions taken by the business under their control and can be sued directly. Many people believe that if they are part of a limited liability entity then their exposure is limited to the cost of the shares however, this does not apply to Director’s actions. They are responsible for ensuring the stability of the company. For example, the business goes into liquidation for overstretching their business and staff don’t get paid. They can sue the Director personally for making the wrong decision to recover their lost salaries.
Contractors Legal Expenses
The whole essence of being a contractor is working on contracts to provide skills and services. These legal contracts need to be signed and are legally binding. So what happens if something goes wrong? An expensive legal battle could destroy many businesses, so this product provides £250k of legal cover for employment disputes, VAT disputes, sales of goods, contracts. It even helps recover bad debts through its debt collection service.
Being self-employed means that there is no safety net if you get insured at work or become ill. We can provide cover to give you or your business a lump sum if you have an accident resulting in a loss of limb, sight, hearing etc which incapacitates your ability to work permanently. It can also provide a weekly benefit to provide financial cover until back on their feet.
Van & Fleet
Most contractors are mobile and need to travel from job to job. The works vehicles are often badly treated by employees resulting in losses that leave the employer picking up ever-increasing insurance costs. We look to work with Contractors to show them how we can help reduce these losses and in turn reduce the premiums.