Insurance Advice

PUBLIC LIABILITY… WHY DO I NEED IT?

Christopher Bates, Divisional Director, Corporate and Commercial Division, UIB Group.

Purchasing a policy from BiKBBI insurance via UIB Direct, you can be assured that the insurer is financially stable; the excesses are low; and there’s no weird, stupid conditions, warranties or exclusions and, crucially, it is formulated and endorsed by the institute who knows exactly what its members and other kbb installers requirements are.

Public Liability insurance isn’t compulsory by law for kbb installers so why should I bother? I’ve had no problems in the past! Isn’t it just a waste of money?

You may have a fair point, until now … but perhaps you should ask yourself, what if something does go wrong, do you have enough spare cash to defend yourself or pay for the damage which you have accidentally or inadvertently caused?

A good example of the dangers of not getting Public Liability insurance happened recently when a kitchen installer who was contracted to install kitchens in 26 of the flats in a housing development, accidentally and completely unknown to him, punctured a pipe. When the cold-water system was tested the punctured pipe became exposed but only because it caused extensive water damage to a number of the flats.

Although not completely aware he had caused the damage himself, it was found that it was his responsibility and that he was liable for the entire damage. He was ordered to pay for cost of the repair work and his own legal fees, which amounted to a whopping £35,000! But, lucky for him, he was insured. This is just one example of many incident which occur daily. Mistakes do actually happen and perhaps more often than you’d think. For the sake of a modest premium, which can start as low as a £150.00, why not pass this financial burden and risk on to a Public Liability insurer, if nothing else it will give you total peace of mind.

In addition to avoiding financial ruin, sight of your policy will only increase your credibility with customers and potential clients. It may be unaware but it could also be that you’re obligated to have a policy for a contract which you have entered. 

'Although not completely aware he had caused the damage himself, it was found that it was his responsibility and that he was liable for the entire damage.'

SO HOW DO YOU GO ABOUT GETTING THE RIGHT POLICY FOR YOU?

When buying a Public Liability policy, my advice to you would be: • Always use a financially stable insurer. An insolvent insurer cannot pay claims and if insolvency hits, you’ll only have to buy another policy, so why risk putting your trust in a cheap, unknown insurer? • Make sure you have a sufficient limit of indemnity for the work for which you’re carrying out. If you’re working on high end residential properties or within commercial premises, a £1m limit may not be enough. • Check what your excess is (this is the first part of a claim that you are obliged to pay). Can you afford to pay it? £250 is affordable, but I’ve seen some at £5,000!!! Check what it is.

• Yes, it’s boring, but do READ your documents. You need to ensure that there are no conditions, warranties or exclusion which don’t suit your business. I’ve read policies received from bedroom installers who have Woodwork Exclusions and from Plumbers who have Heat Exclusions! Its madness!

If you need any advice or assistance in relation to insurance for your business, e-mail me at cjb@uib.co.uk. You can also obtain a quotation online 24/7 at www.uibdirect. co.uk/bikbbi/ or if you don’t like computers, call one of our UK based advisors on 0330 159 6212 (use the promotional code BiKBBI for added savings).

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