INSURANCE MATTERS

GIVING YOURSELF PEACE OF MIND

What value do we give on having peace of mind? Being able to sleep at night rather than worry about the precariousness of your business? With over a year now passed since our world was turned upside down with the onset of COVID-19, it would be remiss of us not to remind installation business owners and sole traders to ensure that they are properly protected by having the appropriate insurance cover.

Our resident expert and BiKBBI partner Christopher Bates from UIB insurance reminds us to …

Protecting your installation business Whether you work in customers' homes or a business premises, you will work to a larger or lesser degree with dangerous machinery, power tools, sharp tools, heavy items and then of course, you and your employees (if you have them) are exposed to wood dust etc.

Whether you’re a one-man-band just starting up, or a wellestablished firm with a van and employees, it’s probably taken years to build your reputation as a credible and respected installation business so it’s vital that you protect what you’ve built. Therefore, you need to tailor your insurance cover to protect your business, equipment and clients.

Why do I need insurance for my installation business? No matter how careful you are, accidents happen as they are often unavoidable, and if you do, it could be extremely costly as you try and cover the cost of damage, compensation and the like, unless you have an insurance policy that covers you for all eventualities.

For example, Imagine that you’re fitting a bathroom in a customer’s property and you accidentally drop your drill on tiled floor damaging it beyond repair; your client will understandably be livid and demand compensation. Public liability insurance would protect you, it’ll pay the costs of the compensation for you whilst you focus on what you do best, getting the job done. And remember, if you do have employees, you’re legally required to have employers’ liability insurance.

What insurance do I need for my installation business? The following, will ensure that you build an insurance policy that suits your installation business, that way you will only ever pay for the protection that you need and not give you cover superfluous to your businesses specific requirements. Employers’ liability insurance - If you have anyone working under your supervision, including full-time, part-time staff, volunteers or apprentices, you’re legally required to have employers' liability cover. Professional indemnity insurance - If people rely on your professional expertise, they can claim against you if they think you’ve made a mistake or given them bad advice. Professional indemnity insurance covers the legal costs required to defend you, and if it turns out you’re in the wrong, it covers your compensation payments too.

Public liability insurance - Public liability insurance protects your business against accidental injury and property damage claims made by your customers, members of the public or people you visit. Van insurance - If you use a van for work, van insurance can cover you and help keep you on the road. Don’t forgot accident recovery, roadside repairs and a guaranteed courtesy van are all useful business tools.

Own tools and equipment cover – This will cover you for accidental loss, theft or damage to your own tools, plant and equipment – including your work tools, as well as any machinery, trailers, site huts or caravans owned by you.

My advice to installation business owners is to check your policy and ensure that you have the correct cover and are not paying for insurance you don’t need. Our business, UIB, is a partner of the BiKBBI and therefore has an innate understanding of installer businesses and has tailor-made packages for members.

Please don’t hesitate to contact us if you have any insurance requirements: www.uibdirect.co.uk