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.
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