Contractor insurance isn’t just about protecting your business’s assets and property; it’s also an essential part of establishing your reputation as a professional and responsible business owner. Here are five types of liability insurance coverage in north wales that you need to have in place to protect yourself, your employees, and your clients’ properties.
1) Professional Indemnity Insurance
If you’re providing a product or service that could be construed as professional in nature (like construction work or marketing advice), you’ll need indemnity insurance. This type of policy covers you in case your services cause damage to others. It will also cover any legal costs incurred from defending against a claim, should one arise.
There are two types of Professional Indemnity Insurance: Third Party and Own Damage.
Third Party covers claims where another party is involved—for example, if someone gets injured on your property or sues you for some other reason.
Own Damage means if something goes wrong with something you’ve done—and it causes harm to yourself—the insurer will pay out damages. This can apply to anything from simple errors like spelling mistakes in documents all the way up to faulty workmanship causing structural problems with buildings and so on.
2) Public Liability
This construction insurance protects your business against claims and lawsuits from third parties as a result of injury or damage arising from your work. If someone slips on a wet floor at your job site and injures themselves, they can sue you for damages, and if it’s determined that you are legally liable, then public liability insurance covers those damages up to a specified limit.
3) Employers Liability
If a member of your team is injured on site and needs time off, or worse, a member dies then you need Employers Liability. This will pay their wage while they are unable to work. There is no legal obligation for contractors to have Employers Liability, but it’s still an essential tool for keeping your employees safe.
4) Tool and equipment cover
It is a good idea for contractors to protect their valuable tools and equipment from theft, damage or loss by purchasing tool and equipment insurance. The insurance provides cover in case something happens to your property (such as its destruction in a fire or it being stolen) while it is being used in an area covered by your home insurance policy.
5) Commercial vehicle insurance
Commercial vehicle insurance is important for all businesses that own, lease or rent a commercial vehicle, or truck. While your personal auto policy may provide limited coverage for a work-related incident (i.e., if you get into an accident while driving your car as part of your job), it will most likely not cover damage to your business’s vehicle. And if you cause damage to someone else’s property with one of these vehicles, it will not pay out either.