It’s important to have the right kind of insurance in place to manage risks and keep your business moving if anything goes wrong, especially if you work in construction and trades.
So what insurance do you need to protect your business? We have put together a list of a few types of insurance that you may want to consider.
Liability insurance protects you from legal costs and fines if you or an employee accidentally injures or damages other people, their property, equipment or belongings. Policies can differ, but generally they cover you for compensation costs, legal costs and other costs you may have to cover while defending your case.
This is an essential part of protecting every business.
Material damage insurance (tools, stock and plant)
This insurance protects items you own and use for your business against theft or damage. This can be assets such as tools, stock, plant and any mobile devices you need to run your business.
There are two types of policies:
- Replacement – This will pay the full cost of replacement with a new item
- Indemnity – This takes wear and tear into account when paying your claim
Commercial property insurance
If you own a commercial building then this type of insurance covers you for damage from fire, flooding, or earthquakes. If you work from home, keep in mind that home insurance may not cover your property if you’re using it for work.
Commercial vehicle insurance
If you use a vehicle for work, you may need a commercial vehicle insurance policy. This will cover you in the event of an accident or theft. Don’t rely on a personal vehicle insurance policy, as these will usually exclude you using it for any commercial purposes.
If equipment or stock is damaged by either you or a freight company, it is important to have this type of insurance to cover any risks during transit. You can buy this product one-off and it is very cost effective.
Professional indemnity insurance
If you’re giving any form of advice to your clients, it is likely that you’ll need PI insurance. It may not seem like a risk, but signing off LBP work or an electrician advising what type of product to use can leave you exposed. Cactus has custom, cost effective PI covers specifically built for LBP’s and electricians.
Contract works insurance
Contract works insurance covers a property during the construction period. This type of insurance is important as it protects from accidental loss or damage due to fire, flood, storm, vandalism or theft during construction. Depending on the type of policy, it may include the cost of labour, materials and tools required in order to get the job back on track.
Get in touch with us today so we can get you covered.