Whether you’re working from a workshop or working from home, having the right insurance matters, and knowing what cover you really need can be a minefield. So don’t risk it, speak to the experts at AIC who can arrange a consultation with one of their specialist advisors. They can understand what you are doing, and give you options to cover your risks. We’ll summarise the more common covers below :
Public Liability – covers the cost of claims made by members of the public for incidents that occur in connection with your business activities
Product Liability – covers the cost of compensating anyone who is injured by a faulty product that your business designs, manufactures or supplies.
Professional Indemnity – covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by a business or an individual.
Employers’ liability – covers the cost of compensating employees who are injured at or become ill through work.
Material Damage – a term used to describe physical loss or destruction to property or contents.
Business Interruption – covers you for loss of income during periods when you cannot carry out business as usual due to an unexpected event, usually following an insured peril.
There are other less common insurances which are sometimes required, such as Credit Insurance, Product Recall, or even Product Guarantee and Warranties, which we can advise on and quote for if necessary. The first thing to do when assessing your insurance needs is to think about what the risks are to any third party or customer, and then we can work a solution backwards from there. Covering the machinery, staff and premises are the obvious points, but then start to think about what happens if a product goes wrong and what damage it can cause.
Some of these covers are not legal requirements, just sensible, and you may be able to protect yourself from claims in other ways, such as contracts with customers which exclude you from any liability (sometimes called Hold Harmless Agreements), but even defending a claim with your water-tight contract it can be time consuming and expensive, so having insurance is normally wise.
Keeping insurance costs to a minimum is most people’s goal, and forming a bespoke package of cover to suit your needs is the best way to achieve this. Our consultants will be more than happy to sit down and discuss your needs, so please get in touch or visit our website (tel 01442 242400) – www.aicinsure.co.uk