Business Insurance Help

[sk9]

Hi
Can any one recommend what level of insurance I mite require, as a flooring contractor serving, domestic, commercial and industrial clients. We are on a budget but obviously know we require adequate insurance, do I require professional indemnity insurance and public liability insurance and at what levels of cover.
Any advise would be good.

Thanks

 

[deanpunchard]

contents cover for tools and equipment?

 

[tony84]

I think the 2 you mention are the only requirements.
Anything else is purely optional.

You will probably find the polciies you take out come with blanket cover - ie £500,000 or £1m for example. Have you spoken to an insurance broker? Im not sure if your username is your postcode, if it is there is an insurance brokers in the middle of Wilmslow, near Costa. If not then you can try any insurance brokers - personally I would avoid people like Swinton.

 

[James Hands]

Happy to help if you still require assistance.

 

[Jon Mason]

Hi sk9, you probably wouldn't need Professional Indemnity, though I can't say for sure without talking to you. Financial Loss cover would probably be more relevant.

Public Liability is a must contractually I'd expect. Legally you don't need it.

You might need Employers Liability, depending in the structure of your business this could be a legal requirement (£2,500 fine per day for not having it!)

You ought to think of tools/equipment cover as well, but those levels are easy - its just replacement cost.

Public Liability is hard to guage what level without knowing what contracts you've got. But bear in mind the fire at Christies last year (ok they were roofing contractors) was over £50M last time I heard. You'd probably be best with at least £5M imho, but £2M should do it if you're on a budget and to get you started.

Hope that helps. If you want a chat let me know.

J

 

[Paula Cohen]

SK9 I'd recommend you have a chat with Jon Mason who's commented above. He does my insurance and has also sorted out some very specialist insurance for a couple of my clients at very reasonable prices. He knows his onions!