We appreciate every business is different and require various types and levels of cover. Scion will discuss your requirements in depth and provide you with the cover you need without paying for costly add-ons which don’t apply to you.
Whether you are a sole trader or small company you need to have Liability Insurance and the cover required will depend on your trade and the size of your business.
Public Liability Insurance – This is not a compulsory insurance but highly recommended. Public Liability Insurance provides legal liability cover should you cause injury, loss or damage to a third party person and/or their property. The minimum limit of indemnity is £1,000,000 and higher limits are available and may be required for certain employers eg councils.
Employers Liability Insurance – Employers Liability Insurance is a compulsory insurance. It provides legal liability cover should an employee sustain injury, disease, illness or even death as a result of their employment due to your negligence. The limit of indemnity provided is normally £10,000 000 and you need to supply your employer reference number which is on your tax documents. As this is a statutory insurance you must cover all employees whether they be part time, casual, labour only sub-contractors or trainees.
If you are a sole trader you will only require Public/Products Liability and it is advisable to have Public/Products Liability for a minimum limit of indemnity of £1,000,000. If you are a small business with employees you will require Employers and Public/Products Liability Insurance.
The policies are normally rated on a per capita basis for contracting trades and on wages/turnover for other risks. Some policies are eligible for a no claims discount bonus.
Other insurance to consider:
Tools Insurance – Cover for accidental loss or damage of tools
Plant Insurance – All Risks cover for your own plant and/or hired in plant.
Contractors All Risks Insurance – Accidental loss or damage to works in progress.
Self Build Insurance – A package for those people building their own home.
Professional Indemnity Insurance – It is vital if you give professional advise/services. it provides cover for legal liability if incorrect advise has been given.
Every business will have different requirements from the list above, in terms of the types of cover required and the level of each cover. If you buy an off-the-shelf product you may find you are paying for cover you don’t need whilst not being adequately covered where you need it.
By calling Scion Insurance you can be assured that Scion will find you the most appropriate cover available in the market that best suits your needs.