As contractors and tradesmen, you know that insurance is an important part of protecting your business. However, the choice of insurance types can be overwhelming, leaving you wondering what insurance you actually need. Alcumus SafeContractor's insurance partner, Towergate is here to give you the answer – read on to find out which insurance you really need.
Receive a £50 high street voucher* for taking out a second policy with us. This applies on a Car, Home or Van policy.
Submit your renewal date here
Public liability is not a legal requirement, but most businesses do need it. No matter how careful you are, accidents do happen and public liability claims can be brought against anyone. A public liability policy will pay the legal defence costs if you are accused of causing accidental bodily injury or damage to property. In situations where you are at fault for the accident, the cover will pay for the damages awarded and/or the repairs to the damaged property. Check your customers’ contracts, as these will often specify public liability as a requirement, or even specify an actual indemnity limit.
You are legally required to arrange employer’s liability cover when you employ anyone, irrespective of whether this is in a manual or non-manual capacity and including apprentice(s) or agency worker(s) under your supervision. The insurance protects your business from compensation claims of up to £10 million arising from any one incident, should your employees suffer injury or illness during the course of their employment arising from your negligence.
Product liability insurance mainly concerns businesses that produce products, although sellers and retailers also need to be aware of their legal responsibilities. The production and subsequent sale of a product that is directly used by consumers, or used as a part or tool in making other products, is legally required to be safe and fit for purpose. If someone were to be injured or hurt through using a faulty product, the producer could still be held liable no matter what safeguarding processes are in place. This makes product liability insurance a vital aspect of business insurance for all manufacturers.
If your company specialises in providing advice, designs, or offering a professional service to clients, then you will need professional indemnity insurance. Mistakes can happen when running your business, which can lead to clients suffering financial or professional losses. Professional indemnity insurance will cover the legal costs of any compensation claims made against you. You can be covered for claims relating to loss of money, loss of documents, or professional negligence.
For a great number of businesses, work tools are crucial to daily activities. If your business is one of these, you will understand how much tools cost and the impact of them being lost or stolen. Many people spend years investing large amounts of money in buying the tools that they need, so replacing them all at once could be financially devastating. Making sure you have your tools covered will allow you to get back to work without the financial worry.
If you’re working on a project and your work is damaged by a fire/flood, or your tools are stolen, our policy will provide cover to rebuild/re-instate the work back to its previous level. This includes the cost of labour and materials needed to get the work back to its original state. This policy is designed for people working within the construction industry, and covers you for work in progress. Before starting on a job, you should check if the contract holds you responsible for unfinished work.
Hold sensitive data such as names, addresses, or banking information,
Are reliant on computer systems to conduct your business,
Have a website, or
Are subject to PCI merchant services agreements
then you should be protecting your customer data, which could be compromised in the event of security breaches such as hacking, computer system failure, or breach of protection. Cyber risks are unavoidable, but there are steps you can take to reduce the risks. Our experts can advise you on the best way to protect your data and business.
Covers we can also include:
Single vehicle and fleet
Many businesses rely on their van and making sure you have the right cover in place is crucial. For some businesses their van is just as important as the tools they use day-to-day, so should anything happen to that van, it is important to get back on the road as soon as possible. Van insurance differs from standard personal car insurance policies and has additional factors for you to consider, such as:
What do you use your van for?
What do you carry in your van?
How often and how far do you drive your van?
We have a number of well-known insurers that we can approach to ensure you are fully covered for all your demands and needs.
Terms and conditions
*£50 high-street voucher: Offer available to existing customers only who employ up to 15 people. Only one voucher per policy. A voucher code for Love2Shoprewards.co.uk will be issued 30-90 days after your policy inception date and you must make sure a valid email address is given on date of purchase. Not to be used in conjunction with any other offer. This offer is only available over the phone and we will not award if you cancel your policy within the first month. This offer expires 31st December 2017. SafeContractor Insurance Service reserves the right to withdraw or alter this promotion without prior notice at any time.
Alcumus SafeContractor Insurance Service is a trading name of Towergate Underwriting Group Limited. Registered in England No. 4043759. Registered Office: Towergate House, Eclipse Park, Sittingbourne Road, Maidstone, Kent ME14 3EN. Towergate Underwriting Group Limited are authorised and regulated by the Financial Conduct Authority.