There are various insurance options available to you to help to financially safeguard your painting and decorating business. It’s really important you consider how the correct insurance cover could protect you and your employees from the everyday risks you face in your line of work.
Accidents happen and your business could experience everything from a tub of spilt paint causing significant property damage, to injury to an employee or a member of the public. Certain types of cover, including employers’ liability insurance and van insurance are legally required, meaning you’ll face serious fines and potential legal action if these aren’t in place.
Further insurance cover is optional for your business, but is nonetheless highly recommended. Here’s the four main types of insurance cover you’ll need to consider to protect yourself and your business in the event of an incident…
Public Liability Insurance
Public Liability is the most important insurance you should consider investing in as a painter and decorator. This cover is designed to protect you in the event of property damage or injury to another person as a result of your work. The person affected may choose to sue you for damages in relation to the accident and if you are found liable, this could be an extremely costly legal expense. Therefore, it’s advisable you take out the appropriate insurance cover, which can usually provide limits of indemnity for up to £1 million, £5 million or £10 million, to suit the requirements of your business.
Employers’ Liability Insurance
If your business employs workers in any capacity or subcontracts work, then you’re legally required to take out employers’ liability insurance. This will ensure you will be financially covered if an employee receives an injury or suffers from a medical condition as a result of the work undertaken for your business. It’s vital you arrange this insurance cover prior to hiring your first employee, as you can face fines of up to £2500 for every single day this insurance is not taken out. It’s additionally a legal obligation for you to have at least £5 million of cover. You’ll need to display a certificate confirming this cover in an area that’s visible to your employees. In addition to this, it’s important you conduct and record routine risk assessments. These records can be used to demonstrate you’ve taken appropriate safety steps in the event of a claim.
Professional Indemnity Insurance
A further insurance cover that’s important for you to consider taking out is professional indemnity insurance. This insurance can protect you and your business if a claim is brought against the business by a client for reasons relating to service that has caused them financial loss. The difference between this form of insurance cover and public liability is that this insurance specifically covers professional negligence. This means the cover can be used to protect your business in cases where mistakes are made as a result of your alleged absence of professionalism.
As a painter and decorator, you’re likely to regularly use a work van to travel to your clients’ homes and businesses. You’re legally required to purchase a minimum level of insurance cover to drive your van on the road. There are several different levels of van insurance you can choose between, from comprehensive insurance, third party fire and theft or just third party only cover. .
If you’re contemplating taking out insurance cover to protect yourself and your business, then constructaquote.com can help. We have 25 years’ experience in insuring tradesmen. Get a quote online or call our customer services on 08081 68 68 68 to easily arrange your insurance cover.