by constructaquote - 22 June 2016
Nobody likes having to buy insurance. Fact. Especially when you pay for it whilst hoping you never have to use it. Fortunately, insurance gives you something you can’t buy: peace of mind.
Some business insurances are manadatory but most aren’t, so whatever your trade, in this guide we bring you the top five business insurance myths:
1. ‘I don’t need Employer’s Liability because I only have one person working for me.’
WRONG – even if it’s just you and family friend working as a business if you employ your family friend then you are required by law to have Employer’s Liability, and can be fined up to £2500 for every day that this insurance has not been in place.
2. ‘My home contents insurance policy will cover me if I take on tenants as a Landlord.’
WRONG – many people think both policies do the same thing but the risks posed are very different. Make sure, before you take on any tenants you purchase the correct Landlords Insurance to cover the contents of your property whilst you rent it out.
3. ‘If a customer isn’t happy with the standard of work, my insurance provider will cover the cost of rectifying it.’
WRONG – Defective Work is NOT covered under ANY Small Business Insurance Policy – it is the responsibility of the Employer to train their staff properly so that they are competent in their job role.
4. ‘My Public Liability Insurance will cover ANY loss of or damage to customers/the public’s property caused by my business operations.’
WRONG – Public Liability does NOT cover work as it is being completed. To have complete cover on any site you are working on a Contractors all Risks policy will ensure that all areas are covered sufficiently during completion of work.
5. ‘If I have Temporary workers or trainees working with me then Employers Liability is not essential.’
WRONG – they will require Employers Liability for as long as they are with your Business, whether that is for a day or a year.
by Charlotte Houghton - 7 October 2020
by constructaquote - 6 October 2020
by Charlotte Houghton - 29 September 2020
by Charlotte Houghton - 24 September 2020
