Public Liability
This is a core cover, and will always be present on this type
of policy. It simply covers the policyholder for costs associated
with both Third Party Bodily Injury and Third Party Property Damage,
where they are found to have been negligent. Third parties could
be other firms working on the same site, customers or anyone else
that does not work for the policyholder.
For example, an electrician knocks over a vase
in a property. This would be Third Party Property Damage.
Or another example, a builder?s ladder falls
on to a customer at a shop they are working on. This would be
under the Third Party Bodily Injury section.
Cover starts at £1m, but can rise to £5m
or even £10m depending on the needs of the policyholder,
or their contracts.
Employer Liability
A legal requirement, giving cover at a minimum £10,000,000.
This simply protects the employees of the policyholder from Bodily
Injury and Property Damage, in the same way the public liability
section protects Third Parties.
Those employees can include directly employed
staff on permanent or temporary contracts, labour only subcontractors
or apprentices.
Tools Cover
This section allows a policyholder to insure the tools of their
trade, usually with a single article limit of around £500
to £750. This could include hammers, screwdrivers, drills
etc.
This section can be added for just directors,
as well as staff. It is an optional section and will increase
the cost of the policy.
Business Equipment
In a similar way to the tools cover section, this allows the policyholder
to insure their business equipment. For example more specialist
surveying equipment, laptops or mobile phones.
Contractors All Risk Section
This section provides cover for the contract, as well as owned
and hired in plant.
It is an optional extension, and would add cost
to the policy. These products are also available as standalone
policies, should higher limits be required.
Contract Works
This section gives cover against an uninsurable event stopping
completion of a contract. For example, if a flood or storm destroys
a structure that is being built. The cover would only apply to
the parts of the building being worked upon, not the existing
structure. The policyholder themselves would be liable for the
costs of materials, labour and extra time to complete the project.
Plant - Owned or Hired in
Simply provides cover for the equipment and plant used for a job,
whether the policyholder owns it or hired it in should they need
to be replaced if damaged, lost or destroyed.
At the time of quote, it is worth a policyholder
discussing options with their advisor as to the best way to insure
hired in plant, especially if that changes throughout the year.
Professional Indemnity
A regularly required cover is Professional Indemnity, this would
not be available on a Tradesman and Professionals Liability policy,
but standalone cover can be provided.
