Fencing Industry Insurance
As a fencing contractor there are a number of different forms of business insurance you should consider when purchasing your insurances.
Public liability is comfortably the most common of these, but there are a few others, and in this guide we’ll run through what they cover and whether or not you need them.
We’ll also take a look at the costs involved in fencing contractors insurance, as we certainly understand the importance of saving money in a small business.
Potential Risks
For anyone running a fencing business or working as a fencing contractor there are a variety of risks faced each and every day.
The major risk is that your work results in property damage or personal injury to another person or employee
There is also the risk of your tools and machinery being either stolen or damaged, leaving you out of pocket and unable to work for a period of time.
The other big risk is that you suffer an injury yourself, either at work or away from work, and are unable to work few a period of time.
Thankfully each of these risks can be protected against using the three forms of business insurance detailed below.
Public Liability
For anyone working in the trades and construction industries, public liability is far and away the most common form of business insurance.
This type of insurance will protect you and your business in the event that your work results in property damage or personal injury to another person.
A typical claim for property damage could involve a situation where a fence or wall you have built fails, and damages property (such as a nearby vehicle) as it falls over.
A typical claim for personal injury could involve a situation where you have dug a trench and left it unmarked, and a person then trips over and suffers a physical injury.
The cost of public liability insurance for a fencing contractor is relatively low, however the premiums will depend on the size of your business and the type of fencing you are doing.
Employers Liability
What is employers’ liability insurance? Employers are responsible for the health and safety of their employees while they are at work. Your employees may be injured at work or they, or your former employees, may become ill as a result of their work while in your employment. They might try to claim compensation from you if they believe you are responsible. The Employers’ Liability (Compulsory Insurance) Act 1969 ensures that you have at least a minimum level of insurance cover against any such claims. Employers’ liability insurance will enable you to meet the cost of compensation for your employees’ injuries or illness whether they are caused on or off site. However, any injuries and illness relating to motor accidents that occur while your employees are working for you may be covered separately by your motor insurance. While public liability insurance is generally voluntary, employers’ liability insurance is compulsory. You can be fined if you do not hold a current employers’ liability insurance policy which complies with the law.
What happens if I do not have employers’ liability insurance? The Health and Safety Executive (HSE) enforces the law on employers’ liability insurance and HSE inspectors can check that you have employers’ liability insurance with an approved insurer for at least £5 million. They may ask to see your certificate of insurance and other insurance details. You can be fined up to £2500 for any day which you are without suitable insurance. If you do not display the certificate of insurance or refuse to make it available to HSE inspectors when they ask, you can be fined up to £1000.
Plant & Equipment Insurance
As a fencing contractor you’ll have plenty of equipment that is necessary for you to undertake your business.
If your wire spinner or winder was stolen or damaged, how much would cost to replace? What about your excavation equipment?
Each of these items can be insured either through general property cover (tool insurance) or a dedicated mobile plant and machinery policy.
The various forms of property insurance can differ from one insurer to the next, with some only covering theft from a secure location, and other not covering items left on site overnight.
The cost of insuring your equipment will depend largely on how much equipment you have, but it is generally quite affordable considering the protection it provides.
A decent policy will cover you not only for injuries which are suffered on the job, but also for those which occur whilst undertaking other activities on the weekend or even whilst on holidays.
When taking out income protection it is recommended that you deal with a qualified financial adviser, and this is something that we can help you with.
Motor Fleet Insurance
Fleet insurance can be taken out if you have 2 or more vehicles. It can make managing and keeping track of your fleet much easier as they are all combined on to one policy with one renewal date. A fleet could consist of company cars, vans, motorbikes, taxis, HGVs, LGVs or a mixture of them all.
One of the main advantages of some types of Fleet insurance is the fact that you could potentially have anyone who holds a valid UK licence within your company, and who meets the relevant insurance criteria (based on age, driving history, convictions etc) just jump in and drive without the hassle of having to ring through to the insurer to check details and add them on to the policy. There are three different levels of cover within a Fleet insurance policy; Comprehensive cover will give you the most protection on your vehicles, covering any damage caused to your own or third party vehicles or property as a result of an accident, whether it be fault or non-fault. It is also the most expensive of the three due to the increased level of protection. The middle level of cover is Third Party, Fire & Theft which covers all third party vehicles or property against any damage, whilst covering your own vehicles against damage from theft or fire only.
The most basic level of cover is Third Party Only, which offers no protection for your own vehicles, but will cover claims made against you for damages by any third parties. There are also different driving restrictions you can choose when setting up a policy; you could set your policy to Any Driver, meaning that anyone with a valid UK driving licence can drive any of your vehicles stated on the policy; or you can specify Named Drivers for each vehicle instead, which will be the cheaper of the two options.
In addition to the above we would suggest you also pay close attention to additional policies including
Directors & Officers Liability
Credit Insurance
Shareholders Protection
Key Man Insurance
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De Novo is founded on the skills, knowledge and years of experience of Damian Hayes, who has exceptional business insight and proven expertise within the field of business and private business insurance.
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