What is Plastering Contractors Liability Insurance?
A plastering contractors liability insurance policy will usually consist of two main covers, Public Liability and Employers Liability, these are both essential and in most instances employers liability insurance being a legal requirement.
Plasterers Public Liability Insurance
As a plastering contractor public liability will provide protection against a third party, for example, a member of the public or perhaps your customer who has alleged negligence on your part. Dropping plaster on the best carpet, leaving materials where someone has fallen and become injured or even causing damage when you lower scaffold, the scenarios are endless, the problem is that if you don’t have adequate protection then it could be you personally picking up the costs of the claim, and if there is injury involved it could be a substantial cost.
Plasterers Public Liability will provide protection against allegations of loss, damage or injury, it will pay for any legal costs to defend you and your business and pay any compensation up to the limit of indemnity that you have chosen.
What is liability cover limit of indemnity?
When you take out Public Liability Insurance you will need to a Limit of Indemnity, this is the limit which your insurer will pay up to in the event of a loss. There are various limits, £1m, £2m, £5m and upwards. These are generally chosen based on what you might estimate to be the maximum loss, however a claim where an injury is involved could have a significant claim cost to it, we always recommend that you purchase the highest limit, within reason to protect your business. There may be times that your employer/main contractor requires you to have a much higher limit with £10million public liability not being uncommon.
Employers Liability Insurance for a plastering contractor.
Voluntary, casual, directly employed as well as labour-only sub-contractors could make a claim against you, their employer, for injuries they have sustained whilst providing labour to you. With the best Health & Safety management accidents may and do sometimes happen. Carrying out a Monocouch job at three stories requires scaffolding; at heights, injuries can be more severe, similarly using lime based plaster products could leave you exposed to allegations of skin problems from an employee, if not correctly trained in their use.
Employers Liability Insurance usually has a standard Indemnity Limit of £10million, this can be increased if required.
What other insurance covers does a plastering contractor require?
We have covered the essential liability insurances, but a plasterer or plastering contractor has exposures in other areas.
Contract Works insurance for a plastering business will provide cover for your stock and materials at the site, this might include your board finishes, plasterboards and plaster bead as well as any other specialist materials that you might be using, such as specilaist plasters and lime for renovation projects. Should they get damaged or even stolen whilst on site then the policy will not only replace the materials it will cover the costs to re-plaster where there has been storm damage or even fire damaging the existing work.
Whilst for many plasterers the days of lathe and plaster and lime rendering are gone, for the purists and those that prefer to have their property renovated to a breathable state then lime render and finishing is going to be the requirement.
Heritage & Historical Plastering still takes place, this might be in older properties but there is the increasing use of traditional lathe and plaster, lime and hemp to give the property great insulation properties, a breathable covering but something that returns the property to the original look and feel.
Historical plastering might include other specialist components such as intelligent breathable membranes and wood-wool or other specialist substrates, not to mention the wood fibre insulation, none of which are cheap meaning a contract works policy for these types of projects is essential.
What are the advantages of a Commercial Legal Expenses insurance policy?
They’re competitively priced or can be free as they are sometimes included. They provide a wide range of protections, HMRC investigations and disputes, Contract Disputes insurance and one of the key protections is Employment Dispute cover.
Many legal expenses policies will provide a range of business documents and templates for you to use in your business, combine this with a legal helpline too which is there for you to use.
Remembering that these types of policies are either included or are very competitively priced means that they are limited on what they provide, as an example, they have a “Prospects of Success” clause included, which means that you must have a 51% chance of winning.
Directors & Officers Liability Insurance
As a company can hide behind its limited liability status, as a director not just of a plastering business you can be held personally responsible for a wrongful act, which means you may have to for any defence or compensation yourself. Luckily Directors and Officers Liability cover can be very competitively rated for a plastering contractor.
Accident & Sickness Insurance
Having an accident can prove expensive, if you can’t work who pays the bills, the mortgage, the finance on the business van. As a plasterer you could be temporarily disabled, that shoulder that has done thousands of miles has finally given up and no shoulder no plastering…
What type of business would benefit from Plastering Contractors Insurance?
Plastering contractors businesses cover a very wide spectrum of services, from the general plasterer to the really specialist end of the market.
Domestic and commercial plasterers
Historical plastering specialists.
Renovation and restoration plastering work.
Tadelakt or Venetian plastering specialists.
Monocouche and Rendering Insurance
Lathe & Lime Plaster specialists.
Whatever your business does, speak to us about your requirements.