How do I buy shelving and racking installer liability insurance?

Buying shelving and racking installer liability insurance is a wise business investment. This post examines what you need to look for and how to buy it.

What is shelving and racking installer liability insurance?

Shelving and racking installer insurance will consist of multiple types of cover. These may vary depending on your circumstances and the insurer.

First, if you employ anyone, you must have employers’ liability insurance. It protects you if an employee successfully sues you for injury or illness they have suffered as a result of working for you.

It’s against the law not to have employers’ liability insurance if you are an employer. You can be fined £2,500 per day if you are found not to have it when you should.

What other types of liability insurance must I have?

You should consider public liability insurance, which protects you from third-party claims for injuries or damage. It’s not compulsory, but it is important – these sorts of claims are common and can amount to a great deal of money.

You will probably also want to consider professional indemnity insurance. This protects you in respect of professional advice or guidance you give, which turns out to be wrong and results in a financial loss for your client. It is not compulsory, but it is important to have.

Finally, you should always consider whether you need insurance for your tools. This will allow you to replace essential tools and equipment quickly if they are lost or stolen, meaning any contracts you are working on will not be delayed.

There may be other types of insurance you need. If you’re not sure, ask your insurance company.

How do I buy liability insurance?

This may vary from one insurance company to another, but many insurers will offer a bundle of different insurance policies that include the key types listed above.

These bundles may be sold under a catch-all term such as ‘business insurance’ or ‘liability insurance’. It is important to check what is included and how much cover is provided.

If you prefer, you can buy the different types of cover separately. However, you may find that the insurer offers a promotion for buying policies together, or that a bundle is just more cost-effective.

How much cover will I need?

This will depend on the sort of work you do and what your contracts require.

You are legally required to have £5 million in employers’ liability cover.

Professional indemnity insurance cover can start as low as £50,000. Whereas Insurance for your tools will probably have cover limits of between £1,000 and £15,000.

How much will it cost?

Again, this will depend on several factors, such as the amount of cover you need, the types of insurance policies you include, and the projects you work on (i.e. how high the level of risk is for the jobs you take on).

The best thing to do is apply online for a quote or speak to an insurance company which has experience of insuring shelving and racking installers.