If you’re a contractor, looking for the best ways of protecting your livelihood is really time well spent. Risk Assessment is one of the best ways of making sure you are ready for anything! So where do you start?
Well, what if you can’t work due to injury? Yes I know it’s one of the questions everyone asks, but also its one of the things everyone push’s to the back of their mind.
Now that I‘ve brought this to the fore, it’s worth looking at your liabilities? How much do you need to earn to live? Well normally you need food, a place to live, and money to live. Once you have worked out this you can see how you can protect it. You might find for a bit more money you can get mortgage protection added to your mortgage, read and make sure it covers you for injury at work, or, even going to work. You may also have critical illness cover, which if you get seriously ill is a massive comfort. These types of cover may well be on your mortgage, but make sure that they cover more than your mortgage.
As part of a good Public liability policy you should be able to buy a personal accident/ sickness income policy, this will cover you for loss of income due and accident, or due to sickness, the policy will usually cover you for up to 104 weeks, if you would like to look at more coverage than this, it falls more into life term cover, and you would need a chat with a financial advisor, life and pensions specialist.
The next kind of claim that may blight you is far more common, it’s a personal injury claim made against you! If you work with the public, or, these days if you employ anyone, in the event of an accident you could be facing a big claim. Public liability insurance will acts of negligence whilst on site. Everyone makes mistakes and if you drop a hammer on a car below, it’s comforting to know that if the damage is more than you thought that insurers will be there to help deal with the fallout. Another aspect is employees. In the event of an accident any employee can hold you responsible if they get injured on site. The cost of one of these claims can be high also, there is no shortage of claims companies getting very wealthy off the back of these, they are very aggressive in their marketing, and can convince a lot of people to make the claim.
For More details of public liability insurance for Electricians contact http://insurancetraders.co.uk/electrical-contractors-insurance/
- Indian Takeaway Insurance @ Insurancetraders.co.uk (kartyidoxlr8.wordpress.com)
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