If you are visiting properties and providing maintenance services you are providing a huge variety of jobs, and you require a range of skills and tools unlike any other industry. Which is why you need peace of mind and property maintenance insurance should an accident occur. And the nature of your work means accidents can happen – no matter how careful you are.
What is Property maintenance insurance?
Property maintenance needs to be insured correctly and not classed as a “builder” on a policy. With property maintenance a contractor may be returning to the same properties to do different risks which under a builder’s policy would not be covered.
Property Maintenance insurance must be carefully negotiated and agreed with insurers so that it covers the work you do. For example, if you were classed as a builder and you got a request from a client to fix their tap it is unlikely that you would be covered because most builders’ policies, whilst they would include plumbing, they only include it if it is part of a larger building project or contract.
With property maintenance the requirement for risks such as plumbing or roofing to be part of a large contract will not exist however it is usually that the policy will limit this type of work to a small percentage of your overall turnover and may even exclude hot roofing. Because of the variety of trades which have to be included we think it is best to get advice from an insurance broker.
The core covers for Property Maintenance Insurance are:
This is also known as third party liability as it covers you against being sued by third parties for damage to property or injury to a person caused by yours or your employee’s actions. Indemnity limits are usually between £2 million & £10 million.
This is a compulsory insurance for any company that has employees or uses labour only sub-contractors. It provides financial protection from being sued by an employee injured at work as a result of the employer’s failure to provide a safe place. The indemnity limit is usually £10 million.
This will cover you for materials on site and all the work that you have competed in the contract. So that if on the day you are due to complete your contract and there was a fire which destroyed your good work the insurance company would pay for your work to be done again. It is not just fire but any accidental incident or peril that is covered.
Plant & Tools
Own plant & hired in plant can be added to your policy at inception. Each policy will be different but there will certain security conditions which have to be adhered to so as to avoid theft and reduce claims. This can be useful if you regularly hire plant and have been using the hirers insurance, we have found this is usually more cost effective but that is a conversation we can have when discussing your demands & needs.
If you are giving advice or designing any work you may require professional indemnity.
Legal Expenses Insurance
This covers the cost of defending legal claims that could be made against you or your business. It can cover solicitors’ fees, the cost of barristers and expert witnesses, court costs and claimants’ awards in civil cases.