Why removal company insurance is essential?
Managing bulky and heavy items when making removals can be stressful. It is a strenuous activity that can drain you. Obviously, you are also aware that accidents can happen instantly when you are in the process of removing items. These incidents can sometimes lead to injuries or damage to your client’s property. Sometimes the scope and nature of the injury or property damage are unpredictable.
Having a removal company insurance is essential regardless if you are operating your business on your own with a van or you have employees that help you out along with a fleet of vehicles.
Be sure to get the right removal company insurance that suits the needs of your business and at the same time, it must have a competitive price.
What are the important policies that you need for your removal company insurance?
No matter what the size of your removal company is, there are certain elements that you need to cover in your insurance policy.
Cover for your vehicles
Vehicles are essential for your removal business. Without any vehicle, you won’t be able to operate your business. It is mandatory that you must get insurance for your vehicle. The minimum requirement of the law is third-party insurance. However, if you are using your vehicle for your removal business, then most likely you will require a higher level of coverage. Aside from the third-party coverage, you can also include theft, fire, or any type of comprehensive insurance.
Vehicle insurance for your business is very important. This coverage is something that you need to consider. Aside from deciding the level of cover that you need to take you should also take into account the inclusion of additional risks. For instance, you might include coverage for the windscreen or for your tools and most importantly the provision of a replacement vehicle in case of accidents or an unexpected breakdown.
Cover for the goods
Your clients trust you with their goods. Hence, you must take care of it as you transport it from one place to another. While these goods are on the road and under your care, there’s always a possibility that they might get lost, stolen or damaged and sometimes financial loss may occur due to late deliveries.
In order to protect your removal business against claims of lost, stolen, or damaged items and late deliveries of items, you should take out goods in transit insurance.
Public Liability Insurance
Having public liability insurance can cover additional risks of your removal company. The items that you are removing are at risk while they are in transit. But at the same time, they are also at risk while you are loading and unloading these goods. One of the major concerns that you need to think about is the risk of injuring your customer or any member of the public while your removal operation is in progress.
Since the client is entrusting the goods to you, then you might be held responsible for the injuries or damages that may occur. Hence, you will be ordered to pay a substantial amount for the damages. Having public liability insurance can help you pay for this compensation cost. In fact, public liability insurance can provide a cover of up to £1 million in claims.
Employers’ Liability Insurance
You are required to get an employers’ liability insurance if you employ other people in your removal business. These employees could be part of your crew or they could be part of your administrative department. If you do not have this coverage then you will face a fine of up to £2,500 for each day that you are not covered starting from the day that you’ve hired an employee.
This law is created to protect you and your business in the event that your employee gets injured or ill while working in your company. Since you are the business owner, then you will be held responsible for the injury or illness. Also, you can still be held liable even if the employee has stopped working for you. For instance, the employee may suffer from back injuries while he was still working in your company and the effects became apparent at a later time. With employers’ liability insurance, you can be covered when these incidents will occur.
Online Comparison With A Twist
Compare Hare prides itself on being the fastest online comparison tool on the web. We try to compare more than every other comparison site and show you prices as fast as possible.
We are always open to feedback so feel free to get in touch if you feel we can improve our service in any way.
About business banking
A business bank account is essential for any business – whether you are a contractor or a large firm with thousands of employees. There are many business account options with different account features based on your specific needs, including overdraft options, online banking, free business banking and interest on in-credit balances.