High Risk Liability Insurance
What do we mean by High Risk?, when talking about High Risk Liability Insurance.
What we are talking about are those professions and trades who have a much higher risk of something happening and therefore they pay significantly higher premiums, as the insurance companies perceive their risk when insuring such businesses to be higher.
High Risk Liability Insurance Is Designed For Particular Trades
Examples of trades that our High Risk Liability Insurance is designed to help are listed below:
• Scaffolding Contractors
• Roofing Contractors
• Recycling Companies
• Demolition Contractors
• Wood-working Machinists including Carpenters & Joiners
• Tanning Studios including treatment risk
• Tattooists & Body Piercers
• Scrap Yards & Vehicle Breakers
• Rope Access
• Steel Erection
• Waste/Refuse Collection & Disposal
• Lightning Protection
At Prizm Solutions we provide tailor made high risk liability insurance cover for businesses engaged in these sectors. We are based in Tamworth but that doesn’t mean we only deal locally in the East & West Midlands where we can have an opportunity of meeting face to face but also throughout the United Kingdom – yes, our insurance experts will travel to talk to you about high risk liability insurance!
We have specialist knowledge of the sectors we list above and our Liability team have over 100 years of experience of insuring businesses in these high risk trades and professions.
The cover we provide is always tailor-made to the individual requirements of the business requiring high risk liability insurance, and will often include cover for:
• Employers Liability – this is compulsory insurance if your company has more than one director and/or has PAYE employees and/or casual or voluntary labour. You are legally obliged to have Employers’ Liability insurance. You can be fined up to £2,500 for every day you do not have appropriate insurance. Employers’ liability insurance covers the cost of compensation for employees and any associated legal fees.
• Public Liability – whilst employers’ liability covers people who work for you, this insurance covers the cost of claims made by members of the public for incidents that occur in connection with your business activities. Public liability insurance covers the cost of compensation for; personal injuries; death and loss of or damage to other people’s property especially relevant if you’re working on site and using heat equipment.
• Engineering Inspection – Although this is not compulsory, compliance with the law can get complicated and new regulations and guidance seem to be coming along all the time, which is difficult for businesses and particularly smaller businesses to keep on top of. Engineering Inspection will ensure you are fully compliant with relevant health and safety legislation. This will minimise claims losses and protect your business against reputational damage. In addition breakdown insurance and loss/damage to specified items of plant and equipment can be included subject to a full maintenance agreement being in place.
• Personal Accident – This is insurance cover for named individuals against accidents which result in accidental injury, death or permanent disability on premises and/or whilst working on site. Read more about this on our personal accident insurance page.
• Directors Liability (Now called Management Liability) – In our opinion this type of cover is a must. As a shareholder, your liability is limited to the value of your shares but if you are a director, the law says you have unlimited liability to your company, shareholders, employees, creditors, the public and to certain government agencies, the Health & Safety Executive being just one example. Management Liability insurance is paid for by your company and it protects all of the directors personally but it is not classified as a benefit in kind.
Discounts are available for well run and established businesses especially those who have the following in place:
• Full Health & Safety Policy with an ongoing contract with an IOSH registered consultant
• Proof of 5 years claims free insurance
Talk To Us About High Risk Liability Insurance
If you decide to contact us to discuss your high risk liability insurance you will immediately realise that we are not like the other insurance brokers you have dealt with. First of all, we talk to you as business person talking to another business person. We won’t bamboozle you with jargon and we will go out of our way to understand your business, which may include a visit to your premises. This is so we can get the right high risk liability insurance for you. We have saved many of our clients’ money as they have had insurance for things they didn’t need, and on the flip-side of that we have also discovered that they have been badly advised and don’t have all the protection their business needs. Rest assured we work ethically and honestly and will let you know what you need. We also prefer to charge a fee rather than take commission.
Please click here to arrange a call back or to email us if you would like a quotation.
Would you like a quote for High Risk Liability Insurance?
We’re happy to give you a call back, just fill in the form below and we will be in touch as soon as we can, or give us a ring on 01827 313 931