Scaffolding insurance protects you the scaffolder, your business, and your clients against any eventualities that may happen along the way. Regardless of the safety protocols put in place, there are risks associated with scaffolding because it involves working at height. Such risks are the reason you need scaffolding insurance to protect your business against any financial liabilities.
What insurance do you need?
Scaffolding insurance comprises different types of insurance that cover various risks that you need. They include the following:
1. Public liability insurance
Public liability insurance protects the business against any third-party claims. In this case, the third party is anyone who isn’t a contractor or employee laying a claim against your company for causing damage to their property or injury to them. If the company is found liable for any of the claims, public liability insurance will cover the costs incurred.
2. Employer’s liability insurance
Having an employer’s liability insurance is a legal requirement for a scaffolding business if you have both part-time and full-time contractors. The insurance protects the employees in case anything happens to them as they work on the scaffolding. For instance, if the employee falls or is injured in an accident and the employer is found legally liable, the insurance will cover the costs that need to be covered.
3. Financial loss insurance
Another part of scaffolding insurance is financial loss insurance. This type of insurance protects the scaffolding business against any financial loss claim brought forward by the client as a result of work done on their property.
4. Professional indemnity insurance
When clients place a claim for losing money as a result of perceived sub-standard services, a professional indemnity insurance cover protects your business from such claims.
Depending on the insurance provider you choose to work with, the cover can be provided as one package or you can buy each separately. When taking up insurance, you should always get a detailed breakdown of what is being covered.
Do you need indemnity insurance?
Indemnity insurance is crucial to protect your business. Professional indemnity insurance protects the business against any financial losses incurred by the client due to sub-standard practices.
How much does scaffolding insurance cost?
In the UK the average scaffolding insurance costs anywhere from a few hundred pounds to thousands depending on several factors. The final premium will vary based on several factors such as the number of employees, wages and turnover, and the number of claims brought forward.
Coverage can range anywhere from £1 million to above £10 million. This value will vary depending on the type of business you have and how much coverage your clients expect. For most insurance types, the coverage amount varies depending on your needs.
You should talk to your insurance provider concerning your limit of indemnity so that they can advise you on the best limit for your business.
Scaffolding equipment insurance
Tool and equipment coverage ranges anywhere between £1000 to £10,000 or more depending on your needs. Scaffolding tools and equipment are exposed to the risk of theft and damage since they are left outside during most of the project’s duration.
Where you store your scaffolding equipment will determine the final premium, you’ll pay. You should consult with your insurance provider to know whether there are any special terms or conditions in place.
With the various scaffolding insurance types discussed above, you can easily determine what’s best for your business. You get to protect your business against any financial liabilities that it may encounter as a result of exposure to various risks.