Public Liability Insurance covers you against any claims made against your business – for example if you were held legally liable for personal injury, or for damage done to property. The insurance will also cover you for any legal costs associated with defending claims against your business.
If you manufacture or supply goods, there’s always the possibility that your product could cause damage to a third party – that could be property or another person. One small defect could open you up to massive claims, so this cover is vitally important for product manufacturers.
Employers liability insurance is a legal requirement for any business which has one or more employees. Incorporating it into a single business policy along with your public liability and any additional covers can reduce the overall cost and make your business insurance easier to manage.
If you have employees there is a chance that they may be injured at work or become ill as a result of working for you. If this happens they might be entitled to claim compensation from you and you need employers’ liability to cover any cost.
Insurance products cover you for the costs and also payouts that may result from these cases.
Contractors All Risks insurance (also known as Contract Works insurance) is an insurance policy specially designed for builders and a number of trades working at a contract site. Contractors All Risks insurance can include cover for public and employers liability, contract works, own plant, hired-in plant and employee’s tools.
The main part of the contractors all risks insurance is the contract works section which provides cover for the value of the new materials and property being used on a project (e.g. new house, etc.).
The policy is written to enable the Contractor or Employer to comply with the insurance requirements of the Contract and to cover the liability of the contractor for loss or damage during the maintenance period. The CAR policy is to be taken out in the joint names of the employer and the contractor either by the employer or contractor in a new build scenario or by the employer where the work relates to existing structures (e.g. refurbishment). In the case of existing structures the policy will extend to loss or damage to the structure and contents caused by insured risks. It is often a requirement of funders that they are also named as joint insured on the policy or at least have their interest noted. Similarly site owners (who are not the employer under the building contract) will often wish to be included as joint insured on the CAR policy. The effect of joint names insurance is that each party has its own rights under the policy and can therefore claim against the insurer. Each insured should comply with the duties of disclosure and notification. Crucially, the insurer has no right of subrogation against the other insured party, which means that the insurer is not able to recover sums paid to one co-insured under the policy by pursuing a subrogated action in the name of the other insured.