The value of business insurance for PDA Members

26 July 2022

What is Business Insurance?

Business insurance is a simple way to buy various types of insurance covers in one package to protect your business when something unfortunate happens.

It’s an intangible benefit; a service that you pay for that you may never get to use and in fact, hope that you will never need to call on!

So why buy it at all?

Put simply – to protect your livelihood and the business you’ve worked so hard to build.  Whether its theft, a spilt pot of paint, a fall from a ladder or a claim from a client/employee/supplier, incidents in the workplace can be costly and without the correct protection in place, you may be personally liable for any accidents or injuries you cause during the course of your business.

Insurance covers to consider

Having insurance to protect you financially against accidents, mistakes, theft, damage and legal fees is essential to provide you peace of mind when running your business.

Every painting and decorating business is different and therefore you need to consider the insurance covers that will protect you against the unique risks you face.

Some of the key insurance covers PDA Members should be aware of are summarised below:

Employers Liability – to protect your employees

If you have employees, it is your responsibility as an employer to protect the health and well-being of your staff. One of the ways you can do this is by having employers’ liability insurance in place to comply with legislative requirements.

It’s designed to protect you against any claims for compensation following an injury or illness suffered by an employee if your company is found to be at fault. It will also cover any legal costs if your Insurance Company chooses to defend your company’s position, as well as the costs and expenses incurred by the employee should you be found legally liable.

Public Liability – for client injury or damage to their property

The likelihood is your business involves work on-site or at a third party’s premises, therefore Public Liability is a must.

If you knocked a pot of paint off a ladder that spilt over the carpet, your public liability cover can take care of the cost of replacing the carpet. If your client tripped over your dust sheets and sustained an injury that can also be covered under the public liability section of your painter and decorator insurance.

Tools Cover – to reinstate your items and belongings

If you rely on equipment and tools to ensure the smooth running of your business and any of these were damaged, lost or stolen, then tools cover would respond to reinstate your items following an insured event.

Whilst this cover is not compulsory, tools are some of a contractors most valuable assets – therefore ensuring that they are protected with appropriate tools and equipment insurance cover should be a top priority.

Professional Indemnity – for claims relating to professional mistakes

Providing advice in a professional capacity can come with risk. No matter how careful you are, sometimes things don’t go to plan. Professional indemnity insurance is designed to protect your business in the event that a client suffers financial losses as a result of the work you do for them.

If your clients rely on your expertise and your actions cause them financial loss you could be personally liable to rectify the damage. Therefore, professional indemnity can give you peace of mind and financial security should something go wrong.

Premierline Business Insurance Broker is the insurance partner for PDA Members. We understand that every painting and decorating business is different and also that your business is not just your work; it’s your livelihood and income as well. Therefore our policies are adapted to suit each business’s requirements. That way, you get the cover you need at the right price.

Contact Premierline today if you’d like to discuss your insurance requirements. PDA Members can access Premierline’s PDA specific contact details by logging in to the PDA website and clicking here ≫