As a contractor you probably know how important it is to have public liability insurance in place. This type of insurance protects you from the potentially high costs of a claim for damage to third party property or injury to third parties. It can cover the legal bills, the claim, and future costs of repair, replacement, medical treatment, or loss of income.
Having this in place is important to protect your business, even better if you never have to use the insurance. Here are some easy steps you can take to minimise the chances of having a claim placed against you in the first place.
1. Take safety measures
It’s a little obvious, but those that don’t take safety seriously often are the ones to have claims against them. Take some time to look at your areas of risk and take the steps to address them. These might include putting equipment away to make sure no one is hurt, using warning signs, and protecting surfaces before commencing work.
2. Get advice
Talking to other people within your industry is a great way to learn about what the best practises are. Experience will tell you what others have come across, areas of risk you might not have thought of, and innovative safety measures to consider. Industry bodies, websites, and insurance brokers are great sources of information and likely have many years of experience under their belts when dealing with contractor risks.
3. Don’t get complacent
Never think that because it hasn’t happened before, it won’t happen at all. Once all of your safety measures are in place don’t forget about them. Keep on top of risks and review your safety procedures regularly. Circumstances, equipment, and operational methods do change.
Of course even with these three steps taken care of, the most careful contractor still has the chance of being caught up in a public liability claim. This is when your public liability policy should step in and help you. The best possible measure for ensuring your back pocket is protected in the event of a claim is with insurance. It might be small claim asking to replace a broken window, however it could also end with a large million-dollar claim for serious and fatal situations. Even if the claim is not successful, you will still be left with legal expenses that can run into the thousands.
At Contractor Cover we specialise in insuring new and existing contractor businesses. Contact us today or fill in our fast online form for fast and easy insurance quote.