I’m about to go back into self employment after a very brief break and am finding the subject of Public Liability a bit of a thorny one.
It appears there is plenty of "tradesman" policies that provide ample cover but in my case I rent a workshop from which I repair customers furniture also building made to measure furniture and misc repairs to woodwork in people homes but using my workshop as a base. Because of the workshop I am considered a hugely increased risk and the premium is hiked.
My previous insurers NFU now tell me that they should never have been covering me using this criteria ( I thought the premium was cheap) and they only offer tradesman policies which are no good to me. The last policy I had that covered everything was with NIG and edging up toward £1300 a year and that was 2 years ago. Now, I assume I’m going to have to pay a minimum of £1500 for the cover I need - ouch!
Regarding specifically PUBLIC LIABILITY years ago I chanced it and didn’t bother but I was young and had nothing to lose. Now, much older, I have assets, a family etc and have a lot to lose if I get sued and I for one wouldn't dream of not having it!
BUT, how many of the one man banders are properly insured? How many are doing it on the side, obviously uninsured? Jobs for cash - not insured - hoping it’ll never happen to me - not insured.
Whats everyones view? No public liability insurance; fool hardy? and are people just chancing it?
What sort of premiums are people paying and for what?
Btw I know employers liability is a legal requirement, I assume PL is the same?
It appears there is plenty of "tradesman" policies that provide ample cover but in my case I rent a workshop from which I repair customers furniture also building made to measure furniture and misc repairs to woodwork in people homes but using my workshop as a base. Because of the workshop I am considered a hugely increased risk and the premium is hiked.
My previous insurers NFU now tell me that they should never have been covering me using this criteria ( I thought the premium was cheap) and they only offer tradesman policies which are no good to me. The last policy I had that covered everything was with NIG and edging up toward £1300 a year and that was 2 years ago. Now, I assume I’m going to have to pay a minimum of £1500 for the cover I need - ouch!
Regarding specifically PUBLIC LIABILITY years ago I chanced it and didn’t bother but I was young and had nothing to lose. Now, much older, I have assets, a family etc and have a lot to lose if I get sued and I for one wouldn't dream of not having it!
BUT, how many of the one man banders are properly insured? How many are doing it on the side, obviously uninsured? Jobs for cash - not insured - hoping it’ll never happen to me - not insured.
Whats everyones view? No public liability insurance; fool hardy? and are people just chancing it?
What sort of premiums are people paying and for what?
Btw I know employers liability is a legal requirement, I assume PL is the same?