morph Posted February 28, 2004 Posted February 28, 2004 Every business requires insurance: As a minimum, both the NSI and SSAIB requires the following: Public Liability, insurance against "Wrongful Advice" and "Efficacy(failure to operate" If you employ staff you are also required to hold "Employers Liabillity" insurance. Minimum insured amount of £1,000,000 per bold heading. With the cost of insurance going up all the time it pays to shop arround, there are a few companies that offer specialist cover for our market sector. This cover generally works on a declared earnings basis and is estimated by you in the first year(its important to be accurate, but dont over estimate it will cost you more) A lot of the guys on the forum will be able to reccomend brokers and remember it pays to shop arround, but reccomendation is also important when selecting and insurer. Also choose an insurer that wont stop you installing systems for there customers, till you are approved, why give them business if they dont allow you to help there customers. Obviously if the alarm has to be monitored then, they have to use a NSI/SSAIB approved company. Any reccomendations guys and what does insurance cost you? Had to claim, how did the inurance company handle your claim? Colin.
Guest Pace Electrical Posted March 8, 2004 Posted March 8, 2004 Hi Colin, on speaking to my broker he has sugested that I should have insurance to cover me in the event that any system I install should fail to opperate in the event of a break in. Seeing as I only deal with small domestic systems (I am primeraly an electrical contractor) is this realy needed on top of PL insurance ? Surley if a system is designed and installed to an agreed specification (in writing) and on completion the customer is made aware(in writing) that the system must be set to work and must be serviced/testsd on a regular basis to ensure reliable opperation this would cover my back ? Your thoughts please, Paul.
morph Posted March 9, 2004 Author Posted March 9, 2004 Public Liabillity Insurance gives you cover against accidental damage to the property or to a member of the public. It does not cover you if your system fails to operate or does not detect a breakin. In order to be covered for this you will need "Wrongful Advice" and "Efficacy insurance", this covers you incase the system does not operate or you have given duff information. You may be able to get your existing insurance company to cover you, depending on how many systems you do, but generaly this is a specialist market and they wont touch it. You could get a new policy on a declared income basis, only for the security systems part of your business. This is generally acceptable, but i would reccomend getting a full liabillity insurance that covers all areas of your business. Colin.
Guest Pace Electrical Posted March 9, 2004 Posted March 9, 2004 Thanks Colin, my broker can provide me with this extra cover I just need to look at the cost. Alarms are a small part of my business but I suppose these days you cant just rely on doing your job properly, insurers are allways looking for someone to blame and sue. Is this situation common? Have you ever heard of anyone being sued by a customers insurance company?
morph Posted March 10, 2004 Author Posted March 10, 2004 I have known of only two cases whereby a company was sued and in effect these were for stupid mistakes that would have been taken care off, if the company had trained there staff better. In our country, we are seeing more and more companies offering a no win, no fee litagation service and as a consequence, people will start suing for the compensation more often. Insurance companies dont like paying out, so the blame society is getting far worse. Best to have the cover for your business, because you may end up not having one if someone did sue you. Colin.
Guest Adrian Posted March 22, 2004 Posted March 22, 2004 B) so then how much does this insurance cost in the uk? Adrain B)
Guest Pace Electrical Posted March 23, 2004 Posted March 23, 2004 Yes Adrian, you want to be sitting down with a large brandy and a grief counsellor !!!
Guest dale Posted March 23, 2004 Posted March 23, 2004 I was quoted a couple of quid short of a grand... and told that was cheap!!!
Guest Pace Electrical Posted March 23, 2004 Posted March 23, 2004 Same here, there are very few companys dealing in this sort of insurance (2 or 3) it is intended for large companys, hence very expensive.
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