The plastering and especially the insulation industry is made up of workers who do a number of different kind of jobs for example electricians, carpenters, plumbers, plasterers etc. so you need to ensure you have adequate insurance cover in place to include all aspects of the works in question. Having correct insurance in place is important to keep a business and its employees from suffering significant financial losses.
Having adequate insurance cover is mandatory for registration with the Better Energy Homes scheme. You also need to make sure that your insurance policies meet all local authority / government insurance requirements.
Some insurances you need to consider if you are involved in this type of activities are:
* Employers Liability – This cover provides protection against loss arising from legal liability for accidental injury to Employees, Sub Contractors etc. The policy protects you against the costs of any legal action against you and the value of any awards made.
* Public / Products Liability – This cover provides protection against losses arising from legal liability for accidental injury to any third party or loss of or damage to their property, resulting from the business and/or from any product supplied. The policy protects you against the costs of any legal action against you and the value of any awards made.
*Contractors All Risks Insurance is an insurance policy specially designed for persons involved in the construction industry which includes insulation and plastering contractors. Contractors All Risks Insurance can include cover for contract works (work completed or underway), 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 property being worked on.
*Goods in transit insurance covers property (e.g. materials) against loss or damage while it is in transit from one place to another or being stored during a journey.
* Professional Indemnity: This covers against any claims against the organisation as a consequence of errors or omissions in advice given. Contractors involved in Sustainable Energy works are effectively giving advice and specification to clients and certifying the work. This is a Professional Liability risk and not a Public Liability risk.
*Motor Fleet Insurance – This covers both third party liability and own damage to vehicles.
REMEMBER – At S.A Faughnan (Brokers) Ltd. <www.safaughnan.ie> we can assist you in arranging the correct package to cover your plastering and insulation business including the completion of all insurance forms issued by SEAI and Local Authorities. We are insurance professionals and we deal ONLY with A-Rated (financially secure) Insurers at competitive prices.