This article looks at the mandatory and optional part of welding insurance policies, advising further contact with client for advice.
If you are in the welding business or just about to start up in it, and you want to get some pointers on what insurance cover you need, then you’ve come to the right place. Titan Insurance has been offering construction insurance for over twenty years and they’re able to offer suitable welding insurance policies that provide the best possible value for their customers.
When you take out an insurance policy, there are certain things that law requires to have cover for and other things that are optional but which could be appropriate depending on your circumstances and the nature of the business. In this article, I’ll talk through some of those requirements and options and give you an idea of what each one is, so you can decide for yourself whether you want to take it or not.
Every welding insurance policy must contain liability insurance, in case of injury or damage caused to others as a result of your work. The levels of cover vary hugely, and will depend on the type of work you do, the nature of the clients and whether the work is done at your own premises or on a client’s site. If you are employed by a private business, for example, then most will accept public liability cover of £5 million, while government and local authorities will want cover of at least £10 million if you are to work on hospitals, schools etc. If you employ other people, either as welders themselves or to look after the paperwork side of the business, then you’ll need employers liability cover and the cost of this will differ according to the role they perform.
Away from the mandatory basic cover, the options you have are almost limitless so you need to make sure that you’ve properly assessed any risks you face. Your tools may have taken you a while to build up and could be worth small fortune, so insuring them for damage or loss is a prudent move. Similarly, any workshop equipment and even the workshop itself if you have one can be covered, as even relatively minor incidents can cost a lot to put right. If you want to make sure you have everything covered, including plant, materials, tools and liabilities in 5-star policy, then a contractors risk policy is also to be considered.
Titan Insurance can advise you on all aspects of welding insurance, and they have access to a panel of specialist insurers who will be able to offer you the right policy at the right price. Flexible payment options add to the appeal, as does the ability to reduce your premiums through adjusting your excess and obtaining discounts through membership of trade bodies and associations.
