The insurance your standard policy doesn’t cover

Contractors – the insurance your standard policy doesn’t cover

HETAS Insurance Services LogoYou’ve renewed your Public Liability, signed off on the Professional Indemnity, and your Products Liability is all up to date. You’re covered for every eventuality…..or so you think.

While your three standard types of contractor insurance will certainly work to protect you and your business against common threats, there are still certain, more specialised risks which your standard insurance won’t cover.

Every business is different. Take a look at these additional insurance options, to help you consider what you might be missing when it comes to your business cover.

What might be missing

  • Cyber Liability

Cyber security is a rising concern amongst business and will not be covered under standard contractor’s insurance.

However, Cyber Liability insures you against a whole range of possible incidents, covering the costs of hacking, loss of data and any damage or loss caused by a computer virus.

  • Crime

 In recent years there has been a huge rise in social engineering scams, where individuals are deceived into transferring money the business doesn’t owe.

Different to Cyber Liability, a Crime policy provides cover in the event of theft by both employees and third parties, inclusive of electronic fraud. Some Cyber Liability policies may include this.

  • Office Contents and Computers

One of the most inexpensive types of cover, Office Contents Insurance is overlooked by contractors surprisingly often. But this sort of cover could prove invaluable in a number of high-risk situations including fire, theft, flooding and accidental damage. This kind of policy can even be extended to include remote devices such as laptops and smartphones.

  • Employers’ Liability

A statutory requirement for any employer, Employers’ Liability offers up to £10m indemnity, covering you should any of your employees suffer accident or injury in the workplace.

  • Public and Products Liability (for work in the Public Sector)

Did you know that public sector bodies such as councils, schools and hospitals expect Public and Product Liability beyond the limit of your standard policy?

You could be asked for a limit of indemnity of £10m or higher, and will need to ‘top-up’ your main policy in order to be covered for this work.

  • Directors’ and Officers’ Liability

This type of insurance is designed to protect the Directors and Key Managers of your company against pay-outs for actual or alleged acts of wrongdoing. This includes protection against breach of trust, breach of duty, negligence and defamation.

  • Increased Cost of Working

If your business earns most of its income from work outside of your permanent premises, Increased Cost of Working will act as a more specialised form of Business Interruption, covering you in the event of damage such as fire or flooding at your premises.

This policy will insure you for all extra expenses incurred to help you maintain the running of your business, including additional rental costs, employee overtime and ‘business as usual advertising’.

For further information or for advice on any additional insurance options for your business, contact HETAS Insurance.

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HETAS Insurance Services is a trading name of Jelf Insurance Brokers Ltd which is authorised and regulated by the Financial Conduct Authority (FCA). Not all products and services offered are regulated by the FCA.  Registered in England and Wales number 0837227. Registered Office: Hillside Court, Bowling Hill, Chipping Sodbury, BS37 6JX. FP18.625


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