Starting up a renewable energy installation company is a great idea, but as with all businesses it doesn’t come without risk. Therefore making sure you have the right insurance in place is paramount to protect you and your customers.
Many insurance quotations will assume you’re a generic contractor without a specific business description. If you don’t accurately explain what your business does, where you work and the specific technologies you install, a claim could be repudiated.
Covers to be considered are:
- Public and Products Liability – covers third party property damage and bodily injury. This should include Indemnity to Principal and contingency cover for bona fide sub-contractors if their insurance fails.
- Employer’s Liability – compulsory cover for your employees & labour only sub-contractors.
- Professional Indemnity – covers professional errors and omissions. Ensure this extends to include feasibility studies and calculations.
- Contract Works - covers materials on site, in transit and in temporary storage. This should include testing and commissioning. Also, be wary of higher excesses.
- Business Premises – covers your contents, stock and computers
- Management Liability Portfolio - wider cover than standard Directors’ and Officers’ policy including employment practices liability and corporate legal liability.
- Environmental Liability - covers your own, third party and Environmental Agency clean-up costs, loss mitigation and legal costs.
- Cyber Liability - protection against loss of sensitive data, regulatory defence, business interruption costs, hacking, cyber extortion, dishonesty of employees etc.
- Tools, Equipment and Own Plant – Ensure sums insured are accurate, limits adequate and check overnight security conditions.
- Hired In-Plant – if you take the hire company’s own insurance, check they cover loss of future hire charges
You must comply with any warranties, endorsements and exclusions for your policy to provide indemnity. For example, height and depth limits or use of heat conditions. It is important to be aware of these before your cover starts.
As always, it is advisable to seek advice from an independent, qualified insurance broker who understands this niche sector before finalising any agreements.
For more information please contact Carl Gurney at Jelf Insurance Brokers on 07799 474419
If you would like to write a guest article for a future edition of our newsletter, please contact Anna Wood on 01242 248215.
These notes have been prepared for the purpose of an article only. They should not be regarded as a substitute for taking legal advice.