Liability insurance cover for the construction trade
Tradesmen and construction workers that are self-employed or sub-contractors will normally all require some form of public liability insurance cover. For the sole trader this can lead to a lot of lost time in searching and comparing various quotations and policy terms. Luckily, this search for finding the best tradesmen policy at the cheapest possible price has just been made a little bit easier. We have developed an online quote form that once it has been completed is submitted to numerous specialist liability brokers. They do all the hard work of finding the correct package for your business needs.
Any damage that is caused to your customer’s property is covered under the public liability section of the business policy. An example of this includes if you were a building contractor doing some alteration work in one of your customer’s residential home and inadvertently you knocked over an expensive vase or a decoration piece the customer can sue you for negligence and claim on your public liability insurance policy. This cover also protects you financially from claims arising from third party injury that is caused by you or one of your employees. Someone can easily trip over tools or machinery that is left lying around and injure themselves as a result of this. Your policy will cover your legal expenses in defending the case and also pay out any third party damages that are rewarded.
A specialist commercial insurance provider can tailor the package to suit the needs of the most ardent of tradesman. A package can include any of the following;
- Public liability
- Employers liability
- Products liability
- Tools and machinery
- Own plant and hired in plant
- Commercial legal expenses
- Premises
- Business contents
- Professional indemnity – essential for trades such as architects
The providers on our panel are all specialists in standard and high risk trades such as scaffolding, roofing and welding business. All our providers confirm with all legal obligations such as being authorised the Financial Services Authority and hold necessary licenses regarding data protection and consumer credit acts. These specialist providers will confer with a wide panel of public liability insurance companies to ensure that they find a policy for you that is compatible with your business model.
Even though public liability cover is not compulsory but anyone in the construction industry will realise how critical this policy can be to their business. It certainly will provide a peace on mind that you are covered for a wide range of risks and it allows you to carry on with your trade with worrying about claims being made against you for negligence. With public liability insurance premiums starting from as low as only £40.00 per year for some trades, can you afford not to have this valuable cover? The construction trade is extremely volatile and has its own inherent risks and no professional tradesmen should be without proper business insurance.
Duty of disclosure for taxi drivers
The price of a taxi insurance premium is determined by many different aspects. An underwriter at the insurer’s office creates a script that works out the final payment a hire and reward customer has to pay. A principal of all insurance products is that the client must declare all material facts to the insurance company. This same principal also applies when you obtain online private or public hire quotes. When completing a questionnaire or a proposal form you must answer all questions with utmost honesty. These questions are used to calculate the premium you will pay for your policy. If you are not 100% honest and try to deliberately falsify your information in order to get cheap taxi insurance quotes you may well find that in the unfortunate event of an accident your provider may decline to pay out for the whole or part of the claim.
Some of the factors that determine the final price include the number of years you have been driving as a public hire or a minicab driver. Without any experience in this industry will result in higher premiums with most providers but however there are underwriters who target clients that are new to the trade and often have special promotional discounts to attract these potential customers. For the experienced taxi driver, one without any no claims bonus but does have fleet experience, some providers do give considerable discounts if you can provide evidence of fleet experience. Driving convictions and penalty points on driving licenses almost certainly have an effect on the premiums. Most insurers will want to know information going back 5 years, so do not automatically assume that the 3 points you got for speeding 2 years ago will have no bearing and do not need to be disclosed. Nearly all providers and brokers will request copies of your driving licenses and if any convictions have not been disclosed you will end up paying additional underwriting premium and also brokers administration fee.
Remember taxi insurance companies calculate premiums based on the risk details supplied to them and if you have failed to declare all material facts to them, especially not declaring previous accidents, the insurers can cancel your policy on an ab initio basis. Worse still, if an insurer cancels you taxi policy then this information has to be declared when you next obtain a quote. You will find that most providers will not even offer any form cover due to an insurer previously cancelling your policy due to non disclosure of material facts. The ones that do offer a price tend to specialise in these type of scenarios but you do have to pay for it with a hefty premium.
The moral of this article is that it’s not worth holding information or deliberately hiding material facts when you are getting quotes for your taxi car. In the end it will always cost you more and in extreme cases you may become uninsurable. If you want cheap taxi insurance quotes, then shop around until you get the best possible price for your risk details but certainly declare all material information.
Getting cheap insurance cover for UK minicab vehicles
In the United Kingdom, especially in London, private hire vehicles are principally known as minicabs in the industry. This type of cab can be hired by the public through an outlet known as a minicab booking office and unlike its twin ‘the public hire vehicle’ a mini cab cannot be signalled and stopped on the road. Taxi drivers need to keep a keen eye out for any special deals in relationship to cheap minicab insurance. There are many instances where new insurers or existing ones have special offers where they discount the rates to win new business.
The best and the easiest spot to find cheap minicab insurance policies are online by exploiting the power of price comparison websites. All you need is a bit of time, knowledge and where to find these portals that specialise in this highly niche subject. Mini cab owners within the UK market should compare quotes from several different sources and then go through the policy details as thoroughly as possible. You need to understand the cover precisely including any special terms, conditions and warranties that are included. Also look at the both the voluntary and compulsory excesses that apply as these can be very high with certain companies.
When you are looking for savings on your private hire vehicle by using the World Wide Web, critically you are spending your time and effort in this venture. This solution may not fit the need of others; however there are other avenues that one can call upon in their search for the cheapest minicab insurance package. Let a specialist taxi insurance broker do the work for you. Provide them with all material facts and your requirements. With their expert knowledge in this arena they will use the information your have furnished in order to secure a competitive quote for you. They may well throw in some ‘freebies’ to win your custom.
There is no doubt that high up on your list of priorities will be price. However, you should be aware of the potential pitfalls that could render this wish as extremely harmful; nay on toxic. Yes, by all means look carefully at the cheapest minicab insurance quote but do the research on the actually policy, the cover and the provider that’s offered this super deal. In some cases the cheapest is as good as the most expensive option but it is up to you to make the final choice as to which policy you will be incepting for your hire and reward vehicle.
At some stage, as with most situations in life, you will come to the proverbial fork in the road. In this particular scenario, it is either being laissez-faire and taking the most convenient or cheapest option (a predictable move which no one could blame you for) or thinking outside of the box; viewing the long term vision. The sound punt would suggest you take the latter. Get online, and get your Sherlock Holmes hat on – but don’t rely on a Watson, as only you are capable of ensuring you get the cheapest mini cab insurance possible.
Landlord Insurance – a price worth paying
Being a rental property owner can be very lucrative, of that there is no doubt. Should you be the owner of an extensive portfolio, then the rewards will be still further forthcoming and you will be awash with thoughts of expansion.
With the healthy profit margins accrued, then, it would be a huge shame if you were to not go some way into protecting your assets at the cost of just a few hundred pounds a year. Generic landlord property insurance will let you do exactly that, but there are mutations of this base level precipice that you should also venture towards.
As well as the need to protect the shell of your commodity – the building itself – there is let property contents insurance which you may also want to consider. You may think that you have no contents to insure, but items such as carpets, curtains and communal white goods come under the contents section of the policy. These items, when added up together can form a considerable sum of money. In the event of a fire, if uninsured, you will need to find the capital resource to fund the replacement of these contents which could result in a very uncomfortable meeting with your bank manager.
Intrinsically linked to financial prosperity will be the volatility of your tenant(s). At the start of the rental agreement, you may have vetted and checked your lodger to ensure that you have landed yourself with a trustworthy and amiable character, but people can change like the wind. Whether it is by making consistent late payments or outright defaulting, tenants can cause damage to your spreadsheets that even the undo button cannot fix. Landlord insurance with a rent guarantee clause will make sure that your monetary health is not taken to A&E – but will continue to regenerate and stay constant through the period your tenant plays silly beggars.
For those that work hard, invest at the right time and get a little bit of luck, being a rental property mogul can be very rewarding – both for your mental state of mind and for your bank balance. It is no surprise that many of the world’s richest individuals have made their fortunes in the bricks and mortar industry so the rewards are there. Whilst we may not all be able to achieve the glut of riches this select cartel has attained, we can follow their lead on safeguarding. After all, you never know – through taking out buy to let insurance today, tomorrow could be the first step on the road to riches!
Utilising specialist taxi insurance brokers for your hire and reward needs
Hire and reward drivers will know how challenging and even exasperating it is to get a taxi insurance policy for their motor vehicle. You go on the web and spend some considerable time and effort searching for cheap quotes and then spend even further your valuable time in researching the individual policies to ensure that the cover offered meets your standards. Because you are doing all the research and analysis, can often lead to stress and thus you will find that you are getting so bogged down that it is having an affect on your decision making processes. This can often leave you with a wrong and an expense policy. However all this tedium collection of processes can easily be amalgamated into one simple step by utilising the services of a professional taxi insurance broker.
So, what services will a broker offer you as a potential client? They will initially carry out a fact finding voyage by gleaming information about you and any specific insurance wants that you may have. Once they have completed this important data gathering exercise they will then formulate a package that should meet your financial constraints and policy needs. The broker will carry out a full and thorough market search of the hire and reward insurers by using their experience and knowledge of this niche area. The advisors also tend to have in-depth know how of the various policy wordings of different insurance companies and with details of your requirements at hand they are in a fantastic position to get you the cheapest taxi insurance policy for your needs.
Specialist taxi insurance brokers will most certainly have access to a whole range of companies that offer public and private hire minicab policies. They will also most likely be privy to unique schemes that no other UK broker has access to. Many niche product suppliers develop these schemes by sitting down with an underwriter and tailoring a model that meets the needs of the client, intermediary and the insurer. As an individual taxi driver, searching on the web for deals can take considerable amount of time and also you may well miss out on the opportunities from a highly specialist scheme insurer who only deal with a few select brokers.
There a tumultuous amount of brokers out there, who will offer services across a colourful spectrum of products and associated add-ons. For the preservation of sanity and sensibility, you should be looking to dilute this saturation by heading for the real specialists; expert taxi insurance policy providers. It is the only way you will guarantee yourself with unrivalled expertise – a rare commodity in today’s diversified market place.
One of Life’s Greatest Risks – Stop the threat of Fire, before it threatens you
In an age where health and safety laws are seen by some as becoming almost over-bearing and constricting, there are some risks which will always require you to be extra careful no matter how time or cost inducing that may be.
One of the most prominent, and indeed dangerous, vanguards in causing havoc is fire. No matter what industry or line of work you are in, it will always be a menace that is never far away and you would be brave, or maybe foolish, to not view it as a real force to be reckoned with.
Thus it should come as no surprise that as a rent property owner, you are obligated to put in place certain structures and safeguards to ensure that the risk of fire is kept to an absolute minimum within your portfolio of properties. Aside from the risk of harmful, maybe even fatal, consequences that the literal blue touch paper brings with it, you should consider the impact these defensive protocols may have upon your landlord insurance policy. After all, an underwriter will be more compelled to insure someone who has mitigated for such risks, against someone who perhaps has not.
A logical place to start would be identifying the potential sources within your abode that may be conducive for a flame to come alive in. Cookers and heaters are two that spring to mind straight away so make sure that you advise your tenants to always keep them switched off when not in use. Best practice such as this may save you a small fortune, as well as reflecting on your buy to let property insurance price. Similarly, objects such as candles, matches and lighters are prone to quickly becoming flammable if not used in the correct manner so make sure that you know exactly where your tenants stand in terms of smoking habits and such like.
It is often overlooked, but the furnishings of your property may also be problematic. Materials such as wood, carpets and curtains could all be easily lit so, if your tenant is bringing their own, have you checked to see if they meet fire regulations? Definitely something to think about.
On a lighter note, the use of clear fire exits and smoke alarms are becoming ever more commonly used and this is down to the changing mind set of landlords over the past few years. Always remember to check them and never make it the responsibility of a tenant – always do it yourself and take ownership. Remember, little things such as this could drive down your landlord insurance quote still further and, if you are after something more niche such as thatch insurance, may be even more beneficial due to the obvious implications of fire damage.
If you are a landlord with a dwelling in a multi-tenant building, such as a tower block, then you should make yourself familiar with risk assessment guidelines issued in 2006. This highlighted the need to spot and eliminate risks, as much as is possible. Mitigating and being seen to be proactive rather than reactive will all give sound cause to a competitive rent house insurance quote.
The message is thus clear. Fire can strike at any time and, no matter how safe and secure you think you’ve been, you can never totally eliminate this most powerful of mother nature’s offspring. But you can dramatically reduce its potency and effectiveness by pre-planning. Get it, before it gets you!
Get it right with a let property insurance policy
Announcing the launch of DP Media’s specialist landlord insurance quote comparison portal.
Landlords! Are you aware that your future investment property could well be in danger? NO? Do you realise that a good proportion of properties that are let out are uninsured or covered as a normal domestic policy. If insured as a domestic home insurance policy, in the event of a claim the insurer may well refuse to pay as they will not cover the let aspect of the risk. The thing is a lot of new landlords assume that let property insurance is more expensive? The truth of the matter is, sometimes it can be actually cheaper. Surprised? The added elements to cover you for a rental property realistically mean that the policy itself isn’t a great deal different. Sure, you will need extra liability cover, yes the excess ( your contribution to any claim) will be bigger, insurers will charge more to cover what they regard as “ higher risk” tenants such as students, asylum seekers, DSS etc are more involved , but not impossible to cater for.
Duties and responsibilities as a landlord must also be adhered to rigorously. The property must be fully compliant with current legislation, there can be no shortcuts in doing this, and it will only result in problems and, possibly a claim refused. The current legislation is always being updated; current lighting, electrical, fire, and safety are paramount to protect yourself and the tenant in the event of any mishaps! Everyone has heard of landlord stories that have made the news, where doors were locked, smoke alarms weren’t installed, gas safe inspections weren’t carried out. The truth is that these types of incidents are getting less due to better knowledge.
Landlords also worry about the suitability of certain properties that they might own as to whether they can insure it, it may be a commercial property converted to lets, a pub maybe, a thatched cottage, maisonettes etc, all are insurable if its compliant it can be insured. We know of several old windmills and the odd lighthouse which is tenanted, (albeit they tend to be holiday lets rather than long term occupancies).
At DP Media we have specialist landlord insurers who in many cases have years of experience in this genre of insurance , they have also negotiated schemes , deals and offers to make the rather tedious task of arranging this vital kind of cover relatively easy – so come on give it a try? You have lots to loose if you don t get it right.
Landlords urged to make hay under as Stamp Duty Deadline looms
The Royal Institution of Chartered Surveyors (RICS) has once again urged all buyers, especially first timers, to make use of the remaining period of time under which the Government has relaxed its stamp duty regulations.
The organisation has also urged landlords, whether those of single properties or of numerous, to also follow suit in a bid to not only aid a flagging marketplace but also to take advantage of falling house prices.
RICS released the fruits of its recent labour in the form of a UK Housing Market survey earlier this month, through which it seemed that the gospel it is spreading is beginning to awash with those looking to come into the property market.
Buying figures for January of this year showed a market incline than in comparison to the latter end of 2011 with both first time buyers to experienced property laden landlords looking to cash in on the advantages on offer, regardless of their manufactured nature. With the relief on tax payable on a new purchase set to end on the 24th March, time is certainly pressing and the signs are positive for a busy climax towards the last throngs of next month.
Though there are obvious incentives at stake for residential buyers and their deposit collection, landlords up and down the land are also taking note of the fact that prices in certain areas of the country are at their most affordable for a number of years.
Surveyors in the Midlands and in Wales are reporting widespread reductions in their respective property markets, with the figures reaching over -50 in terms of net balance from the Birmingham and surrounding regional areas.
Despite the increasingly fail-safe climate under which landlords are being urged to expand, or indeed sow the seeds of, a property portfolio, RICS emphasises the nature for thorough due diligence and reason.
“There is no doubt that this suspension of stamp duty will greatly aid not only landlords but will also have a positive spin off effect on other industries because of the short term boom – namely that of insurance and equipment providers,” commented one season RICS campaigner.
“However, the financial state of the country as a whole remains precarious and landlords should be mindful of that fact. A key concern associated with that is the amount of, or lack of perhaps, mortgage providers and I suppose you cannot blame them considering what they have been through.
“Large parts of the country are producing cheaper buying destinations than in recent times, and we’d urge people to make full use of that but don’t be fooled – short term wealth does not always lead to long term prosperity.”
Rise of Rogue Tenants Leaves Increasingly Susceptible Landlords
Even though there has been a notable rise in the rental pricing structure in the last 18 months or so, an increasing number of landlords are beginning to struggle with the spate of tenants who are renegading on their payments.
Landlord Panel, a leading analysis and research driven ‘think tank’, revealed in their latest reports that landlords with a plus-one portfolio were experiencing their greatest losses since the group began some six years ago.
This somewhat startling revelation was somewhat neatly encapsulated in the breakdown figures for the last half of 2011, where the difference in the last two quarters was 7%. Considering only 1% of rental property owners had reported a loss in the third quarter, it shows how quickly the degenerating period has developed.
While the same set of businessmen and women in the private market saw their greatest returns in yield during that period, the same could not be said cross-market. The average income return figure in the final quarter of last year fell almost 1% from 5.9% in comparison to the previous three months; a worrying trend.
Indeed, the climax of 2011 coincided with the meekest time of the year for landlords as whole. What compounds this fact is almost 50% of landlords involved in the research carried out reported raising rent prices over the prior calendar year, and over a third planning to do the same at the start of 2012.
Despite the statistics hiding a spate of fears and worries, BDRC Continental, the parent group of Landlord Panel, were quick to point out that many landlords still remained earnestly engaged with their belief that they would see an upturn in fortunes.
Part of this combative mind set appears to derive from the fact that the number of empty properties on the market reduced at a rate of around 5% in the last half of 2011, giving credence to the fact that there are still punters out there looking to (or indeed being left with no option) rent, rather than buy. Landlords with empty properties are well advised to seek out unoccupied property insurance cover.
However, despite this snippet of good news, directors of bigger numbering portfolios are reporting increased levels of arrears from their lodgers – a fear felt right across the domain.
A senior BDRC official, when asked for his track on the often conflicting figures given out by the Panel, commented: “We cannot get away from how the economy currently is, that’s just something we will have to ride out.
“However, there is obviously an effect on the amount of risk that landlords will have to counter, given that money is tight. Maintenance and associated property costs are on the rise as with tenants also struggling for money, there is a knock on ripple.
“While there chinks of light in amongst the more discerning areas of concern, we can’t hide away from the fact that there is a problem. We have not seen the amount of loss inflicted on our bigger portfolio holders than we did last year, especially in such a short time frame.
“Landlords, and lest we forget tenants, are all in the same boat in terms of their affiliation to the economy and so it may be we see things decline still further before we see a sustained upward curve once again.”
Early flood warning system help reduce landlord building insurance prices
An early flood warning system is being considered for implementation on a national basis covering all major risk areas across the country. With a system such as this in place, it should, in the long run reduce home and landlord building insurance premiums.
Each year, on the news we hear of a rise in the number of homes and business that are affected by flooding. The insurance companies that cater for residential and commercial clients within these risk areas are well aware of the flood threat and the damage that occurs as a result. The damage caused by light or sever flooding can lead to substantial claims for the insurers. Ultimately it is the consumer who has to pay with higher premiums in business, home and landlord buildings and contents insurance premiums.
Statistics have proven, where there are advance flood warning measures in place, the damage caused can be reduced significantly. With a working system in place, can potentially give business and householders the opportunity to secure their belongings. A simple step of taking all their importent and valuable items to an upstairs room can save the business or the homeowner considerable heartache and expense. For the insurer it means paying less in claims thus reducing premiums payable.
The UK Environment Agency which performs various functions including the one of monitoring flooding has introduced the latest system that provides advance threat warnings. This is great news for over half a million of home and business owners that own a property in the flood sphere. The system will allow for a free and fast warning to all owners in affected regions.
Property owners should appropriate all necessary measures to chaperone their rental asset from all types of uncertainties. In terms of insurance measures the landlord building insurance cover is ideal as it provides a comprehensive level of armor against many diverse perils. This type of cover is available for residential and commercial landlords. The property could be occupied or vacant. If the building is empty then you would need to enquire about a vacant property insurance policy from your broker.
For more information or quotations on any type of products please visit the appropriate section of this website. Remember the information in this article does not constitute advice and you should use the services of a FSA regulated professional broker for any specific policy details.
