For many years, £2m Public Liability was considered an adequate minimum amount but increasingly, many local authorities are insisting on either £5m or £10m for their contractors, regardless of trade. Likewise, while Employer’s Liability Insurance is usually sufficient to protect yourself, should an employee suffer an accident at work, this isn’t always enough. Extreme circumstances such as a fire or explosion could prove far more costly and if your business carries risks such as this, you may want to think about increasing your limit.
It is always possible to increase your primary limit but depending on your trade and the premium you pay, it can be more cost-effective to purchase Excess Layer Insurance to make up the difference.
If a roofing company has £2m Public Liability and requests cover for £5m for a contract they are starting, an Excess Layer Insurance policy can provide the £3m over the existing £2m, to give a total of £5m.
Excess Layer can be provided on an annually basis or as a single contract duration, and can be used to increase cover for a number of different insurance types.
If you need more cover than your insurance provides, talk to one of the friendly team at Weir Insurance and see if you could benefit from Excess Layer Insurance.
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