Insurance for Men's Sheds
Sheds need insurance!
To cover the basics, you should have
Public Liability and Contents Insurance.
To make sure that there are no gaps in
your cover Sheds should also consider Employer’s Liability, Trustee Indemnity,
Business Interruption and Legal Expenses insurance. Some Sheds also require
insurance for their buildings.
Public Liability
protects your Shed against claims which could be made against it for accidental
damage to other people’s property and compensation for acci-dental injury to
third parties, where you may be at fault.
Limits of Liability available: £2m, £5m, £10m.
Employer’s Liability
insurance protects your Shed against the cost of compensation claims brought
against it as a result of illness or injury to people as a result of their work
for and on behalf of the Shed. It is a legal requirement that your Shed has
Employer’s Liability insurance if you employ people or you utilise volunteers
in supervisory or training roles.
The standard limit of indemnity available is £10m.
Contents Insurance
will reimburse your Shed for the destruction or theft of your tools,
workbenches, stock, fixtures and fittings. In order to keep the price of the
insurance down, our policy does not cover you for accidental damage, only for
replacement in the event of theft, fire or other destruction. We ask Sheds to
tell us the value of the entire contents – if you lose the lot, that is the sum
you receive; if you lose half of it, you receive half of that sum.
Trustee Indemnity /
Directors and Officers insurance provides financial protection to trustees
(including directors, governors, committee members, officers or employees)
whether you are a charity, an association, a club or a not for profit
organisation because trustees can be held personally liable if anything goes
wrong.. An error on a seemingly minor decision can put individual trustees
personally at risk of compensation claims, legal action or official
investigations.
Buildings Insurance
applies if you are responsible for the building in which your Shed is located
and covers the cost of repairing damage to the structure of your property.
Garages, sheds and fences are also covered, as well as the cost of replacing
items such as pipes, cables and drains. Your insurance should cover the full
cost of rebuilding your Shed.
Buildings insurance also covers you for third party
liability, so if, for example a tile falls from the roof and injures a passing
pedestrian, you are covered for any legal action which they bring against your
Shed.
Business Interruption
Insurance provides you with a pre-agreed sum of money to spend on getting your
Shed back up and running in the event of serious disruption to your activities.
In the event of a fire or a serious flood which renders your
Shed unusable, a successful Business Interruption claim pay out will enable you
to pay the rent on another building – and cover any other additional costs –
while your shed is being repaired.
Of course the Shed’s Buildings Insurance will take care of
the building repairs and the contents insurance will cover the cost of new
tools and stock.
Legal Expenses
insurance is designed to help you to get expert legal advice before a problem
arises through the telephone legal advice service.
However, should a more serious legal problem occur, such as
an employment tribunal or other dispute , for example with your lease and your
landlord, the Legal Expenses insurance covers the cost of your legal expenses
incurred while defending your Shed.
Call: 01256 770440
Email: enquiries@wessexbusinesshub.co.uk
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