Surveyor Insurance
A Surveyor is a professional in the field of construction which has a wide range of job responsibilities:
- They inspect buildings to ensure they agree with regulations.
- They enforce the accuracy of data and records.
- They conduct tests on the project sites and offer advice regarding health and safety.
The work they carry out can be pivotal in the success of a project, and so any mistakes could cause substantial financial loss and an increase in the time it takes for completion, thus delaying the completion. Surveyor insurance helps with battling claims and saving money, but it can be arduous choosing the fitting covers and assessing which quotes are most beneficial; research should be undertaken.
If you would like to read more information or learn more about the pricing of business insurance, you can do so here.
Types of Surveyor Insurance
A surveyor requires multiple covers to achieve exhaustive insurance.
Professional indemnity insurance
Professional indemnity insurance is by far the most sought-out cover for a surveyor; this line of work includes a lot of advice, which could harm the project, or similarly, any negligence could prove fatal. The insurance covers these errors to avoid the colossal expenses associated with mistakes that set the project back in time and money.
For instance, if a surveyor was hired to value a property about to sell on the market, they may make a miscalculation that severely undervalues its worth. As a result, the buyer would underpay for the building, and the seller would lose the copious amount of money, to which the surveyor is responsible, and they could sue for their mistake. Professional indemnity insurance would protect the surveyor against these claims, compensating them for the legal fees they would endure. These quotes for this insurance are usually worth 0.5-5% of the annual revenue.
However, this is dependent on factors like the risk factor of the business, their claims history, and the level of cover. Prices for simple cover start from approximately £45 a year and can reach up to thousands of pounds, with most insurance companies offering up to £10 million worth of cover. It is also tax-deductible.
Public liability insurance
Public liability insurance is valuable when a surveyor causes accidental bodily injury to a third party or damages their property (like their house or possessions). Whilst working, a surveyor may be conducting a test on a building and leaving their kit upstairs by accident; if the property owner walks around and trips over it, thus breaking their leg, the harm was caused because of the surveyor.
Public liability insurance would cover medical expenses such as hospitalization and treatment. This insurance can provide up to £5 million of cover, but quotes are difficult to obtain because of the wide variety in businesses. For example, large surveyor businesses with long claims history may find their premiums more expensive than a well-established but small company.
In the UK, the average annual public liability cover is £120, but this can be negotiated and drastically decreased for smaller businesses at around £50. Conversely, more prominent companies may pay hundreds of pounds worth of insurance annually because of the more significant risk they pose to insurers should there be a claim and payout. It is also tax-deductible.
Employers’ liability insurance
Employers’ liability insurance has been a legal requirement in the United Kingdom since the 1969 legislation act. Surveyor businesses can incur a fine of up to £2,500 each day during which this insurance is not obtained. The only exemptions from this rule are independent sole trader surveyors, those with a family-run business, and those that own over 50% of the company’s shares. Essentially, it safeguards surveyors if they are injured at work and compensates them for their lost income and medical costs for treatment of the said injury.
This could include anything from falling on the worksite and breaking a leg to gradual hearing loss from working on a busy project with contractors building, bulldozing and hammering away at a building. The compulsory level of cover for employers’ liability insurance is a minimum of £5 million, however for larger surveyor businesses or those wishing to acquire a higher level of cover, this can double.
In the UK, insurance for one employee can be as low as £48 per year and reach up to £210 for surveyors working at more dangerous sites. Usually, the company director is responsible for applying for this insurance, but as workers, it is vital to check that this is the case, as the fines are hefty. Likewise, this cover is incredibly cost-efficient as the annual premium cost can severely outweigh the expenses of treating an injury.
Surveyor Insurance
To conclude, surveyor insurance is necessary. It is operative to research insurance companies and find the best deals. An excellent way to do this is to compare with the average quote for the UK and decide if it is efficient for your business and the optimal level of cover.
Find out more about the importance of insurance here.
Other useful links about Business Insurance:
Zurich Business Insurance
Lifestyle Consultant Insurance
Not-For-Profit Insurance
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