The Benefits of Workshop Insurance
Running a workshop is a lot different to running an office or shop based business. But, some general insurers may try and sell the same basic business insurance policy to you that they might try to sell to the office down the road or a shop in the next street. You don’t have to be a genius to realise that you all have different businesses and you may well, therefore, find a better solution with a policy – such as specialist workshop insurance – that takes this into account.
There’s nothing wrong with standard commercial insurance but many small businesses will simply find that this kind of policy may give them cover they don’t actually need and/or makes them pay extra for what they do need. So, what might a specialist workshop insurance policy give you as an alternative?
the ability to pick a packaged off the shelf policy that better covers your actual insurance needs according to the type of business you run;
the ability to add features and benefits if you need to at a competitive cost;
the ability to keep costs low by buying what you need and not just what you are given.
So, for example, your workshop tools may be really important to you from an insurance point of view. But, a general policy may not offer you enough cover, especially if you use specialist tools as part of your business. Or you may have to pay a lot extra to get this kind of feature in the first place.
And, many small businesses don’t actually own their own premises but rent them. Many general insurance policies may assume that you own your building and, as such, that you will need buildings cover as part of your policy. If you rent your workshop then in most cases your landlord takes responsibility for insuring the building. (Though you will of course need to insure your contents yourself).
Now you can see the benefits of looking for a specialised workshop insurance policy, what else do you need to consider?
One feature that may well worth looking out for in your workshop insurance policy is public liability insurance. This kind of cover protects you in the event that somebody sues your business after an accident or injury that happens on your premises or as a result of you being engaged in your business. Some insurer will offer this cover as standard with all their small business insurance policies, meaning one less element of cover for you to worry about.
So, if you are considering workshop insurance, a specialist insurance intermediary may be able to help you get all the benefits you really need, and at a competitive price too.
