What other insurance is available?
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There are several different types of insurance available that give you added cover that maybe worth looking at, depending on your type of business.
As an employer you can also choose to take out:
- owners liability insurance (protects you from claims resulting from injury to someone inside your premises)
- public liability insurance (protects you from claims for damages caused by ordinary business activities eg if a gardener chops a tree down and it falls the wrong way, damaging a house)
- products liability insurance (protects you against damages caused by a product supplied by your business eg a faulty electrical item that causes a fire)
- professional indemnity insurance (protects you from damages resulting from advice you have given or a decision you have made)
- How health and safety can reduce your premiums
To get the best possible terms for your insurance, it is important to work with your broker to demonstrate your effective management of health and safety in the workplace. You are likely to get a better deal if you can show that you:
- have had few accidents
- have completed risk assessments
- take safety seriously
- are prepared to work with your insurer to complete any risk improvements they require
- have good records of training, risk assessments, maintenance etc
avoid certain risks, like hazardous tasks, where possible
Insurers assume firms comply with the legal requirements, and the ABI confirms that businesses demonstrating an appreciation of health and safety issues, above what the law requires “may benefit from cheaper insurance.”
Between 1996 and 2002, the ABI reported that ELCI claims costs have risen threefold, prompting the launch of Making the Market Work, the latest ABI initiative to improve the operation of the ELCI insurance market. It is intended to address rising costs for insurers and higher premiums for many businesses. The initiative has been developed by the ABI following consultations with trade associations and will mean that:
- Trade associations or other similar bodies can submit details of their health and safety schemes to an ABI Joint Standing Committee for assessment against best practice features that insurers expect to see in place. These features have been drawn up by the ABI, in conjunction with several trade groups. The Committee comprises of senior underwriters from the leading EL insurers.
- The Committee will report back to the trade association with a specific assessment of their scheme, together with any suggested improvements. There is no ‘pass’ or ‘fail’.
- Once completed, details of the assessment will be sent by the ABI to all ABI members writing EL insurance. Insurers will take into account this information when assessing the risk from firms who belong to the particular trade association or body’s health and safety scheme.
In short the scheme is designed to reward businesses for best practice health and safety by offering lower cost insurance premiums.
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