What Does Welding Liability Insurance Cover?
Welders public liability insurance covers certain personal injury and property damage compensation claims made by third parties such as clients or members of the public. It covers both the legal costs of defending against these claims as well as any compensatory payments a welder is found liable for.
This article will explain how public liability insurance works for welders and other types of welding insurance as well. While public liability insurance is the backbone of a welder’s insurance coverage, they might want or need other types of protection as well. Insurance can be purchased to cover claims you’ve given poor advice, to protect employees injured on the job, to cover financial losses in the case of stolen tools, to provide funding to replace lost income in case of a work-related injury and more.
Welders public liability insurance
Welders public liability insurance is used when a welder is accused of negligence that resulted in personal injury or property damage to a third party. In that case, the third party can take legal action against the welder, suing for damages.
For example, if you are a welder and a client is accidentally injured when they walk too close to you on a worksite, you could be the subject of a compensation claim. Without public liability insurance, you would be responsible for paying your legal expenses and any compensation you’re found liable to pay. This could cause financial ruin for a person or business, which is why public liability insurance is so important.
A public liability policy should cover all welders before working. A welder who is working as an employee should be protected by their firm’s public liability insurance policy – but check to be sure. A sole trader welder should buy their own public liability insurance policy. And a welding company certainly needs a policy as well.
Other insurance for welders
There are other types of insurance that a welder or welding business might want or even be required to hold by law. For example, a welder or business that gives advice might also need professional indemnity insurance to protect claims due to mistakes in work.
If a welder or welding business hires any staff or employees, it’ll likely be a legal requirement that they hold employers’ liability insurance. This protects against claims made when a worker is injured or becomes ill due to their work, and they claim it’s because their employer was negligent.
Since a welder can’t work without their tools, a welder might want to buy tools and equipment insurance to protect them against theft or loss. While this insurance won’t cover simply losing your equipment or wear and tear or a defect, it will protect against losing them in a covered event like a fire or flood. And while you can get cover for theft, be aware that they’ll only be covered against theft from a vehicle at night if you’ve paid extra for this cover. That’s when a high proportion of tool thefts occur, so insurers charge extra to provide cover. If you can store your tools and equipment in a locked, secure building at night, you’ll save money on your tools insurance, as the insurers will give you a discount since they’re less likely to be stolen this way.
Welding can be a dangerous occupation. And if you’re injured on the job, you will probably lose out on income while you’re recovering. Personal accident insurance can provide funds to help replace this lost income for a time when you are not working as a result of the injury. Insurance can also provide a lump sum payment in case of a more serious injury or even death. But given the riskiness of the job, welders can expect to pay more for personal accident insurance compared to some other professions.
Welding insurance cost
Welding public liability policies can be found for around £140 from some sources, but many policies are quoted between £250 and £300 a year. Prices will vary depending on how much cover you need, for starters. Public liability insurance is commonly available with a limit of cover between £1 million and £5 million, although larger businesses needing a higher level of cover can source limits of £10 million.
And when you add other types of welder insurance, obviously, the premium will rise higher. For example, a small welding business with a few employees could easily be asked to pay over £1,000 a year for public liability, employers’ liability, tools and personal accident cover. Ultimately, prices will vary from welder to welder, depending on many factors. In addition to the cover and limits you are quoting for, an insurer will also take into account other factors such as your location, work experience and previous claims history.