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Property Maintenance Insurance

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What Is Property Maintenance Insurance?

It is a business insurance covering tradespeople and companies doing repair, maintenance, and improvement work on a residential or commercial property. It provides financial protection against risks associated with work, such as accidentally damaged or injured employees, or claims for work-related injuries.
This insurance provides you peace of mind by covering everything from tools and equipment to accidental damage. It ensures that you’re ready for any unanticipated expenses that may come up during your regular business operations.

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Public Liability Insurance For Property Maintenance

Property maintenance involves a wide range of difficult tasks. To receive your rewards, you work very hard! Property maintenance professionals require expertise in multiple fields. They need to be capable of handling tasks, whether they are major refurbishments or some routine tasks. They operate at high heights, utilise hazardous instruments, and lift big objects. These all may lead to mishaps and injuries.

Therefore, in this line of work, you should consider your company’s insurance coverage.
But what kind of insurance can you buy? How will it benefit your business? Is property maintenance insurance necessary, and how much will it cost?

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Why Do I Need Property Maintenance Insurance?

You will almost always be working in environments that could harm you, your company, or the public at large. As a professional, you will have various responsibilities, including maintaining the property’s cleanliness and order.
It is crucial to have a strong policy for your property maintenance company for this reason. Making a mistake when fixing a lift or injuring someone while working at a height could result in a substantial fine and possibly legal consequences.
This insurance will protect you financially as a property maintenance professional from any damages that could impact your company. This may result because of theft, injuries to you, your staff, or members of the public, or damages that you and your personnel have caused.
Imagine this: you are carrying out routine maintenance tasks in a client’s home. While repairing a leaking pipe under the kitchen sink, you tighten a joint. Unexpectedly, the pipe bursts. It causes water to flood the kitchen floor.
Now the client has to face expensive repairs for water damage. Understandably, they hold you responsible for the incident. In cases like this, insurance for property maintenance provides compensation for the claims made against you.
Similarly, if you own an office or a warehouse, where you may have stored your expensive equipment. This insurance will cover any damages to your property in case of fire, theft, or weather damage.
Let’s imagine you are a landlord. One of your tenants reports flickering lights. And even before you can call maintenance, an electrical fault occurs. It leads to a fire that causes extensive damage to the property.
This will impact significantly on your finances. Landlord property maintenance insurance will provide coverage for repair costs and potential liability claims.
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landlord building property maintenance

Property Maintenance-Related Checklist

If you are a landlord, you may often face property maintenance claims from your tenants. Maintaining a regular schedule could help keep small problems from growing into bigger ones. Using this checklist will help you maintain the best possible condition for your investment property.

Monthly or Quarterly Checklist

  • Examine every plumbing fixture for mould, water damage, or leaks.
  • Change out any damaged light bulbs.
  • Verify the locks.
  • Examine your extinguisher.
  • Clean the air conditioner filters and perform any necessary maintenance.
  • Clean the hose and dryer vents.
  • Trim shrubs and trees.
  • Gutter cleaning and debris removal
  • Examine the smoke detectors.
  • Clear windows
  • Clean the caulk and grout in the bathroom.
  • Examine and flush your water heater.
  • Pick up leaves

Annual Checklist

  • Check coils for vacuum refrigerators
  • Examine your fireplace and chimney.
  • If necessary, check and replace the smoke alarm’s batteries.
  • Examine the roof for any possible damage or leaks.
  • Water heater flush
  • Appliance gas testing and inspection
  • Examine the paint, wallpaper, and window coverings for damage.
  • If necessary, schedule a termite and pest inspection. Have your carpets professionally cleaned.

By doing these regulatory checks, you can avoid future trouble. It will also affect the cost of your landlord property maintenance insurance. It is an inexpensive solution to your property-related troubles as a landlord.

What Are The Different Types Available?

Public Liability Insurance:

Having public liability insurance would be extremely beneficial to your company as a property maintenance tradesman. The maintenance insurance is designed to cater to coverage choices that are suited to the needs of your job.
Public liability insurance for property maintenance is the most important insurance coverage because it serves as the basis for all other policy options. It protects your interests in case you damage the public’s property or injure them unintentionally.
Public liability insurance helps to safeguard your business since it offers crucial protection. It also provides coverage if customers or clients are hurt while visiting your site or office building.
For example, while pressure-washing the exterior of a client’s building, you accidentally direct a high-pressure jet at an old window frame. As a result of the glass fragments, the neighbour’s property suffers significant damage. Now, in this case, your client and their neighbour may file a claim against you.
You have to pay compensation out of your pocket if you don’t have insurance. However, this insurance will take care of all these costs on your behalf.

Employers Liability Insurance:

If you have individuals working for you, you are responsible for them during working hours. This policy protects the policyholder if one of your employees gets injured or causes harm while on the job.
Keep in mind that employers are legally obligated to carry this insurance in the United Kingdom. Employers’ liability insurance covers

  • Staff members working full-time
  • Part-time staff members
  • Apprentices

    If you have an employee who belongs to the above categories, you have to buy this insurance. However, if you have a subcontractor working for you on a job, you are not legally obliged to have this insurance.
    You need this coverage in cases like if one of your maintenance workers slips on a wet floor on a job. They have hurt their back. You have to cover the cost of the medical treatment and lost wages since you are legally obligated.

Tools Insurance:

Do you know anyone who’s had their tools stolen? Probably you do! Unfortunately, nearly half of all tradespeople suffer tool theft at some point, and if your tools are stolen, having the right insurance may be your only line of defence.
The majority of tradespeople use their own tools or sometimes rent them. If your tools are stolen, you may be unable to complete your work. By including tool coverage in your maintenance insurance, you may reduce disruption to your business and get back up and running without having to pay the total cost of replacing them.
For instance, a worker drops a power tool from a scaffolding. The tool gets damaged beyond repair. Now, you have to replace it urgently since there is no spare available. If you have coverage for the equipment, it will cover the costs of replacement.
To summarise, here are the key coverage areas for the tools insurance:

Coverage TypeDescription
Theft ProtectionCost of stolen tools from a worksite, vehicle (add-on), or storage location.
Accidental DamageRepair or replacement of tools
Loss CoverageMisplaced or lost tools
Vandalism ProtectionIntentional acts of vandalism.
Hired-in Tools Coverage (optional add-on)Tools rented from third parties in case of loss, theft, or damage.
Overnight Storage Cover (optional add-on)Tools stored in secured vehicles or locked premises overnight.

Legal Expenses Insurance:

Legal insurance for professionals covers the costs of defending and asserting legal claims. It can cover everything from debt collection to property disputes if a policyholder ever needs to make a legal claim or go to court.
Litigation proceedings are becoming increasingly common. Commercial legal protection can cover specific business-related incidents, providing financial peace of mind if a customer takes you to court. It can also protect from employment disputes. Additionally, it is particularly useful since it protects you if HMRC investigates your tax status.
While some insurers include this as a standard, others offer it as an add-on.
Here are some instances you may need legal expense insurance coverage:

  • A client refuses to pay a thousand pounds’ worth of invoice for a completed maintenance job.
  • Your former employee claims they were unfairly dismissed. They take this matter to a tribunal. During inspection, an HSE inspector investigates a reported safety incident on a worksite. Now this leads to legal proceedings.
  • The business lease for your office has been unexpectedly terminated. Hence, it affects overall operations.

    In these matters, if you have legal insurance, it will cover the cost of pursuing legal action, legal defence costs, and representation costs.

Personal Accident Insurance

Working as a freelance property maintenance professional has numerous advantages, including the freedom of being your own boss. What would happen if you harmed yourself or became ill for an extended period?
You hope this does not happen, but be prepared for these unforeseen circumstances. To tackle these matters, you might need to consider adding personal accident and sickness insurance to your policy. It will give you a weekly income to aid you financially throughout your recovery. It also includes a daily hospital benefit and coverage for a wide range of probable accidents or injuries.
Fundamentally, it assists you in keeping your company’s doors open. For example, you are fixing an overhead light. You accidentally slip and fall from a ladder and break your leg. Now it requires immediate medical attention.
After diagnosis, it appears that you require surgery. Now, this can render you immobile for a long period. If you have appropriate coverage, it will cover the cost of the following:

  • Medical costs, i.e bills, medicines, and hospital visits
  • Rehabilitation costs, i.e physical therapy
  • Loss of wages

    Personal accident insurance helps you get back on track. Hence, it provides valuable support in times of need.

Professional Indemnity Insurance:

It safeguards a business from claims filed by your clients who lose money because of your advice or the negligent services you provide.
Although professional indemnity insurance is not required by law, not having it may mean that if something goes wrong for a client who follows your advice, your company may be held liable. You will be responsible for the legal fees, expenses, compensation charges, or other costs incurred in your defence.
Imagine this, you advised a landlord to use a particular sealant for a roof repair, and that sealant fails which caused leaks. This is where having professional indemnity insurance may save you a lot of trouble. It will cover all the subsequent costs that may arise. It provides coverage for matters like negligence claims, breach of contract, defamation & libel, and compensation payouts.

Optional Upgrades/Add-Ons

1

Contractors All Risks Insurance

This insurance is required by everyone working on a construction site. It covers the contract value, in-house and hired machinery, employee equipment, and other costs.

Coverage can be set up annually or as a one-time, one-period effort.

2

Particular Projects

All-risk insurance for contractors working on one-time projects can be set up as Employer (OCIP) or Contractor (CCIP) led programs.

3

Covers for the Year

Annual insurance for crafts like electricians, fit-out contractors, plumbers, and minor engineering firms dealing with maintenance.

For instance, a contractor is working on large-scale property maintenance. He is removing an old supporting wall. Unexpectedly, it damages neighbouring buildings. The CAR insurance will cover the cost of repairs, compensation claims, and legal representation in case this case goes to court.

4

Vehicle Insurance

A commercial vehicle or van may be an essential element of your business. Whether it’s for delivery, tools, or simply going to and from your customers regularly. It is being recognised as the need to have quality coverage that provides you with peace of mind.

It covers cases like if you park your van outside a client’s home overnight. The next morning, you find that it has been stolen along with your equipment. Comprehensive vehicle insurance helps recover the loss.

5

Capital Death Benefit

Capital benefits provide lump-sum payments in case of the following cases:

  • For life-altering circumstances, including unintentional death
  • Paraplegia
  • Quadriplegia
  • Lifelong disablement
  • Irreversible loss of limbs, sight, hearing, or speech
6

Contract Work Insurance

It protects from any damage or destruction caused unintentionally to the operations happening at the place of business. It covers the price of the extra labour and supplies needed to return you to your pre-damage situation.

For instance, you are working on a job to replace damaged flooring in a client’s house. Due to your mistake in some calculations, you end up ruining work that you have already done. Now you have to start anew.

You have to buy new material, and of course, it will take extra time. You may face financial loss because of it. However, if you have contract work insurance, it will take care of all these matters, so you can just focus on delivering quality work to deliver.

7

Goods In Transit Insurance

If your property or your customers’ items are stolen, damaged, or lost during transit, goods in transit (GIT) insurance provides protection. For instance, when they are being moved from a workshop or factory to a store, office building, or private residence.

It does not cover the contents of your car before you leave or after they are delivered but only covers them while they are in transit. It is supplemental

Types Of Professions Covered

Anyone working on a construction site needs building maintenance insurance. Generally, it provides coverage for:

  • Property Maintenance Handymen
  • Property Owners
  • Landlords
Meeting of Property maintainer

How Much Does It Cost?

Well, there is no simple answer to that. Building maintenance insurance ranges from insurer to insurer. But to give you an idea, it is usually dependent on the following factors:

  • What kind of work do you do?
  • The necessary degree of cover you need, i.e. any additional cover
  • The number of workers working under you.
  • The annual turnover of your company
  • Any claim you have made in the past

    These all factors have a huge impact on your insurance. You may be wondering why the history of the claim may impact the cost of insurance. The answer is that your insurer wants to estimate what is the average cost of a claim that you may potentially face in the future. The higher the average, the higher the insurance cost.

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Property maintenance lady

How Can I Get Cheaper ClaimsCosts?

To get a cheaper insurance cost, you have to take into account the factors mentioned above. Based on that, you may need to take some measures:

  • Perform regularity checks
  • Install CCTV, burglar, and fire alarms
  • Choose a higher voluntary excess
  • Avoid making small claims, and build a no-claims discount
  • Avoid over-insuring yourself, and wisely choose your covers
  • Pay annually
  • Check for seasonal promotions or discounts

    By taking action on these matters, you can reduce the costs of insurance without compromising essential coverage for your property maintenance business.

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Frequently Asked Questions

Do I really need public liability insurance for property maintenance?

Due to the inherent dangers of the profession, it is strongly advised for property maintenance tradesmen, even though it is not legally required. Without it, a single claim has the potential to bankrupt your company.

How much public liability cover do I need as a property maintenance tradesperson?

The size and type of your company will determine the amount of coverage you require. Consider your business activities, contract requirements, and risks before choosing how much to cover because you don’t want to be underinsured.

Do demolition contractors need public liability insurance?

Property maintenance public liability insurance should be taken into consideration by any business that interacts with clients, whether you visit them or they visit you. Public liability insurance may cover the costs of a claim against you if you or your company injures someone or damages or destroys their property.

When should a property maintenance business consider getting insurance?

From the initial days of your company, obtaining this insurance should be a top concern. Whether your business is new or well-established, having insurance protects your operations and reputation right away.

Is Property Maintenance/Repairers Insurance a legal requirement in the UK?

Having insurance for a property maintenance business is highly advised to safeguard your company’s finances, even though it is not legally required.

Can Property Maintenance Repairers Insurance cover my tools and equipment?

Yes, this insurance can cover your tools and equipment, shielding you from damage or theft.

What types of risks does Building Maintenance Insurance cover?

Public liability, employer’s liability, property damage, and tool or equipment theft are among the hazards covered by this insurance.

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