In these extremely strange times, many sign companies are taking the opportunity to have a sort out; using the period of isolation to tackle admin tasks and preparing for when life gets back to normal.
Jake Watson, from ISA-UK member First Insurance Solutions, highlights some of the areas that you shouldn’t overlook when researching a new policy.
It is relatively commonplace, and dare I say it standard, for most signage businesses to have a “Commercial Combined” package policy. However, there are several other extensions to this policy or additional covers which should be considered:
Damage to the Item Being Worked Upon: This is useful cover for the signage industry, as one of your biggest risks is potentially causing damage to the item you are working upon. A claim could arise from causing damage to a third parties’ property when installing a sign or from damage to a sign whilst you are servicing or maintaining it. Unless you have cover in place for “damage to property worked on” as part of your insurance policy then such claims would not usually be covered under Public Liability.
Rectification of Defective Works: This cover will protect the re-cost of the manufacture of a sign and the installation to complete the job when there has been a third-party injury or property damage. For example, if a faulty shop sign was to fall onto a pedestrian causing injury then this is where the cover will pay to get that sign replaced and correctly installed.
Movement of Vehicles: On a day to day basis signage companies move their customers vehicles to varying degrees in undertaking vehicle graphic works. This cover will protect damage caused to a vehicle whilst moving customers vehicles on “private land”.
Professional Indemnity: Professional Indemnity covers your professional duty of care for design work or advice that you give. Referring back to the case if a shop sign was to full on a pedestrian which you designed incorrectly and the supports were insufficient, then this crucial piece of cover will respond to the claim for which you are being pursued.
Directors & Officers Liability: If you’re a director, partner or officer of a company you’ll have extra responsibilities to your employees, members of the public, investors and regulators. It also means you could be more exposed to a range of risks if things go wrong and your personal assets could be at risk. This important cover is there to protect you financially against any claims made against you personally as a director, partner or officer of your business.
All these covers are not included on a standard commercial combined policy but a good insurance broker will be able to access them for you.
Jake Watson can be contacted at firstname.lastname@example.org