Key Insurance Covers for Alarminsure Customers

We know that getting the right insurance can be tricky, and it is likely that to protect your business you will need a range of insurance covers which is why our policy is designed to give you the variety and breadth of cover you need if something goes wrong and you need to make a claim.

To help you understand the types of cover you might need we’ve created this guide to walk you through the key insurance covers and what they are designed to protect;

• Efficacy insurance (also referred to as ‘failure to perform’ cover) protects you against the legal liability for injury to third parties, or damage to third-party property when a product or service you supply fails to perform its intended function. It is an important cover for contractors involved in performance-critical activities like installing alarm and security systems or fire suppression systems. When your product or service fails to perform as intended, it can result in harm to your customers, their property, or even third parties.
• Employers’ Liability Insurance is a legal requirement if you employ staff and provides cover if a member of staff is injured, or suffers illness or damage because of their work.
• Public Liability can protect against compensation claims for injury or damage to customers or third parties. If you meet members of the public either at your premises or elsewhere this type of cover may be a contractual requirement. If you exhibit at fairs or craft markets, you will be asked to hold this type of insurance and probably provide a copy of it to organisers.
• Product Liability would protect you in the event that a component or product you have installed fails or does not perform, which causes damage or loss to your client.
• Professional Advice is automatically provided under the Public Liability section of the policy and defined as ‘advice given as part of an overall contract to install, maintain, service and/or repair that does not incur a separate fee’. This provides protection against any third party, individual or business, being awarded damages because the advice given to them by you or your company resulted in injury, loss or damage to them or their property as long as the advice given was part of a contract to install, maintain, service and/or repair.
• Professional Indemnity Insurance: If you do give advice for a separate fee or carry out risk assessments, system design, surveys or provide training you will need to consider arranging Professional Indemnity Insurance.
• Fidelity Insurance offers you comprehensive protection against fraud, for example, financial losses caused by criminal acts committed by employees and other trusted third parties.
• Defective workmanship Insurance provides cover for your liability in relation to costs of rectifying defective work that causes damage, loss or injury to third parties.
• Financial Loss cover is when the Insurers will pay claims where the policyholder is legally liable to pay damages costs and expenses for accidental financial loss where such loss is not consequent upon injury or loss of or damage to property.

We’ve covered the different sections of insurance cover alarm installers need to protect your business. From liability insurance to protect against potential accidents or damage during installations to professional indemnity coverage for safeguarding your professional reputation, this article walks you through the key insurance considerations.

Whether you’re a seasoned alarm installer or just starting your business, this guide is your go-to resource for ensuring that you have the right insurance coverage in place to keep your business secure and thriving.

We’d love to help you get the right cover for your business. The best way to get a quote is to give us a call on 0800 071 0999 or email us at info@alarminsure.com and one of the team will help you.