We sell insurance but believe it or not; we're human too. We know the language associated with insurance policies can be challenging to understand. We want to make selecting the right insurance policy as simple and hassle-free as possible, so here's some insurance jargon you may have come across and a brief explanation from us.
Also written as a 'deductible' in some insurance policies, the excess refers to the amount of money you are subject to pay should you make a successful insurance claim.
The Policy is the document issued by the insurance provider where the terms of the contract will be detailed, along with a Schedule. As such, the Policy is your legal evidence that you're insured and sets out the specifics of your cover.
When reviewing insurance policies, indemnity refers to the person or party within the contract that is responsible for compensating the other.
Some insurance policies are only valid if you operate in a specific geographic region. Territorial limits are therefore included to stipulate where your insurance coverage is valid.
Should you hire staff to help you conduct your business, employer's liability insurance protects you, as the employer, if an employee submits a claim against you.
Refers to cover that protects you from legal fees and compensation claims that are made by a member of the public. For example, if a member of the public is harmed as a result of your business.
Bona fide subcontractors
Some contractors are hired to carry out a specific job on site (like a plumber, electrician, etc.) and work independently. These professionals have their own liability insurance and are legally responsible for their own work.
This term is used to describe someone under your professional direction, but they're not necessarily an employee. They use the tools and materials supplied by your company and are required to comply with your health and safety regulations.
Don't be intimidated by the legal babble. While it can be confusing, fully understanding the specifics of your tradesman insurance policies will help you significantly in the long run. We go to great lengths to make our policies easy to understand so you can quickly make a decision. However, if any of our customers have questions, our UK-based support team are available six days per week. So if you need any help or support when browsing our insurance, call us on 0116 243 7904 or contact our customer services team.