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Do you own a workshop? Do you use it for business purposes? Then it’s important that you make sure you’re sufficiently protected against potential risks – both physically and financially.
Whether you work in a home or larger commercial premises, purchasing the right workshop insurance package for you can provide protection and security for your business.
What is workshop insurance?
In truth, workshop insurance can mean different things to different people. A workshop insurance package is a fluid product that includes, or excludes, individual insurance policies depending on you.
While the key policies offered in a workshop insurance policy are similar across many different sectors, you will need to take the following into account to make sure you’re fully covered:
- Your specific industry
- The circumstances of your workshop.
For example, if you work out of a separate commercial workshop, you may want to consider adding commercial property insurance into your package.
What does workshop insurance cover?
What your workshop insurance package includes will depend entirely on you and your circumstances. Although, there are some insurance policies that frequently appear in most workshop insurance packages.
Some of common policies that you may come across when comparing workshop insurance include:
Workshop contents insurance
Workshop contents insurance can be useful whether you rent or own your premises. It can provide financial assistance if you need to repair or replace any of your workshop’s contents, tools or equipment after damage, theft or loss.
While the specific contents you need to cover depend on what you use your workshop for, a typical contents insurance policy can cover power tools, machinery and other workshop equipment, as well as computer equipment, portable equipment, stock, materials and supplies. But, it’s always worth checking the specifics of your cover in the policy wording.
Workshop buildings insurance
Workshop buildings insurance could be an essential part of your insurance package. This cover can provide financial assistance if you need to repair or replace the main structure of your workshop and its permanent fixtures and fitting. You may need to do so if there is a fire or flood, or if your premises has become the victim of vandalism. If you rent your workshop space, your landlord is likely to be responsible for purchasing buildings insurance, so it’s worth checking whether they have done so – and that the level of cover they have taken out is adequate for your business.
Workshop liability insurance
Workshop liability insurance can be used to defend against and pay compensation for claims that your workshop, a member of your staff, or a product that you have manufactured, has caused, damage, suffering or injury.
This may sound serious, but in reality it workshop liability insurance helps to provide financial assistance for a legal defence in case something goes wrong and you are sued.
Liability insurance is offered in three forms:
- Public liability
This protects anyone visiting your workshop from harm, or damages to their property.
- Product liability insurance
This protects your customers when using products you’ve manufactured from harm or damage to their property.
- Employer’s liability insurance
This protects your employees from harm or damage when working on your business premises.
Workshop professional indemnity insurance
If your workshop offers design or manufacturing services – or related advice – you may find it useful to purchase professional indemnity insurance. This cover can provide financial assistance if you need to defend against claims that your service or advice has caused a customer to suffer material, physical or financial loss.
The above are the core policies that make up a workshop insurance package. Although, depending on your attitude towards your workshop and risk, you may want to add cover to meet your particular circumstances.
Below you can find some of the more common additions and exclusions of workshop insurance.
What does workshop insurance include and exclude?
Your day-to-day operations will determine how much insurance cover your workshop needs. If you find that your regular duties are not covered by the policies above, then it’s likely that you’ll need to include some additions to your workshop insurance package.
Some common additions that we have found workshop owners may want to consider include:
Goods in transit insurance
If you regularly travel with your business items, goods in transit insurance can provide protection for your contents while they are transported, while vehicle insurance can protect the vehicle you use against accidents and theft.
Cash on premises cover
Cash on premises cover can compensate any loss of business money you experience in the event of theft. It can also often include personal assault cover, which can provide financial assistance with hospital bills if you are assaulted during a theft or attempted theft.
Business interruption insurance
If you are unable to trade due to an event covered in your insurance policy, business interruption insurance can compensate for any loss of revenue you experience during this time – and can also help with any costs associated with setting up in a temporary location.
Personal accident insurance
Personal accident insurance can also be included in your workshop insurance policy, and can provide financial assistance if you are unable to work because you have been seriously injured or become seriously ill.
Further covers you may be offered as part of a workshop insurance policy include:
- Business travel: useful if you travel overseas for business, this cover works similar to travel insurance and can provide assistance if you encounter problems during your travels.
- Terrorism cover: insurers may include terrorism cover as an option although it is usually specified as an exclusion. Terrorism cover can provide protection for yourself, your workshop and its contents in the event of a terrorist attack.
- Engineering insurance: this cover can provide financial assistance if you need to obtain the services of an engineer to inspect your items after damage.
- Cancellation: You may also be able to add cover for expenses you incur following the cancellation of an event or contract.
How much does workshop insurance cost?
The cost of your workshop insurance depends on your attitude towards risk. If you’re risk averse and you choose to take out a number of additions to your package, then you can expect your overall cost to be more expensive.
To find the right balance between cost and cover, it can help to chat with an insurance expert and discuss what risks your workshop faces, and how you protect against them. For more advice on your workshop’s insurance policy, call Make It Cheaper today on 0800 068 5222.
Another way that you can reduce your premiums when looking for a better price on workshop insurance, is to have precautionary measures in place to reduce the risks you face. This can include anything from fire extinguishers and blankets, to security cameras and padlocks to secure your premises.
These measures will help reduce the risk that you pose to your insurer, which, in turn, should lower the price of your workshop insurance premiums.
Keep in mind, it’s worth weighing up the potential savings that could be made against the upfront cost of installing these measures to make sure it makes financial sense.
How to get a quote for workshop insurance?
Getting a competitive quote on your workshop’s insurance couldn’t be easier with Make It Cheaper. All you have the do is either drop us a line on 0800 068 5222 or fill out the call-back request form below and one of our business savings experts can call you back at a time that’s more convenient.
After a short conversation with one of our agents about your workshop and your day-to-day operations, we can help you understand what insurance policies you require, and ensure that you get a competitive price for them! It’s that simple!
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