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So i have been trying to find information on the legal requirements for business insurance and it would appear that there is none - can anyone confirm this for me?
From what i can gather after reading companies act etc there is no mandatory requirement for a business or otherwise to hold any form of insurance.
I am reducing my companies field of works to residential only so have no need for the comprehensive insurances that are required for commercial and industrial works - before i go to my broker just want to empower myself with the appropriate knowledge - i would like to think that you would receive a reduced rate if you were plumbing/gasfitting residential only but this may not be the case - do residential plumbers/gasfitters bother with insurances?
Not looking to get out of insurance so to speak just want to know what normal best practice is as a residential only plumber/gasfitter? Been a commercial/industrial/residential plumber my whole life so always carried very comprehensive insurance which also carries hefty premiums so just looking to minimise it all :-)
Any helpful advice appreciated!
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Hi integrated,
I always carried public liability and indemnity combined with my vehicle insurance for around $1800 per year. i forget the actual amount of cover a couple of million i think.
Something you hope you never need but it is a no brainer really, almost all of my work was residential however i had an option if required that i could raise my cover for a specific job but from memory that had to continue for my time of responsibility if that makes sense.
I imagine you will have to be quite clear with your broker the type of work you are going to be doing.
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Hi Enn, thanks for the response - that's not much less than what I am paying now but sounds like there may be some saving