Liability insurance confusion
A reader from Cumbria is not sure how he is covered by his business insurance.
Emma Holyer, myfinances.co.uk insurance expert from LV= Insurance, tackles the issue.
Stuart from Penrith asks:
My business insurance has a clause excluding loss or damage to property in my custody or control.
I am a sign maker and surely any vehicle or home is left in my custody while I am working on it. So is anything covered if an accident occurs and if not what is the point of my liability insurance?
Emma replies:
It sounds like you have the wrong insurance policy as the one you have currently won't pay out if you damage someone else's property.
This is a clause that some small business insurance policies will have included but depending on who your insurance is with, these kinds of policies are normally flexible and you will want this clause removed.
Generally business insurance is sold via brokers because of the different nuances of individual industries so contact your broker. If you purchased direct, contact the insurer and see if they are able to include this cover in the policy.
If they can't help, I'd cancel the policy and go and see your local broker who should be able to help.
If you have a question for Emma, go to the myfinances.co.uk Ask the Insurance Expert section.
LV= Insurance - the Liverpool Victoria Friendly Society - is authorised and regulated by the Financial Services Authority.
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