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What makes a good skip hire insurance policy?

What makes a good skip hire insurance policy?

If you are in in the market for insurance for your skip hire business, there are a few things which you need to consider to make sure you have the right cover in place for every possible scenario. After all, industry specific risks require industry specific solutions. So, what do you need to think about when you are shopping around for quotes?

Public Liability

Public Liability Insurance needs to be included in your policy. When skips and skip loading equipment is operating anywhere, outside a depot, it presents a degree of risk to the public. Skips left in the road may cause injury to a passer-by or loading and unloading skips has the potential to cause damage to people or property and clients need to be aware that not all Motor polices will deal with third party property or injury claims whilst using your vehicles as a tool of trade. Public liability insurance will cover you in the event that you are taken to court for loss or damage by a member of the public or third party business. A local authority may require a minimum level of cover for skips left on the road anywhere between £1,000,000 and £10,000,000 so do make sure that your cover is adequate for this.

Employers Liability

Loss or injury may also be suffered by your employees in the course of their working activities for you. The waste and recycling industry has one of the worst records for workplace injuries (see this article on our blog for more) so this cover is an essential component of Skip Hire Insurance and is of course a legal requirement. Added to this, Management Liability or Directors and Officers insurance may also be a worthwhile addition to cover. This would offer protection in the event that a Director or key member of the management team were deemed to be negligent in their duties, leading to loss or injury of an employee- see (blog) for more info.

Plant insurance

The skip hire business involves a good deal of specialist, heavy plant and equipment so it stands to reason you need specialist insurance to cover it. Excavators, Grabs, Loading Shovels, Trommels, Balers, Shredders, Granulators, Concrete Crushers, Picking Stations are all types of machinery which you may use in relation to your business. Some of this type of fixed plant is becoming more difficult to insure now, however, GM Insurance have access to cover of this kind with A-rated insurers.

Commercial Vehicle & Fleet Insurance

Skip & Waste vehicles also require specialist attention and market knowledge, as many insurers will shy away from covering vehicles within the Waste & Recycling industry. With this in mind GM Insurance have put in place a unique scheme for Waste related vehicles and our panel of insurers work closely with us given our expertise in the trade to ensure we can offer the best possible terms for your requirements. Whether you are in need of cover for a fleet of vehicles or a single vehicle, GM Insurance have got you covered here too.

Buildings

As we have reported in our blog recently, there has been an increase in serious fires at waste sites over recent years and this has led some insurers to leave the market or increase their premiums, making them too expensive for some smaller businesses. As industry specialist brokers, we can still arrange cover for your associated buildings within waste transfer stations and recycling facilities.

If you need more information about any of the elements mentioned, get in touch - as specialist brokers to the skip hire industry we are able to tailor cover to meet your specific needs and requirements.

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