If I take out a Property Owners policy, what can I expect it to cover me for?
Protection for the loss of buildings including accidental damage
Protection for contents, including contents in common areas
Property Owners liability. Employers liability may also be required
Loss of rent cover
The cost of alternative accommodation
Management Liability for the managers of blocks of residential flats
Arrangement of the statutory inspection of plant (e.g. passenger lifts)
Property Owners Insurance
Property owners range from a landlord of a single house or flat to corporate owners of multiple properties including commercial, retail and industrial premises.
It is fair to say that most insurers prefer property based business but their ratings can vary dramatically depending on the property postcode and the type of tenant. A commercial tenant storing flammable substances will attract a higher rate whilst unoccupied properties quite often require a specialist insurer. Postcodes tend to denote high risk areas and are particularly sensitive where the risk of flooding is likely.
Property owners need to insure more than just the buildings and covers can be quite extensive. This may include Employers Liability cover as explained below and we are happy to guide you in this and all other covers.
Why do you need this insurance?
Can you answer yes to any of these statements?
You have valuable buildings and contents that need protection
You need to cover your legal liabilities and have access to a support team to defend you in any court action
You need the flexibility to add and remove properties from a portfolio
You need to protect your income if you are not collecting rental income as a consequence of a loss
You may have a responsibility to provide your tenants with alternative accommodation
Glentworth have brokered buildings insurance for the past 10 years for our portfolio of 100+ commercial properties throughout the UK, and we have never found the service less than absolutely flawless. We recommend them without hesitation.
Eliot Haimes BSc, Scotsgrove Holdings Ltd
Why use Glentworth for Property Owners insurance?
Glentworth has access to all major UK insurers providing Property Owners insurance. We also have a vast amount of experience in providing cover for all types of property owner and can guide you through what cover you need to make sure that you retain income if you suffer a loss. We will also help you assess your legal liabilities.
Do I need Employers Liability Insurance?
It’s not just about PAYE employees
If you have PAYE employees then it is highly likely that you will need Employers Liability cover. However, that is not the end of the story and there are other instances when you will need it – even for volunteers! Read on.
If you employ subcontractors, or workers on a casual basis you could need Employers Liability cover. The main exception is if you engage Bona Fide Subcontractors (BFSC). It is important for our clients to be able to distinguish for insurance purposes, between a labour only sub-contractor and a bona fide sub-contractor. Understanding the fundamental differences is important to ensure that correct cover and pricing is applied to your insurance policy.
Labour only Subcontractors.
A contractor employs a sub-contractor for their labour only. The labour only sub-contractor (LOSC) does not supply any materials, the LOSC is being supervised by the Contractor.
In this context there is a master and servant relationship. The contractor’s liability towards the LOSC, and arising out of the LOSC’s activity when working for them, is considered the same as if the LOSC was a direct employee.
Since this is regarded as a master and servant relationship an Employers Liability and Public Liability exposure exists. Even if the LOSC has their own insurance i.e. Public Liability. The contractor would not be able to subrogate against it. There is case law setting precedents to support this.
Bona Fide Subcontractor (BFSC).
A master and servant relationship would not be considered to be in existence.
The BFSC would be providing materials, labour and supervising their own work and invoicing accordingly. There is no Employers Liability risk but contingent Public Liability cover is required. It is likely that it will be warranted under your own insurance that you check that each BFSC holds adequate Public Liability insurance.