Drilling Contractors Liability Insurance
Liability insurance for a drilling contractor with instant low-cost drilling contractors liability insurance in the United Kingdom. As a specialist liability insurance broker, we provide you with online quotes from the leading insurers so that you can compare cover and premiums for your business insurance. Our team of brokers on hand to assist you with any queries you may have and help you to obtain our best price for your drilling contractors insurance.
Why does a drilling contractor need liability insurance?
As a drilling contractor, you are exposed to the possibility of legal action being taken against you in respect of your legal responsibility for personal injury or property damage arising during the course of your activities. Claims in respect of these liabilities can be expensive to defend and even more costly if you are found legally liable. Your drilling contractors liability insurance is there to protect you against these losses by providing you with insurance in respect of awards made against you and the defence costs of any claim.
What sort of liability insurance does a drilling contractor need?
For the majority of businesses, there are basically two types of liability insurance that need to be considered.
- Public liability insurance protecting you against claims made against you in respect of your legal liability for personal injury or damage suffered by third parties. The public liability insurance can also include products liability insurance to protect you against claims made against you arising from the sale or supply of a product.
- Employers liability protecting you against claims made against you in respect of your legal liability for death, disease or injury sustained by an employee during the course of their employment.
It is worth noting that businesses that provide professional services may also need to consider professional indemnity insurance as part of their liability insurance arrangements.
Quotes for drilling contractors liability insurance
These days it is a very simple process to obtain quotations for your liability insurance, simply apply online or call us directly to discuss your requirements with a broker. The on-line service presents you with fully detailed quotes from a range of insurers, with the lowest priced option first and full documentation is available for each policy online. If you are happy with the quote you can buy it there and then and receive your policy immediately. If you need further assistance, talk to a member of our team and they will be delighted to help you.
How much does liability insurance for a drilling contractor cost?
The cost for liability insurance for drilling contractors is, as with all insurance, based upon the risk information received by the underwriter. These days liability insurance tends to be less costly than in recent years, but unusual factors such as work in hazardous locations along with the number of people engaged in the business and whether you have previously had claims made against you.
How much liability insurance does a drilling contractor need?
The limit of indemnity is the maximum amount the insurer will pay for a single claim, or in some cases the maximum amount they will pay out in a year. This limit is set by you based upon your requirements. Common limits under these policies are £1M, £2M £5M and £10M although other limits are available for drilling contractors. Choosing this limit you will need to decide how much cover you think you will require. This may depend on the type of work you undertake and the contractual requirements you work under such as requests for a certain limit from local authorities etc.
For employers liability, the statutory minimum is £5M although in practice policies are not issued with a limit of less than £10M, again higher limits are available upon request,
What is the excess on a drilling contractor liability insurance policy?
The policy excess is an amount of money that you are responsible for in respect of each and every claim that occurs under your policy. You will generally find a policy excess applies to property damage claims under the public liability insurance and this is commonly £250 or £500. There is no policy excess in respect of claims for personal injury under either the public or employers liability insurance policies.
Many policies offer the option to include further cover such as tools insurance, business equipment, personal accident insurance and legal expenses insurance. These policies are broadly referred to in the insurance market as tradesman insurance, although in all cases the public liability section of the policy is compulsory.