If you’re an interior designer or are thinking about setting up your own interior design business, there’s a lot to prepare for.
Before starting work for any clients, a top priority should be getting your interior designer insurance arranged.
This will protect you from a variety of scenarios and let you concentrate on doing what you love with peace of mind.
Working in the interior design field comes with a unique set of risks. Every business has different ways of operating that need to be taken into consideration during the process of becoming insured.
This is why going for bespoke insurance featuring all of the essentials plus options to include various add-ons is the best choice for getting top-quality personalised cover tailored perfectly to your individual requirements.
To help provide an overview of what’s needed, The Insurance Octopus has put together a checklist featuring the main elements your interior designer insurance should include.
Such an integral part of your business cover, professional indemnity insurance, also known as PI insurance, is there to protect you from financial ruin should you ever be faced with a lawsuit from an unhappy client.
Situations like this come about more often than you might think and the huge financial costs of facing compensations claims definitely has the potential to put you out of business if you aren’t adequately insured.
PI insurance covers you when facing claims for the likes of professional negligence and breach of contract.
If you employ one of more people, you need to have employers’ liability insurance.
This is a compulsory legal requirement that covers the cost of dealing with any claims for compensation from employees that have been injured or fallen ill as a result of their work.
While you might not be taking on any staff initially, it’s important to get your insurance updated as soon as you do.
Employers without this type of protection face considerable fines and even prosecution.
£10 million is the standard amount of cover provided if you take out a policy with The Insurance Octopus.
As a public-facing business, you’ll be working with a variety of clients in different locations all of the time.
This leaves the possibility of facing third part claims if somebody is injured or their property is damaged.
In situations like this, public liability insurance is essential. This must-have element covers the cost of legal fees along with any compensation pay outs you incur.
Different levels of cover from £1 million to £5 million are available.
Driving around between clients, conducting measure-ups for fittings and maneuvering furniture are all likely to be part and parcel of your job as an interior designer.
This type of work obviously requires you to be fit and healthy.
However, if you’re injured and need time off, you won’t be guaranteed the sick pay or holiday days that employees are usually entitled to.
As an independent interior designer, it’s also unlikely that there will be anybody else to cover your work.
Personal injury insurance is designed to help you get by financially until you’re in a position to resume your business.
Other insurance add-ons
Because every interior design business is unique, you might want to consider insurance add-ons designed to strengthen your policy and make it more personalised.
Business interruption insurance will cover any trade losses incurred due to situations such as illness, injury or buildings damage.
If you have an unmissable opportunity to work on a lucrative contract abroad, there’s an add-on specially designed for off-shore working.
Extra financial protection to deal with legal issues from clients, employees and third parties can also be added on.
It’s all about finding a bespoke business insurance plan that works for you.
To find out more about the interior designer insurance options available from The Insurance Octopus, get in touch today.