Are you actually insured?
Insurance is the missing link in the environmental, health and safety sector that could cost you a fortune.
Insurance is one of those things that most people know little about, and a small few have an encyclopedic knowledge of. We trust those in the insurance industry to know the ins and outs of the contracts we sign, the little details in lawyer-speak and Latin that can leave us scratching our heads.
Maybe it enters our mind once a year when renewing a premium, or at the start of a new business venture.
We like to know that we’re covered.
We can breathe easy knowing that if the unthinkable happens; a fall from a height, a chemical spill, damage to equipment or products, the safety net is there if needed.
But what if I told that a huge number of businesses, contractors and subcontractors are operating today, with insurance and they may not be covered at all.
Does that sound a bit ludicrous to you too?
When hiring a contractor or a subcontractor, we typically ask if they have employers’ liability insurance or public liability insurance. It’s easy to assume that this will suffice, but it’s not always the case.
Do you know that if you declare, to your insurer, that you use bona fide subcontractors in your business then there is a warranty on your policy, which states in summary, that as the insured you must check the subcontractor’s insurance to make sure that they have adequate cover?
If you do not comply with this warranty and avoid checking their insurance, then your insurer will refuse to indemnify you. If a subcontractor does not have adequate cover, the third party can sue you, as you are the main contractor!
If this is a little hard to wrap your head around, let’s look at some common occurrences where insurance may be void and what can be done about it.
Instances where insurance may be void:
- Contractors working without adequate training- first aid, manual handling, etc.
- Using chemicals without proper training or personal protective equipment (PPE)
- Operating at heights above fifteen meters
- Working in a confined space without adequate training
These are some of the more common instances where an insurance policy may be void, but there are plenty more.
In a recent survey of 290 companies, research suggests that 67% of organizations were unaware if their contractors were or were not insured.
While 73% had not checked for exclusions on policies! That’s a staggeringly large number. See Appendix for more details.
What if I told you there is a solution for businesses, contractors and sub-contractors to come together clearly and transparently so they can all sing from the same hymn sheet?
The “mai Contractor Portal“ is that solution.
It lets you have clear, real-time visibility of all your contractor company’s details (insurance details, safety manual, and risk assessments, licenses, etc.) and their employees (training records, background checks, etc.)
You really can manage every aspect of your contractor workforce with a few clicks, it is that easy!