When searching for a security camera company, many home and business owners do not consider insurance as an important factor. However, you must only hire contractors that are insured. An insurance cover provides protection for both you (client) and the contractor, in the event of accidents leading to injury or damage to your property. In addition, any failure on the part of the contractor to supply deliverables as agreed in the contract entitles you to seek compensation.
Why choose a contractor that has insurance
Contracts carry a wide variety of obligations and legal responsibilities, which usually expose security camera companies to huge financial risk. Under certain circumstances, you may find it necessary to file claims for compensation against your service provider. Some of these claims can be very expensive. Hiring a company that has purchased insurance ensures that you are compensated in such an event.
Which type of business Insurance is required?
1. Professional indemnity insurance
This insurance cover protects the company against claims arising from negligence and failure to deliver on promises. For instance, if you are not satisfied with the deliverables, in terms of quality of products and workmanship from your security camera company, you can file for compensation. Usually, this insurance cover caters for the cost of litigation and damages awarded against the company.
2. Business liability insurance
- Public Liability Insurance
- Employer Liability Insurance
This insurance cover provides protection against compensation claims from the company's employees, which may arise as a result of accidental injury or illness while in the line of duty. Just like all other employers, security camera companies have to take responsibility over the health and safety of their workers.