Workplace Insurance

Workplace insurance protects your building, machinery and equipment, stock and fixtures against unexpected risks such as fire, theft and flooding. CMB Consultancy provides information and support in determining the cover that suits your lift company’s needs.

What Is Workplace Insurance?

Workplace insurance is usually a package policy that combines several covers in a single policy. The main cover is fire and related risks; the scope can be extended with additional covers according to the needs of the business. Policies are issued by authorised insurance companies and their agents.

What Does Workplace Insurance Cover?

• Fire, lightning and explosion: damage to the building and its contents caused by these risks,
• Theft: theft of goods, stock and fixtures at the workplace,
• Natural disasters: risks such as earthquake, flood and inundation, and storm,
• Internal water damage: water damage caused by plumbing,
• Glass breakage: breakage of shop windows and glazing,
• Machinery breakdown and electronic equipment: damage to machinery, equipment and electronic devices at the workplace,
• Business interruption / loss of profit: loss of income when operations stop because of damage,
• Employer’s liability: claims against the employer for losses suffered by employees in occupational accidents,
• Third-party liability: bodily injury and property damage that may be caused to third parties during operations.

The scope and limits of cover may vary according to the insurance company and the policy.

Why Is It Important for Lift Companies?

• Lift installation and maintenance require teams to work on construction sites and in different buildings. This increases the risk of occupational accidents and of damage to third parties; employer’s liability and third-party liability covers address these risks.
• Lift materials, motors, control panels and calibrated measuring equipment kept in warehouses and workshops are protected against risks such as fire and theft.
• The financial impact of an interruption to your operations after unexpected damage is reduced.

What to Consider When Taking Out Workplace Insurance

• Actual value: Buildings, machinery, stock and fixtures should be insured at their actual values. If values are under-declared, claims are paid proportionally.
• Additional covers: choosing additional covers suited to your activities (earthquake, machinery breakdown, liability, etc.),
• Deductibles and exclusions: reviewing the deductibles and the situations excluded from cover in the policy,
• Updating: updating the policy at each renewal according to changing values and new equipment.

For information about your workplace insurance needs, contact us.