If you own or manage a solar installation business – this blog is for you!
We’ve identified the most important questions you (or your insurance broker) need to ask to ensure you don’t overlook any critical details in the fine print that might influence what you are – and aren’t – covered for.
As more people realise that solar is the smart way to power their property, it’s important to have the right insurance in place as your business grows.
The type of work you do in your business will affect the type of insurance you need. In short, not all insurance for solar panel installers is the same.
Here’s an insight into the three (3) key questions your experienced insurance broker representative from Insurance Web will ask when determining which insurance policy is right for you.
- Do you outsource or subcontract some of the work to other trades? Do clients pay you for the whole job or pay direct for some of the other trades?
Solar Companies are like home builders as they may utilise different tradespeople to carry out each part of the job. That could mean outsourcing a retailer, a system designer, an installer and/or a qualified electrician.
But even if a solar company is coordinating or overseeing every step (but isn’t physically completing each step of the process themselves), they will need insurance coverage as if they are.
Why? Well, if a client pays your business for the whole job, any claims will be directed at you, not the subcontractor you’ve engaged.
- How long do your solar panel installation jobs take?
If you only service domestic clients and your jobs are typically completed within one day, your exposure risks – and therefore insurance needs – are likely to be less than if a job takes two or more days.
Businesses involved in larger projects that go on for days or weeks, such as installations at commercial properties should also consider having additional cover for material loss or damage for the stock and equipment during installation. Events such as fire, storm, and theft of stock and/or equipment from the job site are extra considerations for jobs that take longer, whilst the install is taking place. This is very similar to a builder that engages trades and has a job in progress for weeks or months.
As you can imagine, loss to your stock you have supplied before the installation is complete and the client has signed off on the job can be very costly!
PRO TIP: If materials are being left on site for two or more days, this represents a risk to the business. Plus, some material damage insurance coverage can even include materials and equipment in transit, such as when it’s being moved to site. This is why it’s critical to check the fine print, ask the right questions and have an insurance broker you can trust advising on this.
- Do you provide design advice and recommend products?
If you are advising on design and recommending products to clients then, Design and Construct Professional Indemnity coverage may be beneficial and offer some protection against financial loss associated with any advice or recommendations you provide relating to design or construction.
This could include poor documentation, design failure or inaccurate design, inadequate specification or improper project management.
It’s important to note that if your product and the design isn’t fit for purpose (or doing what they’re intended to), they more than likely won’t be covered under public and products liability insurance either.
The Insurance Web Difference
Here at Insurance Web our broker representatives take the time to understand exactly how your business operates and who your business services.
By understanding your processes and what happens in your job, we can provide tailored recommendations as to what insurance program will be required to ensure you are fully protected – and that you understand your insurance risks or exposures.
Talk to us About Solar Installation Insurance
Insurance Web is your local insurance expert. Known for our simple processes, cost-efficiency and trustworthy staff, we’ll help you get the right business insurance cover, so you can trade confidently and securely right now!