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Scrap yard insurance: what you need to know
No matter what you specialise in, scrap yards of any kind are hazardous places. Whether you’re a scrap metal merchant, a car breaker business or a metal recycling centre, it’s essential to have specialist scrap yard insurance in place to cover you should the worst happen. Here’s an introduction to what you’ll need to include in your policy.
Liability insurance for your scrap yard
Accidents happen, and in a high-risk environment like a scrap yard, it’s particularly important to ensure you take out public liability insurance. This is there in case a member of the public is injured, or their property is damaged, while they’re visiting your scrap yard. Should they sue you, public liability insurance is there to cover your legal fees and the cost of any resulting payout.
As an employer, you’re responsible for the health and safety of your employees. It’s therefore vital to ensure you have employers’ liability insurance tailored to your specific type of business and its associated risks. This will help you cover legal fees and compensation if an employee takes you to court over an injury or sickness sustained as a result of their working environment. You might also want to take out personal accident cover for yourself.
Insuring your scrap yard premises and equipment
It goes without saying that you’ll need scrap dealer insurance cover for your plant and machinery, as well as any other tools and equipment; without them, you wouldn’t be able to keep your business running. The right insurance policy will pay out enough to buy new ones should they be lost, damaged or stolen, so make sure you calculate exactly how much you’d need to replace them. It’s also important to take out stock insurance, both for the stock you have sitting in store on your site and for when it’s being collected or moved around.
You’ll need fleet insurance for your vehicles, making sure that your policy covers specific vehicle types such as cranes and pick-up trucks. If you have a site office, you’ll also be needing office insurance to cover your buildings and their contents. As part of this, you can add extras such as accidental damage and business interruption cover, which will help you to keep your business afloat in the event of unforeseen circumstances such as fire. You can also insure specific equipment such as laptops, even when taken off-site.
Get a quote for scrap yard insurance now
Every scrap yard is different, so why not give us a call and speak to one of our business insurance experts about your specific scrap dealer insurance needs? Call us on 0800 078 7003 (or 0300 600 0603) with your questions, and get a no-obligation quote for scrap yard insurance that’s tailored to your business.