Just buying my first ever property

[WaterTight]

Which subsequently becomes my first ever significant asset.

Which made me think about being sued.

I have Pub Liab insurance. Should this be sufficient to not worry (unduly) about accidentally burning down a house because of a moment of absent mindedness? Or do I need some other additional insurance?

Looked into Professional Idemnity insurance, sounds like more for bad advice which seems less of a concern given I mainly do small maintenance.

The other option would be to become a limited company but if the sole reason is the protect your house in the event of being sued over ruining someone elses I'm hoping this would be OTT and Public Liability insurance would suffice.

Thoughts?

Thanks

 

[king of pipes]

Never think like that water tight just dont take any risks with hotworks theres always other options i have public liability up to 5million and never ever take risks and am super conscientious on all i do cheers kop

 

[WaterTight]

You got to think like that haven't you? To presume you could get very unlucky no matter how careful you are and check that you have all the cover you need to guard against losing everything if the unthinkable happened? Was just wondering if Public Liability is all you need if the worst conceivable thing you could be worried about is half destroying some fancy house with water/fire.

 

[ShaunCorbs]

We have both 5 and 10mil costs about 1200 a year which isn't too bad

 

[king of pipes]

You know best bud cheers kop

 

[quality]

We have both 5 and 10mil costs about 1200 a year which isn't too bad

You say we! or is that the company you work for ?

 

[ShaunCorbs]

You say we! or is that the company you work for ?

Company I work for

 

[oz-plumber]

Hey Pal,

Just go and see someone and get some Professional Legal advice.

Check you insurance - they may offer millions on Public Liability, but only offer so much per claim - per property.
Don't want to see you paying off the offset of your mortgage, after the forced sale of your property, while living out the back of your vehicle.

 

[Old Account]

Company I work for

I thought you work for yourself in the name of your dads company ?

 

[ShaunCorbs]

I thought you work for yourself in the name of your dads company ?

Nope

 

[Old Account]

Nope

I guess you'd be better off. You could earn a lot more and I'm pretty sure you could run your own company wi.th success

 

[rpm]

I thought you work for yourself in the name of your dads company ?

Think that folded and Shaun isn`t keen on self-employment if my memory is correct.

 

[ShaunCorbs]

I like being employed tbh wouldn't want to do the other side

Money isn't everything ron

 

[Old Account]

I like being employed tbh wouldn't want to do the other side

Money isn't everything ron

I think you are quite right. It's sometimes better to be employed and earn a little less but having no trouble with customers. But I know you would run a good company. I cannot work for someone it always ends badly. I like being independent

 

[rpm]

Running a company and being a good tradesman are not the same things. Not everybody is suited to self-employment.

 

[Old Account]

That's definitely true rpm.
If you are driven to achieve quality work and you know to deal with customer you will eventually get to the success. Everything will come with time and patience.

 

[rpm]

That's definitely true rpm.
If you are driven to achieve quality work and you know to deal with customer you will eventually get to the success. Everything will come with time and patience.

Really, you think that is guaranteed do you? Too many unknowns in this world just look at how many one man companies fail.

 

[ShaunCorbs]

Really, you think that is guaranteed do you? Too many unknowns in this world just look at how many one man companies fail.

+1 the main fact is the race to the bottom someone will always do it cheaper doesn't matter if the quality isn't the same

 

[king of pipes]

I had 35 years of making other people wealthy now i only have myself to worry about should have gone on my own years ago suits me but others maybe not cheers kop

 

[Old Account]

Really, you think that is guaranteed do you? Too many unknowns in this world just look at how many one man companies fail.

Nothing is guaranteed in the world but the approach to achieve certain things that's what matters. It varies between the individual anyway. I'm just saying nothing is impossible and as long as you have your head in the neck you will be fine either way

 

[cr0ft]

Sorry I've been away from the forums a fair bit recently, been a period of change for me as most of you know.

I've just made the switch from one to the other and the employed pace of life where I am working is a bit, erm, slower I don't know what to do with my evenings now! 8-4 every day and as my new boss says - we don't do overtime!

Not missing being self-employed one bit to be honest.

 

[ShaunCorbs]

Sorry I've been away from the forums a fair bit recently, been a period of change for me as most of you know.

I've just made the switch from one to the other and the employed pace of life where I am working is a bit, erm, slower I don't know what to do with my evenings now! 8-4 every day and as my new boss says - we don't do overtime!

Not missing being self-employed one bit to be honest.

How the work ?

 

[cr0ft]

From what I've seen all the other lads are getting on a bit so all the heavy install work is all subcontracted out to the big local firms! What's left is fairly easy repair and maintenance work. I think there are plans to change that - hope so as I still enjoy installing and want to learn about the plumbing systems they use there.

Totally different pace of life to being self employed though!