You will need employer’s liability insurance if any of the following apply:
- You deduct National Insurance and tax from the money you pay them
- You have the right to control where, when and how they work
- You supply most materials and equipment
- They are treated as other employees, e.g. they enjoy the same terms and conditions
Rent guarantee insurance will cover you in the event that your tenant refuses to or can’t pay the rent. This type of cover also comes with legal expenses cover too.
Loss of rent sounds similar to rent guarantee insurance, but actually covers the event in which your property is empty, say as a result of a fire or flood. Often this may cover finding the tenant alternative accommodation for a period of time as well.
- Remember that you need to notify your insurer when each tenancy change takes place.
- Look beyond the insurance price and make sure that you have the right levels of cover in place for the various risks.
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