Public Liability (approx £400 per annum)
- University landlord likely to require £2m - £5m cover - need to check.
- Access control is important for tehft cover so need to confirm arrangements for digital locks and fob.
- Out of hours and lone working is not an issue as far as insurance is concerned, but covered by health and safety planning.
- Being a BSL1 will help keep costs down, should inform insurer of GM notification but unlikely to affect premium.
- Should tell insurers if offering training courses for public but unlikely to increase risk profile. If offering certification might also require professional indemnity but not for outreach events etc.
- Should include standard liability wavers in membership contract and registrations but unlikely to be that useful in court if dangerous situation caused by space e.g. broken glass on floor. Should ensure regular checks and cleaning rota.
- Hot things are most worrying to insurer - will need policy that hot plates etc not to be left unattended overnight (incubators are fine). Having soldering and hot work in a separate room will be helpful in this regard.
Employer’s Liability Insurance (NA)
Not required in first instance as no employees, but could be extended at a later date. This will be lowered by the BSL1 status and no pathogenic material.
Contents Insurance (min £250 per annum, definitely < £1000)
Main options are replace old for new or replace value - need to decide as for second hand equipment difference in return is large e.g. might have purchased something for £200 but worth £2000 new. As the £250 minimum premium cover up to around £100k this won’t make a huge difference initially but may need to revisit as space gets stocked up. This will cover:
- Office equipment: benches, desks chairs
- Lab equipment
- Laptops (need to secure these from theft to cover)
- Lab consumables: could cover reagent stock owned by space, probably want to make clear to members that other items left in fridges are not protected by our insurance in event of freezer failure.
Directors and Officers (£250 per annum)
Covers defence cost if there is a dispute between the directors or a third party accuses an individual of mismanaging company. More info >>>
Total budget for insurance per annum: £2000-2500