tradesman insurance

Insurance For Tradesmen - What Is It?

Insurance companies offer tradesman insurance to protect individuals who work on commercial properties, on customer’s premises or in residential areas. Typically, the term “tradesman” is used in reference to builders, electricians, decorators, shopfitters, and plumbers, but many other trades are included in this category. If you are not sure whether your insurance company offers tradesman insurance policies, make sure you contact them.

What is Included in a Tradesman Insurance Policy?

If you have never heard of a tradesman insurance policy before, chances are you may be wondering what it includes and how you can benefit from purchasing it. While there are typically a couple of basic policies normally included in tradesman insurance, there are also many extra options that you can add for an additional charge. However, these additions may vary depending on your provider so it is important to fully review policies and descriptions before settling on one company.

The two most important insurance policies that must be included with tradesman insurance are public liability insurance and employer’s liability insurance. A public liability insurance policy provides protection for tradesman if any member of the public is hurt or injured, or if any part of their property is damaged because of you or other members of your business. These policies provide compensation for legal fees, hospital treatment and other costs and expenses so that you do not have to pay these fees out of your own pocket. Employer’s liability insurance is compulsory in the UK if you have any individuals working for you. If any of your employees become injured or ill while on the job, employer’s liability insurance will pay for their leave of absence, medical bills and any other fees they might incur as the result of the incident.

What Else Do Tradesmen Need?

While public liability insurance and employer’s liability insurance are the two most important parts of a tradesman insurance policy, there are other options that you can add to protect yourself and those around you. Take a look at your business and think about where other risks may lie. More often than not, you may need an insurance policy tailored specifically to fit your needs and your business. Consider additional extras including:

- Stock cover: If you have any goods or stock in storage or on the property of your business, you are at a risk for theft. If you include stock cover with your tradesman insurance policy, your provider will compensate you for repairing or replacing the lost, stolen or damaged items.

- Professional indemnity: This type of insurance protects you and provides compensation if any negligence occurs by yourself or your employees with regards to breach of duty of care.

- Tools cover: Since you are a tradesman, you probably have invested quite a bit of money in tools to run your business, whether they are power tools, hand tools or other types of equipment. If you do not have the proper tools, you cannot perform the job you are being paid to do. You can protect the longevity of your business by making sure you have cover that will replace or repair your tools if they become lost, stolen or damaged.

- Revenue protection: Revenue protection helps to protect your investment in your business if you are forced to stop your company if the incident was not your fault. While it often offsets any loss of income you may incur, it may also provide the financial means for you to start your business back up.