Are you a tradesman? Running your business as a sole trader? Or as a small to medium sized company of like-minded tradesmen?
If that is the case, you may well be in search of suitable tradesman insurance.
But, with your profit margins probably difficult to sustain, you are also likely to be looking for good value for money when it comes to this essential insurance for your trade and the business you are in.
Here are a few tips and suggestions for finding it:
- as there are very many different trades, so there are many different types of tradesman insurance;
- each one is likely to offer slightly different cover, adaptable to a greater or lesser extent to the trade you are in, and at widely different prices;
- to help ensure that you secure the appropriate cover for your own individual business, at a competitive market rate, you might want to consult a specialist provider of tradesman insurance;
Elements of cover
- exactly what needs to be covered by your tradesman insurance of course depends on the type of business you are running – but a typical package might include the following elements;
Public liability insurance
- one of the biggest blows your business might suffer comes from a claim – from a customer, one of their neighbours or a member of the public – alleging that the way you have gone about your work resulted in their being injured or having their property damaged;
- these types of claim may assume very significant proportions and, as your defence against them, public liability indemnity insurance typically provides at least £1 million of cover;
Employers’ liability insurance
- a quite separate – but equally crippling liability – is the risk of your being held responsible for any injury sustained or medical condition contracted by one of your employees;
- indeed, if you have any employees, the law insists that you have sufficient cover for meeting such claims by holding a minimum of £5 million employers’ liability insurance;
- practically every tradesman has a van of one kind or another – essential for getting personnel, tools, equipment and materials from one place to another;
- like any motor vehicle, of course, the van on which you rely so heavily also needs to remain insured at all times – with stiff penalties, including disqualification if you keep, let alone drive, an uninsured vehicle;
Tools and equipment
- even more important than your van, perhaps, are the tools and equipment you need to do your job and which, like many tradesmen, you are likely to have bought over the years to build up quite a collection;
- thefts, loss or damage might leave you without your essential tools of the trade, however, so tradesman insurance is designed to cover the cost of replacement – but pay careful attention to the conditions attached to many policies, which may exclude the theft of tools left in your van overnight for example;
Whilst using your skills to build up a business as a successful tradesman, it may be easy to overlook the many, but essential aspects of cover offered by tradesman insurance. But the appropriate policy might save your business and keep you clear of significant personal debt.