Tradespeople face many risks when they operate in their business on a day to day basis.
They risk someone tripping over tools and suffering an injury, they risk causing accidental damage during a construction or alteration to property, they risk tools and machinery being stolen or damaged.
Running a business is already stressful, without having to worrying about costs of any of unintentional trauma.
Below is a brief guide covering the main types of insurance cover you need to consider when you’re a tradesperson, whether you’re a one man band or have a team.
Unfortunately, this one is not optional if you have employees. You are required by law to have Employers’ Liability in place for your employees, otherwise you could face a large fine.
The insurance is there to provide cover for any compensation claims should an employee suffer from a work-related injury or illness.
This provides you with cover should you be sued for causing injury or damage during the course of your work. The cover can contain the legal fees and compensation costs should a claim be made against you, or at least up to your policy limit.
Most insurers start at £1,000,000 limit of liability but can go much higher. Some contracts you work on may specify a minimum level of cover, so it is always good practice to check these.
Obviously, this is to cover any tools you have whether that be hand or power tools. However, you should always check the policy wording for this section of cover as there are often stipulations around when things are covered, especially if they are kept in vehicles overnight.
Plant and Machinery
If you own, or even hire in, your machinery you can get cover for them. It can provide cover should they be damaged lost or stolen, although again it is always best to check the policy wording for specific stipulations.
This provides cover for constructions that are underway on a site should they be damaged by fire, flood, storm or such like.
Cover provides costs to repair or redo the work that has been damaged, including material and labour costs.
As business owners we have a million and one things to worry about, worrying whether you’re insured correctly shouldn’t be one of them.
As an insurance broker we don’t just sell one product we can look around to find the perfect cover to you, letting you get a better night sleep by having one less thing to worry about.
If you would like further information or a quotation for a Tradesperson policy, please get in touch.