Brief Guidelines on Tradesman Insurance

Tradesmen like a carpenter, a plumber or a window cleaner, and many more will certainly need a specialist insurance cover to protect them, their customers and their livelihood.

Tradesman insurance is one policy designed to cover the risks that tradesmen may face while performing their trade every day. A tradesman insurance policy is made up of core and optional covers so it can build the right protection for any tradesman.

For a tradesman, an insurance policy is like an essential part of a tradesman’s toolbox and should be valued as highly as any of the other tools of his trade.

Coverage

A tradesman insurance is an umbrella term used to describe a range of covers that are necessary to protect many different trades. To qualify for tradesman insurance, you must be over the age of 18 and considered to be a professional in your field.

The list of different types of tradespeople that benefit from this kind of insurance is extensive. This includes trades people as builders, electricians, plumbers, carpenters, painters, gardeners, window cleaners and many, many more. 

Each of these trades is hazardous in their own way and all share the same exposure to core risks of their trades.

Tools Cover

As a tradesman, your tools are your bread and butter. Without them, you wouldn’t be able to work. If your tools are damaged, lost or stolen, you can lose out on more than just a day’s pay. 

For one, having to let your customers down can affect the reputation that you’ve earned through hard work and commitment to your business. You also have to cover the expense of replacing or repairing your tools which can be financially crippling on your cash flow.

Tradesman insurance policies provide the crucial cover your tools need as standard. Being able to claim and receive the much-needed funds to replace expensive power and hand tools is invaluable.

However, when buying insurance for your tools, you should give as accurate a valuation as possible for the cost of replacing your treasured toolbox. If you undervalue the cost of your tools, the amount you receive when you claim may be reduced as well.

You can also cover with insurance if you use other gadgets and business equipment to run your business. Insuring essential items such as computers, laptops, tablets and mobile phones should not be overlooked if they play a crucial part in the running of your business.

Employers’ liability insurance

Employers’ liability insurance is important for the protection of both you and your employees. It protects your business if employees (including you if you’re an employee in your own business) claims compensation for illness or injury that they believe has been cared by their work.

The tradesman insurance includes public liability and product liability cover which protects you from claims made involving damages or injury to the public and their property as well as environmental liability cover. 

Being a tradesman is a risky business and accidents can and do happen. From heavy machinery and treacherous tools to hazardous materials and unsafe work environments – there are many risks that you, your employees and your customers are exposed to.

Public Liability / product liability

If a member of the public suffers an injury, loss or damage to themselves or their property our Public Liability cover can help protect you and your business. With the insurance, you have the option to choose the level of cover that suits you and your business

If you provide the public with a product, you’ll need product liability cover. Why? To cover your business against illnesses or injuries that potentially occur as a result of your products or damage to third party property. Like public liability cover, you have the option to choose the level of cover that is right for you and your business.

Employers’ Liability 

This liability is for tradesmen who employ staff, contractors or temporary workers. This is a legal requirement to ensure you and your employees are protected if an employee suffers an injury or illness at work for which you are legally liable.

If an employee of yours is injured or falls ill because of a mishap on your business’ part, you’ll be protected against any compensation claims made against you with employers’ liability cover. 

Public liability claims tend to be significant because they cover expenses such as loss of income and medical costs, as well as funding the legal fees associated with defending a claim.

Without appropriate public liability insurance in place, you would be responsible for these costs. This could have a significant impact on your business, and your ability to trade.

Employers’ liability

As well as protecting your tools and your customers, tradesman insurance also provides an option to include employers’ liability if you have any staff working for you. As soon as you become an employer, you have a responsibility for the health and safety of your employees. This is why the law requires employers’ liability for almost all businesses who have staff.

Building, Contents and Stock cover

It is important to have building, contents and stock cover under your belt to protect your possession. It also gives you reassurance at all times. So, you can get back up and running as soon as possible.

Building, contents and stock covers you against damages caused by common risks like fires, floods, storms or the escape of water. Additionally, you’ll be protected in any cases of accidental breakage of fixed glass and sanitary ware. Plus, if you’re responsible for any customers’ goods, these will be protected under your tradesman’s insurance too.

Business Interruption cover

If you choose standard Business Interruption as an additional cover to your Tradesman Insurance, you’re protected against losses following a property claim which occurs at your premises like damage to your tools. 

This can be extended, on request, to include losses which occur at contract sites. The standard limit for your Business Interruption cover is £1.5m for a 12-month indemnity period but this can also be increased if you ask for it. 

Money and Malicious Attack

Alongside protecting your business against claims made against you, insuring your takings with money and malicious attack cover is just as important.

Your money is protected against loss or theft at your premises. It’s also protected whilst you take it to the bank or in a safe on your premises overnight. And finally, Money and Malicious Attack cover also protects your takings from damage from attempted theft to safes, tills and any items used for carrying money.