When working as a tradesman, you must have the right insurance solutions in place. After all, working as a tradesman is a valuable and rewarding job in many instances – however, there are certain risks involved. Fortunately, to this end, tradesman insurance policies can help.
Which Industries Need Tradesman Insurance?
Numerous industries could potentially benefit from having tradesman insurance. As a tradesperson, you may want to consider whether you fall within these categories. Some of the most common tradesperson roles include builders, carpenters, painters and decorators, craft stall owners, cleaners (domestic/residential properties), business consultants, and IT contractors.
However, the number of roles that fall within the umbrella term “tradesperson” is far more substantial than this. As such, if you think that you could benefit from tradesman insurance, you may want to consider the different plans for your needs all the same.
What Tradesman Insurance Covers
At this point, we’ve clarified some of the different types of jobs that fall within the category of tradesperson. But what about the different types of insurance plans that are covered by tradesman insurance?
Of course, every different type of tradesman insurance policy will cover slightly different things. To this end, if you are choosing an all-inclusive tradesman insurance policy (which will generally offer the best value for money), then you should carefully check the individual features of each policy and how this can support your business’s operations.
Some of the most critical aspects that tradesman insurance will cover include the following aspects.
Public Liability Insurance
One of the most pivotal aspects of your tradesman insurance policy will be public liability insurance. The importance of holding public liability insurance as a tradesman is something that we cannot stress highly enough. This will provide financial protection if a public member is injured or otherwise loses out financially as a direct or indirect result of your work.
Employer’s Liability Insurance
Another important aspect of insurance included within tradesman insurance policies is employer’s liability insurance, which covers claims made against your business due to your employees getting injured or ill while at work.
Personal Accident Insurance
Personal accident insurance is a crucial aspect of your business’s management. It will compensate you for any lost income you suffer due to being away from work due to illness or injury. Moreover, personal accident insurance policies often also cover medical costs resulting from the injury.
Tool, Plant and Machinery Insurance
As a tradesman, you likely have numerous different types of tools, plants, and pieces of machinery; whether these are hired or owned outright, their value is no small sum. To this end, having insurance policies in place to protect your business if these should get damaged or lost/stolen is vital and can cover the cost of replacing these pieces of equipment if you should need to. In turn, this can help keep your business running smoothly and efficiently from the long-term perspective in scenarios where you might otherwise have been unable to carry out a job due to a lack of tools or supplies.
Business Legal Protection Insurance
Legal fees can be incredibly damaging to your business’s financial position. To this end, you must hold business legal protection insurance to cover the potential cost of these insurance policies.
Contract Works Insurance
In some instances, your work could be interrupted by circumstances outside of your control. For example, during a building project, a flood could significantly impact the work that was completed and could result in you needing to redo a great deal of work for free for the client. Fortunately, contract works insurance can help ensure that your business remains profitable and is compensated for any losses incurred due to factors outside of your control in this manner. Of course, you should always clarify the exact coverage with your insurance provider before taking out an insurance policy for contract works insurance, as every insurer may offer slight variations in this.
What to Consider When Choosing Tradesman Insurance Policies
When choosing a tradesman insurance policy for your business, you should ensure that you have taken out a reliable policy that will provide you with adequate protection.
Unfortunately, not all tradesman insurance policies are created equally, so try to shop around before taking out a policy to ensure that your chosen policy will offer good value for money without compromising the overall coverage offered. Moreover, you should also be aware that many tradesman insurance policies will be limited in what they can protect. For example, normal wear and tear usually aren’t covered, and claims may be voided if appropriate steps weren’t taken to prevent them in the first place.
If you have been wondering what tradesman insurance covers and whether this could offer a valuable and affordable solution for your business, today’s article will hopefully shed some light on the matter. After all, as a tradesman, you must have the right solutions in place to ensure you stay protected against any potential backlash down the line.
Luckily, insurance policies are designed for precisely this need, so don’t panic; get in touch with your insurance provider to find out more about what their tradesman insurance policies cover and how these could be beneficial options for your needs.
Learn more about insurance for tradesmen here.
Other useful links about business insurance:
Business Contents Insurance
Business Building Insurance
Employers’ Liability Insurance
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