If you’re a tradesman or an employer of tradesmen, it’s important to make sure that the people who work for you are covered by the right kind of insurance. This guide will explain what tradesman insurance is, why it’s important and how it works.
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Tradesman Insurance: What Is It?
Tradesman insurance is a type of business insurance that covers your business against the risks associated with it. It’s a common misconception that tradesman insurance only protects you from accidents on-site, but this is not true. In fact, most tradesmen will find they need more than just a policy to cover their equipment and materials, as well as the risk of injury to customers and staff.
Why Do You Need Tradesman Insurance?
As a tradesman, you understand the importance of carrying out your work safely and professionally. Likewise, as a business owner, you also know how important it is to protect your company against loss.
If something goes wrong in the course of your work—either due to human error or another factor entirely—and this results in damage or loss, then tradesman’s insurance can help cover the cost.
Tradesman insurance covers you for damage caused by faulty workmanship (or lack thereof), theft or fire and other conditions such as flood or storm damage that cause damage to property owned by third parties who aren’t insured under any other policies.
What Does Tradesman Insurance Cover?
Theft of Tools
If you’re a builder, electrician or carpenter, you’ll need to have some form of tradesman insurance that covers the loss of your tools and equipment. Your policy will probably also include a replacement cost for each item if it’s stolen.
Theft of Materials
If you’re working on-site and are responsible for supplying materials such as roof tiles and bricks, then your tradesman insurance should cover them too if they get lost or stolen while in use or transit between sites. You may also be able to claim against an insured person even if there has been no criminal activity involved at all – so make sure you read the terms carefully before making any claims!
Public Liability
This is essential for any business that provides services outside its premises – such as builders working on new buildings in high-rise blocks. If anything goes wrong during this service provision process (e.g., a bystander trips over loose bricks lying around on site), then they will be covered by PLI policies which pay damages.
This covers you against any legal liability for damage to property or injury to a third party caused by your business. It also provides cover for any claims that may be made against you.
If there is an incident on site and an employee is hurt as a result, this will provide protection against any legal proceedings brought by them or their representative in respect of that injury, as well as paying out compensation towards their recovery.
The same applies if someone’s vehicle is damaged while they are on your premises – they can make a claim under the public liability policy too!
Employers Liability
Employers Liability Insurance (EL) protects your business from claims of injury or illness by your employees against you and your fellow directors.
It covers the cost of defending claims brought against your company, including legal fees and any compensation awarded.
How Much Does Tradesman Insurance Cost?
Here’s the good news: you don’t have to pay thousands of pounds for tradesman insurance. If you’re running a small business in London, the costs are going to be higher than if you were just starting out in Manchester. Additionally, if the nature of your business carries more risk (e.g., working with dangerous chemicals), then your premiums will also be higher.
So how much does tradesman insurance cost? The short answer is that it depends on so many factors that it would be impossible for us to give an accurate estimate over the phone or email. Instead, we’ll walk through all these factors together here so that when we do speak with one another about this important issue, we’ll know exactly what each other means by “costs” and “premiums.”
How to Get Tradesman Insurance
Getting tradesman insurance quotes is the first step to finding a policy that meets your needs. You may want to get quotes from different insurers to see which one offers you the best value for money.
When getting a quote, it’s important to consider the reputation of the insurer and make sure their policy covers all of your requirements. If possible, ask about the additional coverage you may need, such as public liability or employer’s liability insurance.
What Isn’t Covered by Tradesman Insurance?
If you’re a sole trader, or a partnership, or even a limited company, you’ll need to have your own personal insurance. A tradesman policy will not cover the cost of any damage done to your home or possessions.
See our post on increasing property value as well.
It’s Important to Have the Right Kind of Business Insurance
As a tradesman, it’s important to have the right kind of business insurance. If you are not sure what kind of insurance you need.
There are many things that can go wrong when running your own business, but with the right trading insurance in place, these problems can be prevented and you will be able to get back up and running as soon as possible if there is an accident or equipment breakdown.
It’s also important that you look at different types of tradesman policies before selecting one so that you know what exactly is included and excluded from each policy type.
In conclusion, I think it’s important to remember that tradesman insurance is a complex topic. There are many different types of coverage available, and it’s up to you as an individual or business owner to choose which one is best for your needs.
Hopefully, this article has helped you understand the basics of what tradesman insurance covers (and doesn’t cover) so that when shopping around for quotes from different providers, it’ll be easier for them all to make sense!
