Insurance for Tradesmen
As a tradesman or building professional, you open yourself up to a lot of risk. Whether that’s cover for your tools, accident cover, employers’ liability, business equipment or business interruption – there is a lot that could go wrong.
Building a tailored plan to suit your business and the type of work you do on a daily basis doesn’t have to be as difficult as it sounds. A single premium, renewal date and set of documents means that getting insured is as quick and as simple as it should be – leaving you to get the job done.
What insurance do tradesmen need?
There isn’t a one size fits all cover for tradesmen. The type of cover you need will largely depend on the kind of work you do and your specific business needs. You can pick and choose the types of cover you want to include in your policy.
Public liability insurance
Public liability insurance is an important cover for tradesmen. It can protect you in case you’re ever sued because somebody is injured, or if their property is damaged.
Employers’ liability insurance
If you employ short term staff, casual workers or contractors, you’ll need to have employers’ liability insurance. This will allow you to deal with any clams from employees who may have been injured or become seriously ill as a result of working for you.
Personal accident insurance
Personal accident insurance pays compensation for accidental injury or death. It can pay for things like lost income, medical costs and hospitalisation benefit.
Tools insurance covers you against the damage, loss or theft of your tools – which can be particularly useful for tradesmen. Meaning that you don’t have to worry about not being able to finish the job if anything ever goes wrong. Tools insurance can cover hired equipment or your own personal tools, hand tools, power tools and plant equipment.
Business buildings insurance
It does what it says on the tin. If you have business premises, business buildings insurance can cover you if your business premises are damaged or destroyed. It can pay out for the more expensive costs such as repairs or even rebuilding.
Business equipment insurance
For businesses who leave specialised equipment on site overnight, or if your workers rely on a bag full of tools to do their job, having business equipment insurance can cover you against damage, loss, theft or destruction.
Plant machinery insurance
If you rely heavily on plant machinery, speclialised cover could help you cover the cost if you ever need to replace or repair it. Plant insurance covers machinery like diggers, cherry picker, concrete mixers, cranes, dozers, dumpers, excavators, forklifts, generators, loading shovels, ride on rollers, telehandlers, trailers and more.
Contract works insurance
Contract works insurance covers construction work that’s in progress on a building site. You’ll probably need it if you have client contracts that make you responsible for partially completed work. Your cover won’t protect you from all risks, but it will cover you for things like fire, flood, theft, vandalism or storm damage.
Business interruption insurance
This will cover the cost of any losses you might suffer if your business is disrupted by an unexpected event like fire or flood. A big event could mean the closure of your business, or that you’re unable to operate, so it’s always best to be prepared.
Business legal protection insurance
Even if you run your business brilliantly, it’s likely that at some point you’ll need legal help. Legal costs can be high, even if the claim against you is unfounded. The average cost for an employer to defend themselves in a tribunal is £8500, meaning that small businesses can be hit hard.