A Guide To Tradesman Insurance
10 August 2020
It’s common knowledge that the role of a tradesman is one of the riskiest and most diverse fields to work in. To properly protect your business, your employees, members of the public and yourself, it is necessary to secure an insurance policy that acts as an overall protection for your business. Find out more about how a Tradesman insurance policy can assist your business
To qualify as a tradesman, you must be:
- A qualified professional in your chosen field.
- 16 years of age or older.
If you operate from a business premise that you own or rent, then you should consider a different business insurance policy. A tradesman insurance policy will only cover those who work from home, outside or on their client’s property.
What does tradesman insurance cover?
Every tradesman is different; with each professional needing different types of cover depending on their day-to-day work. Generally speaking, a tradesman policy can cover:
- Consulting.
- Quoting.
- Private Jobs.
- Working Abroad.
- Public Contracts.
- Working On-site.
What does tradesman insurance cover?
Personal Accident
For the self-employed, a sickness or injury can prevent you from working; putting a sudden end to your ability to earn a living. Personal accident insurance provides financial support in the event of a personal injury or death. You can control the level of cover depending on your level of risk.
Public Liability
Should you be responsible for a member of the public suffering an injury, loss or damage to themselves or their property via negligence on your part, then you could be financially liable. A public liability policy assists with the costs of a lawsuit for negligence.
Contract Work Cover
Sometimes you can’t prevent against every eventuality. Contract work cover provides protection against an uninsurable event that stops you from fulfilling a contract. For example, the structure of the building is damaged by a storm or flood. Be aware that Contract works will only cover the parts of the building that you are working on, not the existing structure.
Employers’ Liability
No matter what type of business you run, employers’ liability is a legal requirement for any business, no matter the number of staff members. This cover will protect you and your employees should they be injured while on the job.
‘Own Plant’ cover and ‘Hired-In Plant’ cover
Should your equipment be damaged or stolen, your business could experience some downtime. An own plant or hired-in plant policy (depending on whether you own or hire your equipment) provides financial cover for the equipment that your business desperately needs.
There are also several optional covers that you can add to a tradesman’s policy, such as efficiency cover, work abroad cover, asbestos and specialist locations insurance. Speak with your adviser, who can assist you in customising your policy further.