What is tradesman insurance?
Considering the risks associated with the sector, tradesman insurance is a crucial consideration for plumbers, builders, electricians, and anyone else in a trade profession.
In most cases, public liability insurance will form the heart of your policy. But this will be complemented by a range of additional covers intended to protect your property, stock, and even the buildings where you carry out your work.
Tradesman public liability insurance is designed for situations where, as a result of your work, a client, visitor or member of the public is injured, or has their property damaged.
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Additionally, because, as a tradesperson, you sell your expertise to other people, professional indemnity insurance can be useful as it protects you in circumstances where your professional opinion results in financial loss or damages for your client.
Comprehensive tradesman insurance policies may also include buildings cover, to protect companies which have their own physical premises, as well as business contents insurance for any equipment lost, stolen, or damaged in the office. Additional coverage is available for the cost of replacing tools that you take on the road or leave in a vehicle overnight.
Contract coverage can be an essential part of tradesman insurance, depending on how your business works. The conditions of a contract may leave tradespeople responsible for protecting the materials and works on a site, and contract coverage can help with this.
Other forms of protection sometimes added to tradesman insurance include stock coverage, ‘own plant’ loss, and ‘hired in plant’ equipment.
Another important consideration as a tradesperson is personal accident cover. You are just at risk as your employees, clients and members of the public, and personal accident insurance can help with lost income and business costs if you were to sustain a serious injury or were permanently disabled. And you don’t have to be at work at the time of the accident for the policy to pay out. It can also provide a lump sum payment in the event of accidental death.
Choosing the right policy will be a process of considering the activities of your business, and what level of coverage you need as a result.
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