Being a tradesman is not easy since you will be facing a lot of risks. That is why it is essential that you have the right insurance policy that can protect you anytime. Unfortunate things such as accidents can happen anytime.
What is tradesman insurance?
Tradesman insurance is a specific type of business insurance which is designed for those who are working in a trade. They can cover you against any hazards and risks that come with your job. There are different levels of cover that are offered for equipment and tools, legal costs, and accidents that could happen to you or your staff.
Who should get tradesman insurance?
The tradesman insurance can cover a variety of trades including carpenters, joiners, electricians, painters, decorators, builders, domestic cleaners, stall owners, IT contractors, etc. Whether you are a one-man band or you are just starting to build your company, you can tailor-make your tradesman insurance so it can suit to your business needs.
What type of tradesman insurance do you need?
For many tradesmen, it is essential for them to have public liability insurance. However, every business is different, that is why you should choose the right insurance that meets your needs. Here are some of the important covers that are available for every tradesman. Be sure to select the appropriate insurance for your business and not for someone else’s.
Public Liability Insurance
Public liability insurance can cover the legal fees and compensation costs for injuries or damage to properties caused by your business in the event that claims are filed by your clients or any member of the public.
Employers’ Liability Insurance
Most tradesmen are one-man bands. However, if you have any employees, then you are legally required to get employers’ liability insurance which can also cover casual workers, sub-contractors, temporary employees, and even apprentices. This can cover the legal costs and compensation if one of your employees is injured or obtain an illness in your premises.
What other covers do tradesmen require?
Business buildings insurance can protect your business premises as well as the fixtures and fittings inside your building.
Contract works insurance can cover your building even if it is still under construction. It can pay for its repair works or reconstruction in case it was destroyed by fire, storm, flood, theft, vandalism, and other incidents which are included in the cover.
Tool insurance is also another popular cover which is very useful for many tradesmen. You can’t work without your tools, hence it is only essential that you must get a cover for it. Tool insurance can protect your tools against loss, damage or theft.
Business equipment insurance is something that you should consider if you want to protect your business contents and office equipment.
The plant and machinery insurance policy can cover large companies which are using machinery for their business. Whether you own or rent your machinery, it can still be protected by plant and machinery cover.
Personal accident insurance can cover you in case you get severely injured or ill and you can’t go to work. This can pay for your lost income as well as for your medical expenses. This can also cover death.
Business interruption insurance can cover your business in case it was disrupted by an unfortunate incident such as fire, flood, storm, theft, and others.
Business legal protection insurance can help you pay for the legal expenses in case your business is facing commercial legal claims.
How much does tradesman insurance cost?
The cost of your tradesman insurance can vary tremendously. This is because it will greatly depend on the details of your policy. Your cover will be based on several factors. For instance, the type of trade that you are involved with. Some trades have more risks than others. If you are involved in more risky trades, then you will be paying a higher amount for your cover.
The level of your cover can also affect the amount that you are going to pay for your insurance. For instance, do you want to include legal cover only or do you want to also include the medical expenses? The extent of your business is also another factor that will be considered. If you have a large company, then most likely you will also have a lot of employees or you are handling multiple projects. Large companies need to pay more for their coverage.
The amount of your premium will also depend on the number of years that you have been in the business. The equipment that you use for your business will also matter. If you use expensive machinery rather than power tools, then you’ll have to pay more for your cover.
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About business banking
A business bank account is essential for any business – whether you are a contractor or a large firm with thousands of employees. There are many business account options with different account features based on your specific needs, including overdraft options, online banking, free business banking and interest on in-credit balances.