Tradesmen might be considered the backbone of that army of small business entrepreneurs bringing essential services to homes and offices up and down the country.
If you count yourself amongst that band of tradesmen, you may be interested in the way in which insurance may help to protect you against a wide range of potential financial threats to your business – whether in the shape of loss or damage to physical property (premises, tools and the like) or from individuals alleging that you are in some way liable for injuries or other losses they may have suffered.
What does tradesmen insurance typically cover?
Just as there are many different kinds of tradesman and different businesses they operate, so there are many different types of insurance cover available. Your aim, of course, is likely to be finding the cover that most closely suits your specific needs and circumstances, so that you remain adequately insured, but without paying for elements of cover that you may not need:
- whatever the nature of your trade or business, public liability insurance is likely to be high on the list of priorities;
- this is because of the potentially very wide nature of public liability claims and the possibility of any successful claim resulting in your having to pay very considerable damages to the claimant;
- if any customer or member of the public is injured – or even dies – or suffers any other loss or damage to their property, in any connection with your trade, you may be held liable for a breach of your duty of care and ordered to pay compensation to them;
- public liability claims may result in the award of damages amounting to several hundreds of thousands, or even millions, of pounds – cover is therefore typically offered to meet any such worst case scenario;
- although many tradesmen may operate entirely on their own account, if you employ anyone else to help you out you are almost certain (subject to a few exceptions) to have a legal responsibility for having employers’ liability insurance;
- this requirement is designed to ensure that you have adequate indemnity to meet claims from employees who may have been injured, contract an illness or otherwise suffer loss or damage in connection with their employment;
- depending on the nature of your trade, there may be occasions when you use goods and materials from a third party supplier. However carefully you source such supplies, there remains a risk of their being defective in some way and, as a result, your being held liable by your customer. Product liability insurance may help you meet such claims;
- protecting your business against liability claims may prove as important as the insurance you arrange for cover of the tools of your trade, your vehicles or your premises;
- cover for such physical items, of course, is likely to be based on your estimate of their monetary value and the cost of repair or replacement.
Where to buy it
There exist specialist insurance providers with particular experience and expertise in arranging cover specifically for tradesmen. You might consider these providers a more helpful point of contact, therefore, than a generalist insurance broker.
There may seem a somewhat bewildering – not to mention alarming – array of risks that you may want to protect your business against. Arranging the appropriate level of insurance, however, may be simple and straight forward – particularly in the hands of an experienced, specialist provider.