If you are a builder, a carpenter, painter, decorator, electrician, engineer, architect or plumber you are considered a tradesman, so too can be appliance repairmen and anyone else who works in the building trade.

What is different about tradesman insurance?

Insurance policies catering to tradesmen differ and are relevant to a particular business, yet they will typically include such items as liability covers such as public and employers’ liability insurance as well as cover for goods stolen, personal injury, damage to premises, negligence claims, faulty materials or equipment and may even offer cover against tax inspections.

Consider for example the repercussions of having to compensate a homeowner for damage to their property or to themselves resulting from faulty equipment or materials you have installed in their home. Claims such as these can be extremely expensive and may be the difference between being able to continuing in business or not.

As each policy is different it may be necessary that you explore what options would best suit your circumstances and your requirements. Tradesman insurance can also be called a “business insurance package” because it offers a full package deal containing different types of insurance cover under one policy.

Apart from loss or damage to property and equipment, tradesman insurance offers high levels of liability cover. In the building trade injuries and loss are more common than in an office based environment. Public and Employers Liability insurance offers cover against any possible compensation claims arising from clients, customers, suppliers and staff who may suffer either loss to persons or property, injury, illness and even death.

Why is tradesman insurance necessary?

Being a professional you realise the importance of protecting your business and the importance of providing cover against accidents, failed equipment or products. Even in the most well run businesses mishaps happen. Another reason for tradesman insurance is because by law you are required to have at least some insurance cover, and if you are employing workers, contract or permanent it is vital that you have liability cover.

Often when bidding for a lucrative contract with larger firms or councils, they will often make insurance a non negotiable condition on your part.

Key features of tradesmen insurance

• Liabilty cover such as public liability and employers’ liability insurance.
• Tool cover which provides protection against loss or damage to your tools and equipment and which can also provide insurance for your items in transit.
• Plant cover including huts on site, plant hire and equipment and covers of these items during transit
• Professional indemnity offers you an added cover above your trades insurance and is designed to protect you against claims, loss or damage as a result of negligence on your part.
• Personal accident cover offers you protection against loss of income resulting from injury or accidents and which prevents your from being able to work

Tradesman insurance – do you need it? This question can only be answered by you.