Tradesman insurance should be a priority when you’re embracing a trade like plumbing, building, or gardening.
Tradesman insurance is a business insurance policy that covers things like equipment, cover for ongoing work, compensation costs, and other extras, depending on what you do. Generally, tradesman insurance is aimed at those working inside their own homes, outdoors, or on a client’s property.
Here, we look at the different types of insurance available to tradesmen and the ways in which they can save your business:
Public liability insurance
Public liability insurance is not a compulsory component of trade, but it is a highly important type of cover – particularly if you run a business which involves interacting with members of the public. Public liability insurance is designed for unforeseen accidents. As a tradesman, you may find that you accidentally damage a client’s house, or a member of the public trips over your tools. Your company may be ordered to pay out for causing an injury or for damaging property, so public liability insurance can cover these costs. This could be the difference between your business remaining open or having to close, especially if your company is relatively small.
Financial loss insurance
Alternatively, financial loss insurance provides protection if a customer suffers financial loss which isn’t caused by injury or property damage. Accidents happen – that’s an unavoidable fact if you work in the trade business. Without the proper insurance in place, these types of claim can cost you tens of thousands. Financial loss insurance can be a lifesaver for your company.
Products liability insurance
Products liability insurance provides protection against your legal liability, costs of compensation, and expenses following an injury by goods you’ve sold, supplied, tested, delivered, or repaired. As a tradesperson, sometimes accidents arise which are not directly your fault, but they are the fault of your products. This still means that you could face huge compensation claims, so products liability insurance is essential.
Employer’s liability insurance
Employer’s liability insurance gives protection against your legal liabilities. This means that your compensation is covered in the event of injury or illness suffered by your employees at work. If you run a trade business which employs staff, you don’t want to be worried about them becoming injured on the job. You’ll be out of profits while they’re unable to work, and a potential compensation claim could cost you a fortune without employer’s liability insurance.
Legal expenses insurance
Legal expenses insurance may be necessary for you if you face legal problems which are not usually covered by a business insurance policy. For example, the defence of employment disputes, the payment of compensation awards, the pursuit of property disputes, or representation for tax investigations. Protect yourself against all these unexpected legal hurdles.
Why not simplify your coverage by using a trade-specific insurance company to combine the different types of insurance available? Tradesman Saver are insurance specialists in the tradesman and professional sector, providing tailored insurance policies to businesses of all sizes.
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