5 step guide for finding the right tradesman insurance
Whether you are a tradesman looking for employment or a homeowner or business owner seeking to upgrade their property, it is important for both sides to feel secure in the work that is invited into the building. Here are 5 steps to ensure that the tradesman’s insurance is perfect for you and your business.
Who does it actually cover?
Tradesmen insurance ensures you’re covered whilst working, as accidents can happen whether you are a seasoned tradesman or altogether new to the business.
However, you need to consider who your insurance is actually covering. Whilst your insurance needs to cover you as the worker, if it does not cover third parties, then any potential accidents to the general public – or, even worse, to your clients – cannot be compensated by anyone other than yourself.
This is why you need to find tradesman’s insurance that incorporates public liability insurance into its overall package, as it means that you and the public will receive compensation for any potential accidents.
Financial loss insurance
Extending from the public liability insurance essentiality, one of the worst things that can happen whilst on a job is that a customer is accidentally hurt because of your work or tools. This can lead to a potential lawsuit and damage to your business due to the needed compensation.
Not only that, but any word spread about this can damage your reputation as a builder, tradesman or worker. This is where financial loss insurance comes into play, for it not only provides the compensation needed for the client but can also protect against any indemnities that could destroy your reputation.
Protecting yourself
The last thing you need if you are working on a project is to suddenly come down sick or experience an injury. You want to be out there working, and you can’t do that if you are bandaged up in hospital or in a sickbed. Invest in personal accident and income insurance and you can rest easy knowing that you are covered when you cannot possibly work.
Adding income insurance to this can even provide you with a weekly benefit bonus to assist you in your daily living and medical expenses whilst you are on the mend.
The tools of the trade
For any workman, his tools are his livelihood. In a recent survey, around 25% of workers admitted that their tools had been stolen and that they were forced to buy new ones.
If you want to protect your tools in case they are stolen or malfunction, then it is recommended that products liability insurance is paid before you start your first job. This insurance protects all your tools should they stop working on a job and cause damage to a property. You do not want to let faulty tools cause damage to your reputation as a tradesman, so it is a worthwhile investment.
Accidental death insurance
Whilst it can be morbid to think of dying on a job, you need to make sure that you are completely protected should anything happen. A building site can be a maze of hazards, so if anything does happen, your family can at least be comforted knowing that around £10,000 of insurance can keep them safe and secure.
