Tradesman Insurance: Video Transcript
Hi, my name is Lorna and I’m an advisor for Towergate.
In this video we’re going to talk about the main features of a tradesman insurance policy.
General tradesman insurance is a business and liability insurance service that can incorporate the needs of your business whatever trades you offer.
In such skilled, regimented and highly competitive industries, you want to be confident you have the right insurance but at the same time no one wants to pay for extra cover they don’t need.
That’s why our trained advisors will work with you to understand your risks and provide a tailored package that provides the right cover, leaving you to pay for only what you need.
This ranges from:
Working on site
And many more variations for hundreds of trades
Liability insurance for tradesman
Liability insurance comes in different types and sizes depending on what you need, but most tradesman insurance will include some form of the following:
Tradesman public liability insurance
Public liability protects the public from an accident or injury that is caused as a result of negligence on behalf of your business. In cases like this, insurance will pay for valid compensation claims brought against you.
Employers liability for tradesman
Most businesses who have employees, contractors, casual workers or temporary staff are required by law to take out employers’ liability insurance. It’ll cover claims from employees who’ve been injured or become seriously ill as a result of working for you.
It will also cover temporary staff, contractors and interns.
Product liability insurance for tradesman
Product liability is for the products you use, make or refurbish. They may need to be insured against faulty workmanship or defects that could cause injury or damage to others. Should someone become injured, or their property damaged whilst using a product for its intended purpose, a claim could be brought against you and product liability cover would ensure compensation is paid to the injured party where the claim is valid.
Tools and stock cover
This covers the equipment you use to perform your job. Some tradesmen have their own equipment, some hire it and some a combination of both. Once you calculate the amount your tools are worth and roughly how often you hire equipment, a specialist insurer or broker can then source you a policy that includes the right level.
If you leave your equipment in your van, on site, even in your shed, as long as you can keep them locked, you can find cover for them.
You must also be careful you have no caps on the amount you insure for each individual item. You can get caught out if you include one off expensive items in a group of less expensive ones as some policies have limits on what you claim per item.
And contract works insurance
This is cover for your on-going jobs. Before you have finished a project and handed over to the customer, if something holds up or damages the site you could be liable. In this case the costs will likely have to be absorbed by you. Contract works insurance as part of your tradesman insurance policy can be easily added during your quote.
There are quite a few other options too when setting up your tradesman insurance so browse our site for more info or give one of our advisors a call on the number on the screen.