If you are a tradesman or planning to be one soon, then knowing where you stand on insurance is very important. It is obvious that as a tradesperson, you will need at least some insurance. There are many great plans available for your profession but choosing the right one to suit you and your myriad requirements is necessary. Here are some things to know about tradesman insurance.
A tradesman’s job is fraught with risks
Yes, that’s correct. Whether you plan to be a self-employed tradesman who will do the work yourself or you have a small business where you have hired people to help you, risks are something you will have to deal with. Some professions such as cable television installers and roofing will have a higher risk attached to them while some of them, such as dressmaking or gardening will carry less risk. The higher the risk, the higher the cover required. In fact, even with less risky professions, as the business grows, so does the risk. So adequate coverage is an essential buy for all tradesmen.
Read More>> Tradesman Saver Insurance
Insurance covers every tradesman should consider
- Public liability: Most tradesmen will work in other people’s homes and buildings. When a client, or a random person, gets hurt due to your work, he can sue you. This cover protects you against huge legal fees and compensation claims. Also, if your workers were injured while at work, this will provide coverage for that as well.
- Employer’s liability: A lot of the work tradesmen have to do involve manual labor in harsh and dangerous conditions. So employees getting hurt or injured while at work is not uncommon. Having this cover will provide you protection from bearing their medical bills. If an employee brings litigation against you, the legal fees, as well as the compensation, will be covered.
- Personal accident: If you find yourself working regularly in risky areas (such as, on the roof) or with dangerous tools and equipment (such as, with data cables), it is a good idea to protect yourself from financial loss in case you are in an accident. A work-related injury can lead to a lot of problems but this cover is going to take care of your medical bills. This is essential if you feel that you are working in a physically risky job.
- Equipment insurance: Builders, construction workers, gardeners, plumbers and electricians who are self-employed have their own set of equipment and tools. If they get lost, damaged or stolen, it can be a task to replace them. Getting this cover will ensure that you have one less thing to worry about.
- Motor insurance: Getting your vehicle insured is something you can’t ignore because it is legally required to do so. As a tradesman, your vehicle needs to be adequately insured because you don’t want to deal with lawsuits in case it is in an accident. If you have more than one vehicle being used for your business, all of them should have enough coverage.
Some additional insurance plans for tradesmen
There are hundreds of trades today and each of them is different from others. Thereby, each one needs a different insurance cover to suit its specific needs. Apart from the above common insurance plans, here are some additional coverage you can consider.
Read More: Employers’ liability insurance
- Jury service: If you are worried that you will be called for jury duty and your income will be hurt, this is a cover you might consider getting.
- Efficacy cover: If a client claims that the product or service you provided him does not do the work it was meant to, then this cover will protect your finances. For instance, if you install alarm systems for a living and a client’s home was burgled right after you installed one in his house, you could be taken to court.
- Business interruption: If your business got interrupted because you fell sick or were injured or had to deal with a family crisis, this cover will ensure that your lost income is compensated for.
As a tradesman, it is extremely important that you are prepared for the uncertainties of your profession. The right insurance cover does just that.