Living and working as a tradesman is no easy job. Early mornings, dirty hands and challenges waiting around every corner, all just a part of the job description. Due to the nature of the job, risks can be abundant for both your employees and the business. Can you confidently say that your tradesman insurance policy covers all of the risks your business faces?
Tradesmen – Does Your Insurance Policy Need Updating?
Insurance Made Personal
Potential risks involved in working as tradesmen
Regardless of what trade you specialise in, there will always be risks involved. This is just a part of working within the trade industry. With this great risk must come the protection for businesses in the case of an accident. Here is just a handful of the risks that your business may be vulnerable to…
Plumber
– Asbestos-related illnesses
– Disease picked up from contaminated water
– Third-party property damage
– Third-party injury
– Injury to temporary employees
Electrician
– Tools and equipment being stolen
– Exposure to electrical wiring
– Mistakes made with electrical work
Heating Engineer
– Damage to a client’s property
– Injury caused to the client by equipment
– Accidental death
– Legal expenses from claims
Home Improvements
– Damage made to a neighbour’s property
– Injury of employees
– Loss of tools and equipment
– Damage to plant
Overview of trade insurance
A trade insurance policy is a package of different types of insurance which are designed to offer your business protection from the potential risks you face on a daily basis. As tradesmen, your business is surrounded by potential risks, if the unexpected were to happen an insurance policy will help you overcome these claims made against the business.
What do a basic tradesmen insurance policy include?
As a business owner, it is likely that you have already taken out an affordable policy for your business. Often basic tradesmen insurance will provide you with the following…
Public Liability Insurance
This form of insurance offers your business financial protection if your operations cause accidental injury to a member of the public. If someone were to trip over your tools when working on the exterior of a property you would be at risk of a claim. Public liability insurance would offer to enable you to claim for any costs involved with the Injury of the third party.
Employers' Liability Insurance
The only type of insurance which is mandatory here in the UK, employers’ liability insurance provides your business protection against claims made by employees. If they have become injured or ill as a result of the work you may be liable for any claims.
What risks your policy may not cover
Over the years the company will have grown and with it, additional risks will have rooted themselves within your daily operations. You now employ more staff and purchase more equipment to get the job done, these changes will require a change in your insurance policy to keep you protected.
If your current insurance policy only included employers’ liability insurance and public liability insurance, your business is at risk to the following situations…
Theft of tools and equipment
Working within a trade requires hundreds of pounds worth of tools and equipment. Are you sure you would be covered if these tools were stolen? Across the country, vans are broken into just for the theft of equipment. If your insurance policy was missing protection of these tools, you may just be left out of pocket due to an incident that wasn’t your fault.
Van insurance
Almost every tradesman requires a van to get the job done. Getting to your client’s home every day is the only thing that keeps the revenue flowing for a business. If the work van was to have an unexpected breakdown your current insurance policy may not cover it. With dedicated van insurance, you would be protected from this unexpected breakdown, enabling you to claim and get the van back on the road.
Theft of stock and material
Similar to the theft of tools and equipment, your stock is just as vulnerable when working on a site, this is especially apparent when working on a home improvement or landscaping project. If the material required to get the job done was to be stolen, you might be forced to cover these costs.
Owned plant
For those who have made an investment into a plant for site work, a separate insurance policy may be required. If your owned plant was to break down whilst working towards a deadline, you would need to act fast to get it up and running again. For protection against these types of issues, plant insurance policy can be purchased.
Finding the right policy for you
Protecting your business from the unexpected is no simple task, you must take into account all potential risks that you deal with, from there you can tailor your insurance policy accordingly to cover these risks. With the support of our team, we can help find your company the tradesman cover that you need. Protecting you from the unexpected and keeping your business up and running. Contact The Yorkshire Broker today for specialist advice.
