The Benefits of Having Tradesman Insurance As a Small Business

If you're a self-employed tradesman, it's important to ensure you have tradesman insurance. This is a vital step to ensuring you and your business are protected in case you or anyone else becomes injured, something goes wrong within your business, or anyone ever makes a claim against you. Tradesman insurance generally takes the form of a package of different insurance covers. Those requiring tradesman insurance are often working in skilled manual jobs, for example, they may work as builders, electricians, plumbers, carpenters, painters, gardeners, window cleaners and much more. Whilst the roles are different, they all pose individual hazards and as a result have core risks that a tradesman will need to protect him/herself from. 

This article will help you to understand the covers that are included and why you might need them to protect your business.

What is tradesman insurance?

Tradesmen insurance is a type of business insurance that provides specialised cover for the hazards and risks involved in working in your particular trade. There are varying levels of cover for legal costs, cover for equipment and tools and accidents that happen to you or another employee.

Tradesman insurance helps to protect you against any claim made against you or your business. There are different options when it comes to creating your insurance cover which includes:

• Public & Employers Liability Insurance- For any damage, injury or death caused to members of the public or their property. Tradesman liability insurance is an important trade insurance policy offering you valuable cover whether you are on site or on location at a customer's home.
• Professional Indemnity Insurance- Suitable for those that create designs or offer advice as part of your work.
• Contractors' All Risks Insurance- This is insurance for your machines and contract value.
Employers Liability Insurance - This insures the policyholder should their employee sustain injury or death whilst at work. It is a legal requirement in the UK for anyone that employs someone in their business.
• Legal Expenses Insurance- Suitable in the event of you needing to make a legal claim.
• Tools in Transit Insurance- To protect your tools and equipment if they are stolen.
• Gadget & Mobile Phone Insurance- This is useful if you rely on gadgets, phones and computers to run your business.
• Tax Enquiry Insurance- This is for where you are subject to a tax enquiry
• Personal Accident & Income Protection Insurance-This will help ensure you are compensated in the event that you are unwell or injured and unable to work. 

How much does Tradesman insurance cost?
This can be dependent on a few different factors including, the number of policies you include within your tradesman insurance package, the individual level of coverage selected within each policy, the size of your business, the risks that are involved in your chosen industry, where you are based and the locations you work at and whether you have made previous claims in the past.

Whichever industry you are working in as a tradesman, your business as a whole will be much safer and more financially secure if you have tradesman insurance. At the very least, it will provide you with peace of mind as you fulfil your role and responsibilities.

*Collaborative post