Insurance for blacksmiths
When working in what can be a potentially dangerous environment, it’s important to take appropriate precautions – and ensuring you’ve got suitable insurance cover in place can be an effective way to guard against the financial impact of a range of unexpected incidents.
As a blacksmith, you are no doubt aware of the risks you face every day, so it’s important to secure insurance with a level of cover that’s capable of guarding against the possible consequences of these threats. As you’ll be working with heat – whether at your own business premises, on site for a client or at fairs and exhibitions – it’s likely you’ll need to purchase more specialised forms of cover.
As such, it may be useful to enlist the help of an insurance broker to take advantage of their expertise, and their unique access to a range of specialist insurers.
Some of the key policies you may be offered as part of a blacksmith insurance package include:
- Public liability insurance:
Public liability insurance is likely to be an essential feature of your insurance package. It can provide financial assistance if you need to defend against claims from members of the public that your business activities have caused them to suffer illness or injury – or caused damage to their property. This cover can also help pay any compensation due following such claims. If you’re a farrier and work on horses, you’ll need to make sure your policy covers injury to the horses you’re working on.
If you work on-site as a subcontractor, your client may expect you to have public liability insurance, and may ask for proof of cover to check the risks you are protected from. You will also need to make sure the level of cover is appropriate for your line of work. If you work for private clients £5 million may be sufficient, while local authorities and public bodies will often ask blacksmiths to hold a minimum of £10 million in public liability insurance.
You may need to make sure your insurance policy covers you for completed work. Having sold your finished product to a customer or having finished a contract for a client, you may find yourself confronted with claims that there are problems with work you have completed.
Click the link for a more comprehensive public liability insurance definition.
- Employers’ liability insurance:
If you have employees, you are legally required to purchase employers’ liability insurance. This includes apprentice blacksmiths and iron workers, and general office personnel. Employers’ liability insurance can offer financial protection if you need to defend against claims by your employees that working for you has caused them to become ill or injured. As well as physical injury, your staff can develop problems such as lung disease due to the fumes they are exposed to on a daily basis. Employers’ liability insurance can help to pay any compensation due to your employees in such circumstances.
Additionally, you may benefit from employee dishonesty insurance, which can provide financial protection if you lose revenue or trade – or even your tools – due to the fraudulent activities of your employees.
- Buildings insurance:
If you’re based in a workshop, you may benefit from buildings insurance which can provide financial protection for the main structure of the building you operate in – including its fixtures and fittings. This cover can provide compensation if you need to repair your business premises after unexpected strong weather, fire, malicious damage or similar events. It is important to take sufficient precautionary measures for your hot work, such as making sure fire extinguishers and blankets are easily obtainable. If you rent your premises, your landlord is likely to be responsible for buildings insurance, so it’s worth checking with them to make sure they have sufficient cover for your business activities.
- Contents insurance:
Contents insurance is potentially an essential cover for your blacksmiths insurance package. This can provide financial assistance if you need to repair or replace the contents, furniture, tools, machinery and equipment associated with your business after damage, theft or loss. If you have a storage area, you should make sure your contents insurance covers the items in this space, both during working hours and overnight.
You may benefit from specific business equipment insurance which can cover your welding equipment, compressors, machinery, tools and supplies, all of which can be expensive to replace or repair in the event of damage, theft or loss. If you are a mobile blacksmith, you may also benefit from goods in transit insurance, which can provide financial protection for your business tools while they are being transported from site to site.
You can also include vehicle insurance if you regularly transport tools and equipment as part of your business. This cover can provide financial protection for your vehicle, the tools within it, and yourself in the event of a motor accident or theft. Vehicle insurance can be extended to cover your personal vehicle if you use it for business use, and any vehicles you rent or borrow.
- Cash on premises cover:
You may benefit from cash on premises cover which can provide financial protection for your business money in case of theft or loss. Cash on premises cover typically includes money in transit, as well as in cash registers and safes. If you store your money in your wallet, cash on premises cover may only cover your business money in the event of theft or loss. Personal assault cover is often available alongside cash on premises cover and can provide financial assistance if you are assaulted during a theft or attempted theft.
- Business interruption insurance:
Business interruption insurance can be a useful addition to your insurance policy. This cover can provide financial assistance to cover any loss in revenue you experience if you are unable to trade at full capacity due to reasons beyond your control. These circumstances should be covered by your insurance policy for this cover to come into effect. Business interruption insurance can also provide financial assistance if you need to set up in a temporary location – or rent a temporary vehicle – in order to continue trading.
- Personal accident cover:
As a blacksmith, you may benefit from personal accident cover – whether you are self-employed or work for an employer. This cover can provide financial assistance to cover any loss of revenue you may experience if you are unable to work due to a serious illness or injury, and can cover any medical bills.
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