As a tradesman, there are a number of assets that you may want to protect against unforeseen risks during the day-to-day running of your business. Some of these could include:
Insurance for tradesmen – more commonly known as package insurance – could provide comprehensive cover for any and all of the above. Ultimately, there are certain forms of cover that will be included in your policy as standard, and others you may choose to include based on the makeup of your business and your attitude to risk:
- Public liability insurance:
This cover can provide financial help if a member of the public suffers illness or injury as a result of your activities. It can also provide cover in the event that damage to third party property is caused by your business’s activities.
- Professional indemnity insurance:
Professional indemnity can offer protection in the event that the work your business carries out results in a client suffering injury, damage, or loss. This insurance could help to cover the costs of any legal fees or compensation you may have to pay as a result. From a tradesman's point of view, professional indemnity insurance could protect you if work that you have carried out is deemed responsible for causing injury or damage to a client.
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- Employers' liability insurance:
Businesses that employ staff are usually required by law to take out employers’ liability insurance. As a tradesman, this could apply to you - for example if you hire an apprentice. This cover is designed to help with the cost of a legal claim made by an employee if they are injured or fall ill as a result of doing their job. Employers’ liability insurance could also help to pay compensation resulting from such a claim.
- Buildings insurance:
Buildings insurance can cover repair or replacement costs if your business premises is damaged or destroyed as a result of fire, flood, or another unexpected event.
- Contract works insurance:
Contract Works cover is designed to protect the work in progress on construction sites. This can include costs incurred as a result of damage or destruction caused by a fire, flood or storm, as well as malicious damage and theft.
- Tools and equipment insurance:
These types of insurance are designed to provide funds to repair or replace your items in the event that they become lost, damaged or stolen. For example, if an employee drops and breaks an expensive piece of equipment, then a successful claim on your equipment insurance policy could reimburse you for a replacement.
- Stock insurance:
This cover could provide protection in the event that any trade materials, stock or consumer goods you are responsible for are damaged, lost or stolen.
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