Whether you're a self employed or subcontractor plasterer, carpenter, plumber or other tradesman, you can get cover designed to provide protection against a range of risks your business faces and can ensure you won't be left out of pocket if something were to go wrong.
But what is tradesman liability insurance? And what should you look for when you obtain tradesman insurance quotes?
Five main areas to look for when you compare tradesmans insurance
Tradesman cover is designed specifically to insure against the risks your your line of work present whether you are a sole trader or you run a small business.
So when you compare tradesman insurance, there are five main types of cover that you should consider:
Public liability insurance
This is probably the most important cover for a tradesman to have in place. It protects you against claims from members of the public for injury or damage to property caused by the operation of your tradesman business
Employer's liability insurance
If you employ staff you must have this cover by law. It protects you against compensation claims from employees for injury or illness caused by working for you
Professional indemnity cover
This gives you legal expenses cover for the products you provide, advice you give or services you offer to other businesses. If you make a mistake or a customer believes the work was not of a satisfactory standard, you could find yourself facing a claim for losses that you caused.
Not only can the claim decimate your business, but the legal costs in fighting such an allegation can be crippling too. Professional indemnity insurance covers all of the potential costs and payments.
Business interruption insurance
This replaces your business income in the event that your business has to cease trading through an event such as a fire or natural disaster
When you're a professional tradesman your tools are a vital part of your livelihood, and professional equipment can be very expensive. Therefore it is certainly worth considering tool insurance as a policy extra, and a good policy should let you set the level of cover so you won't end up over paying for cover you don't need.
As well as tradesman public liability insurance and these other types of cover, you can often include other add-ons with your policy including business contents insurance, stock cover and commercial property insurance.
What to look for when you compare tradesman insurance quotes
When you're looking to take out insurance for your business it's a good idea to compare tradesmans insurance from as many tradesman insurers as possible. You should make sure you compare both the cost and benefits of the leading tradesman cover policies to find the one that best fits your business requirements.
When you compare cover, make sure that the maximum level of cover is sufficient for the needs of your business.
Most insurers put limits on the amount of public or employer's tradesman liability insurance that they will provide and so you should make sure it is enough.
Also make sure that a policy includes all the different types of cover that are appropriate to your business. It could cost much more if you miss something out and then have to take a separate policy to cover this later.
Of course you also want to keep your business expenses as low as possible and so cost will be a factor when you take out tradesman liability insurance. However, the quality of cover is also important and if you're a tradesman insure yourself with the best, not the most cut-price cover.
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