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What does Tradesman Insurance do?
Sometimes called ‘Commercial Combined Insurance’, Tradesmen Insurance packages bring together the different kinds of insurance cover that you might need as a professional tradesperson in one policy.
Typically, Tradesmen Insurance will cover you against any injury caused to your customers or the public or damage caused to their property as a result of your work. It will cover your employees against accident, injury (or heaven forbid) death sustained while working for you. It may also cover you for lost or damaged tools, and cover against trade materials or products letting you down and causing expensive reparations.
Why is tradesman insurance needed?
As a professional tradesperson, it makes sense to protect your business and your customers from mishaps, accidents and failed equipment, products or services. Mistakes do happen and they can be extremely costly.
1. The under-floor heating that fails after you’ve installed it.
2. An electrical fire in a customer’s premises.
3. A lounge flooded.
4. Even a hair product that accidentally leaves your customer with a purple afro
5. A carelessly placed bucket that trips a passer-by.
All these and more can be insured against with Tradesmen Liability Insurance, so if the worst does happen, it doesn’t take your business with it.
In addition, some insurance is a legal requirement. If you have employees, even if they are contractors or casual labourer’s rather than permanent employees, you must have Employers Liability Insurance. If you bid for contracts with larger firms, councils or other contractors, many will make insurance a condition of awarding the job.
What cover does a Tradesman Insurance provide?
Professional Indemnity Insurance works in a number of ways.
Every policy is different. With Needham Commercial Insurance Services you can get a quote from more than one provider and then decide which is most relevant to your business.Typically, Tradesmen Insurance will include product, Public and Employers Liability Insurance to provide significant protection should the worst happen, plus additional options:
1. Cover for stolen or lost tools.
2. Cover for plant and hired-in plant.
3. Personal injury.
4. Loss or damage to your business premises for example.
How much Tradesman cover will my business need?
The amount of cover you need totally depends on your individual business and the likely risks you may encounter. It may also depend on the kind of work you do.
A minimum of £1m in Public Liability cover is normal. Some customers or clients may insist on a higher level before they will allow you to work with them, or work on their premises. If you have employees a minimum of £5m Employers Liability Cover is required by law.
The amount of cover you might need for tools, plant and other options needs some thought. It’s easy to underestimate how valuable your kit is until it has gone missing and you have the bill for replacements. Make sure you have a good think before you settle on what level of tradesmen insurance cover is right for you.
Get in touch here, or call one of our advisors on 02476 326213 to discuss your requirements.