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Tradesman insurance checklist

A builder working on siteInsurance is an important consideration for all businesses, whatever their size or industry. Making sure your tradesman insurance policy provides sufficient cover against everything from damage to customers' property to injuries sustained by employees while carrying out their jobs can safeguard your livelihood and avoid you having to pay expensive damages.

Liability insurance is compulsory in many countries and in many areas of business, but even in situations where insurance is not a prerequisite, it's still a good idea to make sure you are covered - especially if you work with dangerous equipment or anything else that makes the threat of legal action a very real possibility, such as manufacturing products.

The different types of liability insurance

You should be sure to obtain a working knowledge of the different types of liability insurance available, to help you choose the right type of insurance and take out sufficient cover for your needs.

Public liability insurance can be considered essential if you work in customers' homes or you have clients visiting your commercial premises. This form of insurance will cover you for £1 million or more in the event that work you carry out results in damage to customer property, or if people are injured by hazards in your office, warehouse or other building. As well as covering you for damages, your insurance policy can also take care of your legal fees, particularly significant if you lose the case and are required to pay your opponent's fees too.

While public liability insurance is recommended, employer's liability insurance is a legal requirement for businesses employing workers, no matter whether you only have one employee or thousands. This form of insurance mutually protects both you and your employees, covering the business' costs and ensuring the employee will still receive the necessary payments if they suffer accidents or illnesses at work.

Employers liability insurance covers workers at all levels of the organisation, from factory floor workers to company directors, so you won't have to take out separate policies.

If your business is found to be legally accountable for injuries or other forms of accident, the costs could soon add up without effective insurance. For example, you could have to pay for hospital and medical fees, property damage, legal fees and compensation for hours lost at work. These costs combined could easily run into the thousands, which is why your tradesman insurance policy can provide in excess of £5 million annually, ensuring your business will not be at risk.

 

The author of this article is a part of a digital blogging team who work with brands like Gladiator Insurance. The content contained in this article is for information purposes only and should not be used to make any financial decisions.

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