Each and every career choice comes with its risks for things like injuries and court cases. Working as a tradesman is certainly no exception to this rule of thumb. If anything, it is even more important to have insurance, in this case. A certain type of insurance, tradesman insurance, is available to those in this line of work. Here, we will talk about why tradesman insurance is important. We will also provide you with a bit of information to help you decide what type of and how much coverage you need. Investing in this type of insurance is the law. It can also help to protect you, your clients, fellow workers, and your overall business.
Why Insurance is so important to Tradesman
While working on certain projects, you may very well run the risk of injuring yourself. Injury can occur from bad working conditions, accidents, failure of tools, and even something as simple as tripping. In the UK, it is the law that you carry Employers’ Liability Insurance if you employ anyone to help you. Not doing so could result in court action, jail time, fines, or worse. If you get hurt while on the job you may need money for things like work time lost. Your employees may very well need the same thing if they are injured while working for you. Some sorts of tradesman insurance also cover injuries to clients, as well as damage to or theft of tools.
What Sort of Insurance Do You Need?
There are certain things to keep in mind while shopping for tradesman insurance policies. Be sure to carefully read any policy before you agree to sign for it and start paying the fees. Here are some questions to ask yourself as you are reading:
- Is the coverage an adequate amount for your business?
- Will the coverage here be enough for your clients to feel safe with?
- Must you keep the policy for a set amount of time or can changes be made as needed?
- What trades are covered? Can other policies be bought that will cover all your trades at once?
- What sorts of things are covered and included in the policy you are considering?
- If your business changes in the future will you be able to update your insurance to change with it?
The Legal Requirement
As mentioned above, Employers’ Liability Insurance is required if you hire anyone (anyone at all) to do anything for you or with you on the job. It does not matter if you are in the business of landscaping, building, repairs, or modifications of structures. You must have policy that will cover up to five million pounds. However, if you feel that you need more coverage, shop around. You should also shop around for the right price. Since this insurance is so widely needed, you can often find good deals on it that will fit your budget and can have other added benefits, as well.
Tools and Your Business
What’s a tradesman without his tools? Many would argue that a tradesman without any tools (or the right tools) is just an average Joe. Tools for many types of trades can be very expensive. They can range in price from very affordable to very costly to replace. This is why there is also tool insurance available from some providers. In some cases these policies will even cover stolen items from job sites or vehicles. Just be sure you fully understand just what these policies will cover. Also be sure they are enough to cover all your tools, and what is required of you to make these policies valid. For piece of mind consider investing in a Tuffbox to ensure your tools are safe and avoid claiming on your insurance.
Do you want to learn more about tradesman insurance? There are lots of places online to learn more about types of policies available to you, as well as what others in your trade recommend. You seriously cannot go wrong by doing at least a little research into this arena before purchasing anything. Not doing your homework first can result in a lot of pain and loss in the future. And you can never be too careful when it comes to your livelihood, as well as the business you have built.
Where to Purchase
Tradesman insurance is available to purchase in a variety of place. Common places include insurance offices, by mail, or even on the internet. Buying on the internet is extremely convenient. In some cases proof of insurance can be gotten immediately after purchasing a policy. These policies are also very convenient to change, upgrade, cancel, or renew. Feel free to ask any company you are considering to insure your company about the possibility of buying your policy from them online. If this is not possible the next best thing is either by phone or by mail. Just be sure to read your policy, first!