If you work as a tradesman, your day-to-day role will encounter a variety of risks. Having the right insurance in place is essential and will generally be a legal requirement. Insurance also offers the tradesman peace of mind and can reduce the impact of claims that could potentially put you out of business.
To give an insight of the importance of tradesman insurance, here are six of the most common types of claims:
1. Damage to property
Property damage from work carried out by a tradesman comes in all shapes and sizes and could include an electrician installing wiring that causes a fire, a plumber fitting pipework that results in a leak, or a gardener flicking a stone at a window when mowing a lawn. The potential for damage is great and worse still, could cause injury or even death to your customers or the general public. To cover claims made from damage to property or injury as a direct result of your work public liability insurance is an essential element of protection for tradesmen.
2. Employee accidents
Tradesmen are susceptible to workplace accidents, especially if tasks involve the use of tools, equipment or working at heights. If you employ staff, you have a duty of care to ensure that their health and safety is protected and taking out employer’s liability insurance is part of this requirement.
3. Theft of tools
Tools are a tradesman’s lifeline, so if they get lost or stolen it can be expensive to replace them. It may also cause the business to grind to a halt. Taking out tool insurance is therefore a sensible idea and this can often be included as an add-on.
4. Contract work
If you’re working on a project or contract where something is damaged before the end of the term, contract works insurance can offer you the vital cover you need to ensure the damage is repaired, or that you’re paid what you’re owed up until the time of damage.
5. Making mistakes
If your work involves offering advice or consultancy services, or you produce designs for clients, professional indemnity insurance can offer you peace of mind. It will cover you for claims made resulting from errors in your work that cause financial loss for clients. This insurance can cover the legal expenses incurred as a consequence of compensation claims, which could otherwise cause your business to close.
6. Hired machinery damage
Many tradesmen need to hire plant or machinery such as cherry pickers, concrete mixers or forklifts as part of their construction work. If these hired items get damaged or stolen you could be liable for replacing them. Taking out hired in plant insurance however protects you from having to pay these costs and can usually be included as an add-on.
At Omni Davis we have over 60 years’ experience working in insurance so can tailor a policy to meet your needs. Give us a call for advice and a free quote.