Each day a tradesman turns up to work he faces numerous risks. A builder constructing an extension on a residential property, a plumber installing new pipes in a block of flats an electrician re-wiring a commercial building. The threat of causing property damage or bodily injury to a third party is all to real.
One mistake, one piece of bad luck could destroy years of hard work and leave the tradesman facing horrendous compensation payments.
Especially in today’s litigious society where people are quick to proportion blame and chase damages if they have suffered financial loss. Who can blame them? They know the law is firmly on their side if such a dispute should occur.
How can tradesmen protect themselves?
The best way for a tradesman to safeguard their livelihood is to buy tradesman insurance. A tradesman insurance policy takes the stress out of running a business. It protects tradesmen from costly claims of negligence if things go wrong at work be it personal injury to a member of the public or employee, or property damage caused by their actions – subsidence, flooding, fire etc.
A typical tradesman insurance policy will offer comprehensive coverage to builders, plumbers, electricians, plasterers, decorators, carpenters and more. The most important element of any tradesman insurance policy is public liability insurance. This type of insurance protects tradesmen against 3rd party claims in the event that personal injury is caused or property damaged as a result of the their actions. Remember, public liability insurance claims against tradesmen are often very expensive, so its advised a minimum of 1 million cover should be taken out.
Of course, most tradesmen also employ full-time staff or temporary/sub-contract workers. If this is the case a minimum 5 million Employers Liability Insurance is a legal requirement. Employers liability insurance protects tradesmen in the event that one of their employee’s gets injured at work. (by falling off a ladder for example) It will cover the legal fee’s and compensation payments which might arise from a claim.
Most tradesman insurance policies will offer ‘bolt on’ options like tools/equipment insurance, personal accident cover and vehicle/van insurance. Always check a reputable insurer is underwriting the policy as you’ll want to be sure they have the means to financially support you should a claim arise.
With premiums starting from as little as 50 per annum there is no excuse not to underpin your business with tradesman insurance!
By Lauren Neal