As a tradesman, your working day can be extremely varied. You may never know exactly what you will be required to do on a particular day, but there is a way to ensure that whatever happens, you are prepared. With trade insurance, you can be certain that whatever tomorrow may bring, you are already protected.
What should trade insurance cover?
Trade insurance policies vary widely because the role of the tradesman can be incredibly diverse. The needs of a bricklayer can be entirely different from those of an electrician, and the needs of a plumber will be different from both of them. While the individual terms of the policies may be quite different, there are certain types of trade insurance that most tradesmen will find essential.
What can't you manage without?
For the majority of tradesmen, public liability insurance is essential. In some cases, a lack of public liability insurance will see you banned from the worksite and unable to work. Even if you could work without it, that would not be a wise decision. When you are uninsured, a simple mistake could see you left fighting a large compensation claim which could bankrupt your business. In addition to public liability insurance, most tradesmen like to take out life insurance and an income protection policy to ensure that should they be unable to work, their essential bills will still be covered. With these policies, it is always wise to check the terms carefully to make certain that they cover exactly what you think they cover.
Should your tools be covered?
If you work with tools, then it is always worth looking for a trade insurance policy that will cover the replacement of the tools if they are lost, vandalized, or stolen. Most tradesmen rely on specialist tools to help them get the job done, and if they are suddenly unavailable, then you have no way to earn an income and the cost of replacement could well be beyond your ability. With adequate insurance, you can have peace of mind that even if every tool you own is stolen, your business will survive.
Choose trade insurance that is right for you.
Look for an insurance policy that has been created with your business in mind. Don't be satisfied with a generic 'off the shelf' policy where some of the provisions don't apply, but choose trade insurance that is perfectly suited to the way your company operates.