TRADE GUIDE – INSTALLERS, CONTRACTORS AND TRADESPEOPLE
Working on building sites carries risk. Installers, contractors and tradespeople face a huge range of risks every working day. The potential for accidentally damaging property or injuring yourself or other people is always there. And these days you could find yourself in court thanks to a Professional Indemnity claim.
Working with specialist tools and equipment carries a range of risks too, as does working at height as a scaffolder or at depth as a groundworker.
And no matter what trade you are in, you’re likely to have vehicles that you use for your work too.
There are a lot of considerations, and you’re likely to need some cover in place as a contractual obligation for some clients or main contractors. Choosing the right cover means peace of mind knowing all aspects of your business are covered, without paying for generic cover you may not need.
What are the core covers that a tradesman might need?
Builders, plumbers, electricians, joiners, heating engineers; tradespeople and contractors of all types, can all find themselves claiming for a wide range of reasons.
As the owner or manager of a business in this sector, we know the sort of cover you need includes:
- Tools – lost stolen or damaged
- Hired in equipment and plant
- Contract works
- Business Interruption
- Employers Liability
- Public Liability
Public liability insurance for tradesmen
One of the most expensive pay outs you’re likely to face is a public liability claim. If you buy an insurance policy without advice, a successful claim against you by an injured customer could be disastrous. Getting the right amount of Public Liability insurance in place is key to a tradesmans’ insurance policy.
As previously stated, you may find that commercial clients are demanding certain levels of insurance cover before they will award contracts. Failure to maintain and update that cover could also mean serious repercussions. Using a professional broker, such as Buckingham Insurance Consultants, means taking the hard work out of understanding the small print. We’ll be happy to help you understand your obligations and arrange suitable cover.
We also work hard to provide clear, jargon-free advice, and to explain the terminology and insurance quirks that can trip up even the most experienced business manager.
- For example, do you know how to set sums insured, such as how to value your stock (usually cost price) and the replacement value of plant and machinery?
- Did you know that Employers Liability covers potential legal costs but not necessarily the wages of an injured staff member?
- Business interruption only covers an insured peril, such as fire or flood, and not bad debts as some believe.
- Lastly, do you understand the exclusions and warranties in your insurance policies? There are some horrible consequences if these are not met and. as they vary from trade to trade, bespoke advice is vital.
The point is that insurance small print is notoriously a minefield. Misunderstandings of what protection is actually in place is frighteningly common. Working with a broker mitigates the risk of inadequate protection being in place.
Special considerations for tradesmen
Above and beyond the basic covers, depending on your trade and business specifics, there may be a number of additional requirements.
- Working at height or depth. Either of these things – common enough on a building site – may be specific exclusions on a standard policy. Make sure you have the correct inclusions in place.
- Working with heat. If you do any welding or otherwise work with heat, you need to make sure that you have it specifically included on your policy.
- Professional Indemnity for tradesmen. Working as a builder, you might find a practical consideration on site means you can’t stick exactly to an architects plan. Deviating from that plan means you take responsibility for the amend. Were a client to find an issue with your solution, or for it to subsequently cause a problem, you may find yourself on the wrong end of a professional indemnity claim.
Why use Buckingham Insurance Consultants to compare Tradesman Insurance?
- Strong understanding of this sector
- Extensive local and regional knowledge
- Time invested in getting to know your business
- A road map through the options and possibilities (including additional covers to those listed above)
- The human touch in providing insurance cover
- Efficient and responsive claims procedures.
With the right cover, supported with the right level of service, your business can have the insurance it needs to protect its profitable growth.