Your Guide To Tradesman Insurance

With the multitude of trades out there, and the needs of each individual and business differing greatly, finding the right Tradesman Insurance policy can seem a daunting task, and one with no hope for success. Considering how busy you are – we know you don’t have time to decipher the ins and outs of every policy that comes your way. That is exactly why we made this guide – to help make Tradesman Insurance easy, and help everyone understand what their policy can include. And if you have any further questions, we’d be happy to help in any way we can. Simply get in touch with us and we can offer even greater insight.

What is tradesman insurance, and what trades are covered under this policy?

Tradesman Insurance is cover in one single policy that can include a range of key covers. Falling under policies such as Kitchen Fitters Insurance, Plasterers Insurance, Plumbers Insurance and Electricians Insurance, can be cover including: Tools Insurance, Business Equipment Insurance, Contract Works and Own Plant & Hired In Plant, as well as Professional Indemnity InsuranceGuide to tradesmen insurance, Public Liability and Employers’ Liability. Designed for a whole host of trades such as gardeners, contractors, carpet cleaners and builders, these insurance policies can provide protection from unexpected events, and be tailored to your unique range of business requirements.

Nobody wants to think that they’ll make a mistake in their work, but unfortunately, as we all know, mistakes do happen. As a tradesman, should something go amiss as a result of an accident or negligence on your or someone on your business’s part, then you may be liable for costs of the resulting damage. Tradesman Insurance can cover you for this, protecting your reputation and business.

By including a range of insurance policies under one policy, it also makes the claims process, as well as the renewal process, much easier. A Tradesman Insurance policy means you only have one policy to deal with, and one renewal date to remember. You don’t want to have to spend long hours administrating various insurance covers and policies for different aspects of your business, and with this cover, you don’t have to.

At The Insurance Octopus, we cover over 900 different trade types, and this includes everything from bricklayers, builders and carpenters through to handymen, kitchen fitters and plumbers. Along with electricians, painters and decorators, there are many trades that could benefit from a tradesman insurance policy.

Other Examples Of Businesses That Could Benefit:

Looking for a Tradesman insurance policy, but are unsure whether your trade or business is suitable? Why not give The Insurance Octopus a call today on 0161 968 2060 to help determine this, and for your own Tradesman Insurance quotes too.

What does tradesman insurance include?

From Bricklayer Insurance, Builders Insurance and Cleaners Insurance through to Electricians Insurance, Gardeners Insurance and Roofers Insurance, there are various types of Tradesman Insurance policies around. The cover this can comprise includes: 

1) Professional Indemnity Insurance: Whether you’ve accidentally given poor advice, created a poor design or work that isn’t up to your usual standards, Professional Indemnity Insurance covers you against this, as well as professional negligence and loss of confidential data. Covering the legal costs and damages you may need to pay, as well as any replacement work, you won’t be left out of pocket.

2) Stock & Materials Cover: The components a gardener, carpenter and builder use may vary, but what rings true for all, is that all rely on their stock and materials to conduct their work. Wires, connectors, paints and plants are all key to business operations, as our power supplies and ingredients. Whether you’re looking to protect your stock or take out cover for your all-important materials, this cover can insure against losses due to theft or damage, and provide compensation for any losses too.

3) Own Plant & Hired In Plant: Plant refers to a variety of items found on a building site, including heavy machinery such as cranes, diggers, dumpers, concrete mixers, excavators and generators, as well as temporary or portable buildings such as siteplant equipment for construction toilets, power tools and scaffolding.

  • Contractors’ Plant – Owned Insurance provides compensation for any damage done to owned plant, and cover is provided up to the sum insured shown in the quotation or schedule. At The Insurance Octopus, we will pay the reinstatement value for damaged contractors’ plant that is up to one year old, otherwise we will pay the market value or the cost of repair.
  • Contractors’ Plant – Hired In covers you against your legal liability for any damage done to hired in contractors’ plant and any continuing hire charges. Cover is typically provided up to the limit of liability shown in the quotation or schedule, and cover is included where you hire out any insured hired in plant too. This includes damage caused by storms, flooding, water damage and malicious damage.

4) Contract Works Insurance: Protects you against events such as disruptions or delays that stop you from fulfilling a contract, and can also cover you financially should you need to carry out works again due to unexpected damage. This cover can be quite extensive, and can include:

  • The work in progress: Covers the work in progress up to the handover point when you cease to be responsible. 
  • The building materials being used in the project: Any materials that were used during the project, session or works.
  • Any temporary buildings: Including any site huts, portable toilets, fixtures and fittings.
  • Your plant, machinery, tools and equipment.

5) Business Interruption Insurance: If you operate or work from a premises such as a yard or unit, this cover could be useful. There to protect you from any loss of income, Business Interruption Insurance can pay out for loss of gross profit, as well as for the costs and expenses incurred to reduce the impact on your gross profit, subject to your insurers specific terms and conditions. At The Insurance Octopus, our policies typically covers:

  • Profit: Any profits that would have been gained during the time you weren’t in service.
  • Disruption: Any power, telecommunications and water disruption costs caused by service providers.
  • Fixed costs: Any ongoing and continuous running expenses that you incur even though the company is not operating, which is based upon past expense reports.
  • Temporary location: The expenses you may suffer due to having to relocate or operate from a temporary location.
  • Some additional expenses: With the reimbursement of ‘reasonable expenses’ that enable the business to continue its operations whilst the property is being repaired.

6) Personal Accident Insurance: This cover can offer compensation for accidents that include:

  • Loss of limbs or sight.
  • Permanent total disablement.
  • Temporary total disablement.
  • Temporary partial disablement.
  • Death.

At The Insurance Octopus, we can help cover the cost of medical expenses, making the road to recovery as smooth as possible. Covering you financially, you’ll receive either a lump sum or weekly benefit. 

7) Public Liability Insurance: Protects you if you accidentally injure a member of the public, or damage their property. Working in trade, this could happen in varying circumstances: you drop hot food on them and it causes skin damage; someone gets hurt during a renovation; you accidentally damage a property’s existing fixtures and fittings; you drop a tool through a conservatory roof whilst up on a ladder. If a claim is made against you, Public Liability Insurance will cover the legal and compensation costs you are required to pay, and we can provide cover as standard from £1 to £5 million, with higher limits available upon request.

8) Employers’ Liability:  It is a legal requirement in the UK to have at least £5 million Employers’ Liability Insurance if you have any staff. This cover protects them from loss or injury while carrying out any work for you. Staff may trip over, hurt themself using a piece of equipment, or suffer from more dangerous hazards, and it’s your duty to protect them. This cover compensates your staff for any bodily injury, mental injury or other claims made against you, even if they are part-time employees. Our Employers’ Liability for tradesman comes with £10 million standard indemnity cover.

9) Product Liability Insurance: If your trade involves the selling, supplying or installation of products, items or advanced materials, and they cause unexpected injury or damage, then Product Liability Insurance would pay out on any compensation sought. If you own a catering business for example, a foreign object could be accidentally cooked in the food you’ve sold, causing a customer to choke or require medical assistance should they be allergic. If you’re a builder, you could face a lawsuit if the house you build is not up to code. Whatever the circumstance, you could be deemed legally responsible if you or your business repaired or altered the product, or if your business’s name is on the product. Product Liability Insurance covers you against these lawsuits and pays out compensation up to the limit on your policy.

Tradesman Insurance can also cover Tools Insurance, Business Equipment Insurance, Loss of Money and Legal Expenses, among other useful policies. It’s important that with all policies that you check the specific terms and conditions outlined so that you know the exact cover you have, and not be left with any nasty surprises when you need the cover the most.

Tradesman insurance advantages, and your questions answered

A Tradesman Insurance policy offers many benefits, including:building a wall

  • Under one handy policy, can protect your business from risks such as Public Liability, Professional Indemnity, Loss of Money and Product Liability, as well as Business Interruption, Contract Works and any losses or damages to Own Plant & Hired In Plant. Tradesman Insurance also ensures that the effect of losses on your business processes and practices is minimal, and that you can get back to work in no time at all.
  • Policies can be tailored to the size of your business, the number of staff, your industry, business operations, and location. They can be tailored to your trade, ensuring that all facets are covered. We know that the needs of a gardener will greatly differ to that of a plasterer – for example.
  • Offers simplicity. Instead of dealing with 8 different companies or 8 different policies, you deal with one company, and one policy. This saves time, minimises stress and makes your insurance much simpler to manage.
  • Provides cost savings. It’s often cheaper to combine all your insurance needs into one policy, as it often attracts bulk discounts from your insurer. This makes it cheaper than having multiple, individual policies. 

We’ll now answer the most common questions we get asked about this policy, which include:

Who needs tradesman insurance?

Tradesman Insurance may be required by various professionals, including: plumbers, builders, electricians, decorators, gardeners and caterers, as well as tilers, scaffolders and roofers. 

Professionals such as accountants, consultants, graphic designers, solicitors and surveyors who do not require office insurance, but who need liability insurance, and perhaps cover for their equipment, can also benefit from Tradesman Insurance, or some form of Business Insurance.

What is tradesman liability insurance?

When you are a tradesman, you and your company may be held financially liable for the costs of any accident caused by you or one of the contractors you employ. By choosing to get Tradesman Insurance that includes public liability cover, you will receive protection against any sort of damage you or your contractors cause on the property of the client. This insurance policy can even offer protection in situations where a member of the public is injured because of the work you do too.

Besides protecting your business against claims made by customers for accidental injury or property damage, public liability insurance is also a great way to improve the reputation of your business.  In fact, many customers will now insist on seeing proof of your tradesman public liability insurance before you will be able to work on site.

Why is tradesmen insurance necessary?

Tradesman Insurance is important for many reasons, including:

  • It could be necessary for some work contracts. It therefore could make all the difference between getting a particular job or being passed over in favour of another business.
  • Gives both the tradesman, and their clients peace of mind. Clients know they are covered if something were to go wrong. Tradesmen know they have some level of protection if a claim were made.

Get In Touch With The Insurance Octopus

Regardless of whether you’re a gardener, caterer, electrician, roofer or scaffolder, a Tradesman Business Insurance policy can help to keep you protected. We hope this guide has helped shed light on any aspects of the policy you were unsure about, and if you’d like one yourself, we can help. We encourage you to get in touch with us today on 0161 968 2041 for your very own Tradesman Insurance quotes.