What optional covers should I combine with my Tradesman Insurance policy?
Do you have employees?
If you employ anyone outside of your immediate family, including casual workers, part-time employees and temporary staff or trade as a limited company, then the law requires you to have Employers Liability cover for injury or sickness claims from employees to a minimum level of at least £5 million.
You should check carefully if you need it, because you can be fined up to £2,500 for each day you do not have suitable cover in place.
Do you have tools and / or a laptop for your business?
If you have tools and business equipment for your business, then you may want to consider Tools and Laptop Cover which will help to cover the cost of replacing items insured should they be stolen or damaged.
As the tools of your trade are important for the smooth and productive operation of your business, this a key cover to consider as a tradesman or contractor.
Are you responsible for the materials and works during the course of a contract?
If under the terms of a contract you are responsible for the permanent and any temporary works, including the materials which will form part of such works, then you may want to consider Contract Works / Contractors All Risk cover to help cover any damage to the property you’re working on (that is not due to bad workmanship) during the course of the contract.
Contract Works / Contractors All Risk helps to cover alterations you’re making during the course of a renovation or extensions as this is not usually covered through existing building insurance. You can also get specialist cover for both new build or speculative building work, and general jobbing work.
Do you own or hire in any plant or machinery?
Whether you own your own plant and machinery as part of your business, or choose hire in items for use during the term of the contract, you should consider the financial implications if any of them are damaged or stolen.
Plant and Machinery insurance helps to cover the cost of repairing or replacing the items to ensure they’re in a safe and functioning condition as a result of an insured incident such as fire, theft, storm damage etc.
Many policies include legal liabilities for hired equipment, which can include the costs of legal defence as well as helping to ensure you can continue to pay the hire charges.
What if you are accidentally injured at work and you can’t work?
If you or an insured person are severely injured or die in an accident, then it could have life changing consequences including an inability to work as a result of injuries sustained, hospitalisation as a result of the accident or permanent disability.
Personal Accident cover is designed to pay out a tax-free lump sum if you are involved in an accident resulting in some form of permanent disability or identifiable physical injury. If the injury sustained is a temporary, such as a broken leg or arm, then Personal Accident will pay a weekly benefit which you will be able to select when you take out a policy.
What would you do if you were involved in a legal dispute?
Should your business be faced with a legal dispute; for example, a client refusing to pay their bill, a breach of contract from a supplier, or even an employee claiming unfair dismissal, then the costs associated with placing or defending a claim can be costly.
Legal cover can be a valuable addition to your policy to ensure that legal expenses can be met. Some policies are able to provide additional services as part of their Legal cover, such as tax advice, online legal services and even a counselling helpline.
Speak to our insurance specialists for more information on the cover available for you and your business.
Are you a sole trader or a partner in a business?
If you are a sole trader or a partner in a business, you are the employer therefore there is no protection for bodily injury should one of your staff or fellow partner’s negligent actions cause you an injury.
With some of The Insurance Octopus’ policies we are able to add Injury to Working Proprietors or Partners cover back into your policy, thus giving you added peace of mind and protection. Our insurance specialists can provide more information about this type of cover.