It’s the oldest online commercial insurance and the widest sold type of business insurance in the UK, but what exactly is Tradesmans Insurance?
If you own or manage a small business, you will require at least some type of liability insurance to protect your company against the various risks and possible claims, that your business will face.
Small businesses and tradesmen are required by law to have employers liability insurance at the very least in order to carry on business. Employer’s liability cover protects the workforce and allows the business to pay any claims against it which may be brought by a worker who was injured carying out his or her duties.
Public liability insurance is essential if you work with members of the public who may pursue claims against you and motor insurance or van insurance is also likely to be a necessity.
If the business has plant or machinery which must have a periodical statutory inspection, it will be usual to arrange for this to be done by a specialist engineering insurer under the terms of an engineering inspection contract, with or without insurance.
Tradesman’s insurance is more often than not sold online as a small business insurance package policy. A package will include all elements of cover required by a small business or self employed trader such as basic employers liability and public liability covers and theft of tools. Trademans insurance quotation systems allow you to vary the levels of indemnity required for liability insurance in a typical range of between £1 million and £10 million. The higher the levels of indemnity required the higher the premium. Tools cover is usually rated on a replacement new for old, sum insured basis, where you define the value of your tools.
Most trades and small business will have premises that need protection against buildings perils such as fire and flood. Small commercial property insurance is available to cover all buildings insurance risks and is often sold as a package for a particular type of trade. For example Shops Insurance, Dentists and Surgeries or Builders Insurance Packages.
Trademan’s premises packages contain commercial contents insurance for business premises, which covers office and business equipment including files and data processing against the common perils. For companies and trademan that keep stock, this type of business contents insurance can be extended to cover risk such as deterioration and damage.
For the small tradesperson who works from home these covers are often available with strict limits of indemnity, as a bolt on to a standard home buildings and contents policy. This type of cover is often only effective for self employed people with just a computer and a home office.
Other tradesman insurance covers
One of the largest problems faced by a small business or trades with premises is that of how to continue in business should a catastrophe happen, for example a fire that destroys the premises or machinery or stock. In order to deal with this Business Insurance companies have devised a cover called ‘Business Interruption Insurance’.
Premiums are based on your previous years annual turnover. BI covers your company against all losses caused by interruption to trading due to any of the perils mentioned on the policy and will pay out on a indemnified basis for the period of cover agreed in the policy. Most policies will also offer some type of alternative trading accommodation to enable you business to continue whilst the premises are being repaired.
Additional small business and trades insurance risks
Because commercial insurance is designed to cover all classes of business, there are many various trade or business specific covers available which can be added to a combined policy.
Examples of these covers include loss of licence to trade, book debts, hauliers cover, warehouse cover, and plant inspection services. Various people protection policies are also available for businesses including Keyman insurance which provides cover against the loss of key people within your organisation. Business mortgage protection provides a monthly payment for business premises should you suffer and accident or sickness. Group ASU policies are also available to protect your staff and employees.
Buying Tradesman Insurance Policies
Commercial insurance and tradesman risks covers for tradesmans insurance are widely available online today and it is a simple process to find a website where you can compare trademans insurance quotes.
However, purchasing trademans liability insurance can be a daunting experience for the uninitiated small business owner or tradesman just starting off in business, and unless the risks are straightforward and can be underwritten online, it is advisable for all companies to approach the services of a local or regional commercial insurance broker who deals with speciifc tradesman liability insurance and covers for risks in your particular trade.
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