Insurance for tradesman is vital as it provides them security from certain risks that take place in their business.
This insurance is important for both the businesses and individual traders. The public liability insurance acts as a cover, that is necessary to protect your business against any uncertain eventualities at work. For example, any injury caused due to accidents or damage to property can be claimed through this policy, adding to this even the equipments used in the industry can be covered, stocks of business and buildings or company infrastructure.
Given below are few of the different types of policies designed to cover different risks:
Employer’s liability insurance: This provides coverage for any monetary compensation claimed by the employee for any injuries caused or certain types of illnesses or damages faced during the course of their work.
Public liability insurance: This insurance covers against any injury or damaged caused by third party people, or any kind of destruction or vandalism to third party properties arising out of your business activities. The premium you pay for this policy varies according to the risk level that your business may encounter.
Professional indemnity: As a proficient executive you provide advisory services to your customers regarding financial matters. Professional indemnity can be covered for such situations, where you must have mistakenly or accidentally provided wrong information to your customers or misused client data. You as a business will face charges and legal costs which can be covered with the help of this indemnity insurance policy.
Stocks insurance: Business stocks can be protected against theft or accidental damage.
Business equipment insurance: While working for any business, the laptops, phones, printers and files can be insured against thefts and accidents.
Various insurance policies are available online to choose from. A good comparison among the number of insurers as per your quote need to be evaluated and accordingly purchased, that suit your needs. While evaluating, you will come across many insurers providing similar coverage plans and various conditions, so it’s advisable to review each cover individually before choosing the right product for your business.
The UK public liability insurance for tradesmen depends on the nature of work and the risks associate with it, that are likely to occur at work place. Public liability insurance from the Tradesman saver company starts from 53$ and is considered to be one of the most cost effective policies available online. Depending on the size of business the cost to insure may differ. Most of the businesses consisting employees are legally required to have employer’s liability insurance of at least 5 million. As a company, you should understand the level of monetary payments you may come across in cases of damage and accordingly decide on the cover you would need, depending on the size of the contracts and the nature of work in your business.