How It Works...
Types of insurance for a tradesman or tradeswoman:
It is compulsory to have employers’ liability insurance if you have any employees (with some exceptions).
This is to protect you if a member of staff sues you due to injury, death or property damage or loss in the course of their employment.
Public liability provides you with financial protection if a third party or customer was to sue you for causing them injury, death, disease.
Furthermore, it also covers you if you cause damage to third party property as a result of your negligence.
So, just imagine, without public liability insurance your business could be wiped out by one large compensation claim.
In addition, products’ liability provides you with financial protection if you were sued due to a defective product you have sold.
Contractors All Risks Insurance
In brief, owned plant insurance covers you for damage or loss of any large plant you own such as generators, diggers, excavators etc.
In brief, hired plant insurance covers you for damage or loss of any large plant you hire such as generators, diggers, excavators etc.
In, short contract works insurance covers you following an insured event (such as fire) for:
- Replacing the materials needed to finish a job
- The costs involved to finish your project
- Labour costs involved to repair the damage.
In short, this covers you for damage or loss to your business contents that is not tools such as computers, and mobile phones.
Professional indemnity insurance covers you for the legal costs involved in defending you against any claims made due to providing poor advice or an inadequate service.
In short, Legal Expenses insurance will cover you for costs involved to defend or pursue a claim in the courts of Law as a result of any business related disputes.