Tradesman Insurance
Tradesman Insurance is a tailor made collection of insurance covers that a tradesman or home-worker might need in order to protect themselves and their businesses.
Key Features
This type of insurance covers traditional tradesmen like plumbers as well newer types of home workers, like consultants, from the common types of risks they may face. If you have employees Employer's Liability cover is required under law.
Tradesman Insurance usually consists of two key parts:
- Public Liability
- Employer's Liability
There are additional other "bolt on's" for specific requirements like "tools" cover, or "personal accident cover" which are usually sold separately.
Who is it for?
- Handymen, plumbers, electricians
- Hairdressers and Beauticians
- Consultants working from home
- Home based journalists, accountants
- Many types of business run from home (List of applicable business types)
Benefits
- Public Liability - covers you for your dealings with the public or those you trade with
- Immediate Documents - we provide your documentation within seconds of buying
- Bespoke Bolt on's - tools, personal accident cover can also be added to your policies
- Peace of mind - your business is covered, leaving you to get on with running it!
Things to watch out for
- Limit of Indemnity - Some insurers will quote you a public liability cover from £1m to £5m. You may only need £1m of cover. However if you do need £5m of public liability cover, make sure you get the right quote.
- Optional covers - Some insurers have optional covers (like 'tools') already included in the policy. Others insurers will charge you an additional amount. When comparing quotes make sure you are comparing the same extent of cover.
- Excess - Losing £1000 worth of tools is one of the most common claims, however your excess may be £500. You might have to pay this to make a claim, which will mean you might only receive £500 back from a particular insurer. Know the amount of your excess.
- Working outside EU - Some insurers won't cover you if you do any of your work outside the European Union, others will only give you insurance if you stay within mainland UK. Ensure you know the geographical extent of your cover.
- Working at height - Most trade insurers want to know if you work higher than 10m. For example, if you are working on a 25th floor, some insurers will want to know if you are working 10m higher than the 25th floor. Ensure you fully understand the questions you are being asked.
- Multiple jobs - Many tradesmen have multiple jobs, e.g. plumber, handyman, electrician etc. Make sure you tell your insurer all of your roles. For example a commercial builder is not the same as a developer, and they receive different types of cover, with differing premium levels, getting it wrong could invalidate your cover.
- Exclusions - Read your policy documents and any exclusions that may apply. Specific activities are excluded by the insurer for a reason.
- More employees - If you take on more employees in the middle of your insurance year you need to adjust your cover. Many insurers call this a "mid-term adjustment" and is an easy process to go through.
What are the next steps?
- Know your business - You already know what you do, so make sure you inform the insurer about all aspects of your business and for example how many employees you may will hire this year.
- Wages - Knowing your total wage roll will help if you have them.
- Start date - Insurance prices change frequently, evaluate your desired start date, you may wish to have the insurance start at the beginning of a particular project.
- Compare insurers - check the type of cover you want by comparing a number of insurers to see if the tradesman policy that is being offered is being offered at the right price and degree of cover, and try and use someone who can offer you quotes from more than one insurer.
Compare Quotes
Compare, Decide, Buy
Frequently asked questions
Am I covered for this activity?
As long as you fully inform your insurer of the types of activity you undertake, then the policies are structured to cover behaviour that is consistent with a particular trade.
What happens if my tools are stolen?
Some insurers cover this as standard, others as an optional extra. Check your cover.
I don't recognise the Insurer name
You may not immediately recognise some of these insurers, this is because they usually specialise in dealing only through brokers and don't sell direct to the public. All the insurers we work with are regulated and authorised by the Financial Services Authority, including ourselves.
Do I need Employer's Liability?
If you have employees, the answer is usually yes. If you are a single person company, the answer is usually no.
Am I covered for sub-contractors work?
This depends as different insurers provide different types of cover.