Tradesman Insurance is a type of business insurance designed to protect self-employed traders and small businesses of all kinds.
This cover is beneficial to hundreds of different trades including Plumbers, Builders, Painters & Decorators, Electricians, IT Professionals, Surveyors, and Retailers.
These policies cover many potential events which may affect your ability to operate your business or, in the case of compensation claims, to protect you from large financial losses.
The first thing to note is that Tradesman insurance policies vary hugely depending on the insurer and the product they offer. The policies are offered under a variety of product names for example; Business Insurance, Tradesman, Master Tradesman, Self Employed Insurance or Contractors Insurance. There is no set template of the lever cover they offer – some policies may only offer two or three sections while others may offer dozens of choices to tailor the product to your specific needs! Some sections may be a legal requirement (Employers Liability), others may be a condition of a contract you have and others are just personal choice depending on your trade and attitude to risk. Some of the most common types of cover you can include in your tradesman policies are listed below…..
Remember; we can tailor your policy to meet your exact needs.
Tradesman insurance is similar in nature to Contractors All Risks which is usually specific to contractors who are involved in new builds or extensions and combines all the above cover with Contract Works forming the basis of the policy. The ‘all risks’ terminology refers to the events (perils) the policy covers (as opposed to specified events only such as fire or theft). Contractors All Risks can also have Advanced Business Interruption cover providing indemnity for financial loss as a result of a delay in the scheduled start – important for contracts that have time stipulations.
It is important to remember that different policies offered by different insurers will have their own unique endorsements and exclusions. As with all insurance, a lot of the exclusions are based around best practises in order to reduce the likelihood of a claim. For example, tools need to be put away inside a locked vehicle or building and projects under construction must not have had work suspended for a period of more than 30 days (abandoned sites are hotspots for thieves and vandals!)