There are many different types of insurance that need to be considered when you’re a new or experienced business within the industry. However, it’s imperative that you consider all the variables at bay when you’re acquiring insurance. There are also a number of different reasons as to why people will make a claim against your business. Whether that comes from employees within your business or it’s from a third party organisation, another employer, a customer, or a member of the public, it’s important to understand the different claims that can be made against your business, what type of insurance will best suit you, and what is the best strategy to take when dealing with a claim.
This guide will give you all the information you need as well as some information surrounding the top 5 tradesman insurance claims that you may come up against. Whether it’s theft of your tools or van breakdown cover that you seek, by the time you’ve finished this guide everything will be clear and straightforward.
Continue reading to find out more about the tradesman insurance that’s available at Tradesman Saver. But first, here are the top 5 insurance claims made by businesses and third parties:
Since 2017 tool theft has increased by around 30% and is constantly on the rise. The tools that you use as a tradesman are vital to the day-to-day running of your business and operating without them can throw a real spanner in the works (even if a spanner has been completely removed from the work in the process!) This can not only impact your own business, but other businesses who are relying on you to complete a job on time. Most of the time tools are stolen from construction sites and from vans overnight and without tool insurance you could be facing the costs of replacing your stolen tools all on your own, causing great expense to your business.
Possessing tool insurance will cover you against any damage caused to your business, as well as any property that has been stolen or damaged. Although public liability insurance isn’t a mandatory form of cover, unlike employer’s liability insurance it’s certainly worth having everything you need to ensure that your business is equipped in the face of tool theft.
Injury to employees
Possessing employer’s liability insurance is a legal requirement in the UK and operating without this type of insurance can create huge problems, both legally and financially. Employer’s liability insurance will protect you in the event of a claim made against you by someone within your business like an employee. This can occur if an employee is injured while at work or has a disagreement that can only be settled in court. This type of insurance will cover you across any medical bills and court hearings and ensure that your business is able to stay afloat, while any compensation packages are able to be paid to the claimant, if necessary.
Injury to public
Businesses whereby injury to others, such as members of the public, is more likely, will also benefit from a specific type of public liability insurance too. For instance, builders, who risk dropping tools and materials, will want to look into a builders insurance package tailored to the size of, and level of risk involved in their business.
Public Liability insurance will cover you in the event of a claim being made against your business by a third party. This is most notably made by members of the general public if they have a dispute against your work or have been injured in relation to your work. Receiving a claim made against you by a third party can often be more distressing than if it was someone within your own business. If a major incident occurs it could mean that your business is forced to pay out on numerous claimants, causing huge expense to your business in the process. Possessing public liability insurance will also enable you to look more credible to new clients and help acquire quality contracts.
Insurance claims can be made in the event of a client or business’ property being damaged in relation to the work that is being completed. You may spill paint on a customer’s carpet, drop a hammer through a conservatory roof or knock over an expensive vase, either way, if it’s a third party claiming damages to their home or site this is where your public liability insurance will come in.
Van Breakdown Cover
When you’re looking to get an insurance quote on a van you use for business or a new addition to your fleet there are a number of different variables considered when a quote is being calculated. Although single van insurance varies, when compared to fleet insurance variables like the number of vehicles within a fleet, the type and age of your vehicles, in addition to the contents of the vans, and where the vehicles are stored all come into consideration.
With these variables in mind, it’s important that in the face of a claim you possess the perfect van insurance for your situation. Failing to correctly stipulate your vehicle specifications could mean that your insurance is voided in the event of a claim. The majority of the time insurance claims are made when vans used for a business break down or are involved in a collision, however, another variable often used with vehicle insurance is the purpose of their use. Insurance can be voided if the incident occurred during a time when the vehicle was being used for personal use instead of business use, and vice versa.
Now you’re familiar with some of the many different insurance claims that you could find yourself posed with or even targeted with, you’ll understand the importance of possessing the correct insurance for your employers and your business. Whether it’s acquiring the best public liability insurance to help combat you against third party claims, acquiring the most accurate vehicle insurance or helping ensure that your tools are stored safely, we hope that you’ve picked up some valuable pointers that help your business in the long run. Tradesman Saver offers numerous insurance packages for tradesman and businesses looking for cost-effective deals.