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The purpose of construction insurance is to provide the right level of protection to your business and workers allowing you concentrate on your core business in the knowledge that you have adequate cover should it be required.
Builders, carpenters, gardeners, and plumbers are among the most diligent workers you’ll ever come across with. But they are also very much exposed to various risks, from losing their tools to getting involved in accidents while at work.
Given the nature of their job, tradesmen are very much at risk of accidents compared to say, a typical office worker. Tradesmen work with dangerous tools which can cause injuries to them, or to other people.
Working in other people’s houses can also put tradesmen at a disadvantage. They may face litigation if their work causes damage to the property of a client.
Most tradesmen are self-employed. Thus, it can be very costly for them to replace a lost or damaged piece of equipment. And this isn’t just a matter of inconvenience, as tradesmen would have their income seriously jeopardized if they are unable to replace or repair a damaged tool.
Fortunately, there’s a particular type of insurance--- tradesman insurance—tailored for them.
Public liability insurance—covers legal expenses due to claims resulting from the damage of a property, or injury to an individual.
Personal accident cover—this will pay for a staff member who was injured while at work.
Third party property damage—this covers for expenses related to any damage that a contractor or his employees caused to a client’s property while working.
Contract Works--- this insures the tradesman’s construction works including materials, in case these are stolen or damaged. It can also reimburse expenses related to additional labour costs needed to rebuild the work that was previously completed. For example, a storm destroyed a structure that a contractor is building.
Equipment/tools insurance —this insures the policy holder against costs related to the replacement or repair of damaged or lost equipment.
This shields policy holders against costly repair expenses of a van or vehicle used in their business. It can also cover for the cost of renting a temporary replacement vehicle
There are other optional covers or features that one can purchase. For example, an efficacy cover can reimburse litigation expenses should a tradesman be held legally liable for faulty installation of a security alarm.
Tradesmen can also opt for tax investigation cover should their business be investigated for tax reasons. It can shield the business against loss of earnings while the company is under investigation.
Aside from the aforementioned workers, those who are eligible for tradesman insurance are electricians, painters, cake makers, contractors, painters, decorators, sign writers, and window cleaners.
Even professionals like surveyors and consultants who need cover for equipment and liability insurance may also purchase tradesman insurance.
What are typical restrictions?Like most insurance policies, tradesman insurance has several restrictions or exemptions.
For instance, there are depth and height restrictions in most tradesman insurance policies. Businesses with high annual turnover, as well as those which have been inactive for a while, are also usually forbidden from getting this type of insurance.