We will explain the cover under these policies below and highlight some of the options, but if you prefer you can jump straight in and obtain a fully detailed quotation and comparison of leading insurers in less than 5 minutes from our on-line service.
What is tradesman insurance?
Essentially tradesman insurance is a name that has been adopted by a range of insurance companies to describe an enhanced self employed public liability insurance product.
These products are per capita rated liability insurance policies, this means that the price of the policy is determined by the number of people working in the business and whilst the name “Tradesman Insurance” has caught on the policy does in fact cater for the needs of a much wider section of the self employed market other than who might be considered a tradesman In fact we have more than 1000 trades and occupations that are suitable for this product type!
How much does tradesman insurance cost?
It is a very competitively priced product and the price you pay will depend on a few key factors, your occupation, the number of people involved in the business, the cover you require and whether you have previously had any claims. Premiums for many trades start from under £50 a year for a basic policy with the minimum cover.
What is covered by a tradesman insurance policy?
The contract is a flexible one with different insurers making a range of additional covers available under the policy but they all share one common factor, public liability insurance is the only mandatory cover under the policy.
Public Liability Insurance
The core cover under the tradesman policy, public liability protects you in respect of claims made against you in respect of your legal liability for personal injury or property damage arising during the course of the business.
Most tradesman policies provide a choice of indemnity limits in respect of the public liability and these are £1M, £2M and £5M. This figure represents the insurer’s maximum payment in respect of any one claim or incident under the policy.
You can arrange a tradesman policy with just a public liability section on, or you can opt to add additional covers under the contract.
Employers Liability Insurance
This is only optional insofar as if you don’t have any employees you don’t need to buy it. EL cover as it is widely known is a legal requirement for all employers in the United Kingdom. There are a few exceptions to this and you can find our more about these exceptions on our main employers liability insurance page, but for most people you will require the cover. The standard policy limit under a tradesman policy is £10M which is in excess of the legal minimum requirement of £5M.
Employers liability protects the policyholder against claims in respect of their legal liability for death, personal injury or disease sustained by an employee in the course of the business.
Business Tools Insurance
Most policies will allow you to add cover in respect of your business tools, protecting you against the financial cost of the loss of your equipment. Different cover levels in terms of value are available from insurers and you should insured for the replacement value of the tools
Personal Accident Insurance
Some insurers offer the option to include personal accident insurance to the product. This can help replace your lost income if you are unable to work as a result of an accident. if income replacement is a serious consideration, you may wish to consider an alternative policy such as personal accident and sickness, that can also provide an income when you are unable to work as a result of illness.
Contractors All Risks Insurance
This is a recent introduction to the tradesman policies offered by certain insurers and offers an all risks policy in respect of loss or damage to the contract works. Again where this cover is appropriate the tradesman packaged actually delivers this cover at a very competitive price.
Who should buy tradesman insurance?
Clearly all business should take steps to ensure that they are protected against costly legal action against them or the loss of the assets of the business and the tradesman policy is well suited to a wide range of smaller businesses.
The policy lends itself to sole traders and companies with up to 6 employees and although options are available for businesses with more employees it is often the case that these policies are not as competitive at this level as a more traditional liability insurance product.
At Blackfriars we provide instant access to tradesman insurance policies from a panel of leading insurance companies and our clients benefit from a number of preferential and exclusive deals we have in this area.
Apply on-line for instant quotes and cover or call us to discuss your requirements with a broker on 0161 300 2930.