There is much diversity in tradespeople and the work they carry out which insurers must consider when designing insurance products as the covers available need to suit the specific trades and the budget available for insurance premiums.
Insurance for tradespeople is designed to ensure that whatever industry you work in and whether you’re a self-employed labourer or a small business owner with a small team of employees, there is insurance designed for your circumstances. A self-employed sole trader who works on their own, for example, may not need employers’ liability insurance whilst this is a definite must for any businesses with employees.
One of the key elements of many trade insurance policies is that they provide a level of cover for the equipment essential for your business. Whether this is your tools, cleaning equipment or even musical instruments, if you rely on your kit for your business then it is essential it is insured. It is also essential you exercise best practice when it comes to protecting your most valuable assets.
Below are some basic tips, which may seem like common sense, but plenty of people don’t keep them in mind and end up losing their most valuable business assets:
- Ensure your tools are kept inside your premises or home overnight, never in your vehicle
- Park in secure, well-lit and busy areas to detract potential thieves
- Always ensure your vehicle is locked
- Ensure your vehicle has a warning sticker and high quality alarm
- Ensure any tools or equipment kept in your vehicle are out of sight
- Mark all of your equipment protectively so it can be found in the event of theft or loss
- Keep a full inventory of all your equipment and regularly check it
- Ensure all premises have full and effective security systems in place including alarms, security lighting and CCTV
- Shred all sensitive business information when no longer needed and ensure that all computer-held data is secured and backed up
Having a tradesperson insurance policy in place provides you with cover should a claim occur. You may need to exercise care by implementing any conditions detailed in your policy in your daily business routine in order for the insurance cover to be available when you need it. An example: – The policy may state minimum security requirements for sites where tools can be left as most policies will not cover you if you leave your tools in your vehicle overnight.
You cannot underestimate the value of your business’ equipment. Without your tools your business cannot function so you should take every action possible to minimise the chance or loss or theft.