What are the most common insurance claims for tradesmen…
The construction and trade industry is one of the highest risk areas in Wales with injuries and death occurring on a regular basis. So, how would you cope if an accident were to happen and a claim was made against your business? Are you sure you are covered with the right tradesmen insurance?
Here are some of the most common types of insurance claims that are of relevance to most tradesmen.
Property Damage
There can be a variety of situations where property damage can occur. Examples are, electrician installing wiring that causes a fire, a plumber fitting pipework that springs a leak, or a gardener chopping down a tree that falls on to a property and damages it. With this in mind, public liability insurance is essential for tradesmen.
Employee Accidents
If you employ staff, you have a duty to ensure that their health and safety is protected, and taking out employer’s liability insurance is part of this obligation. Staff members can make claims against injuries such as chopping a finger off using your tools, tripping over cables, or even illnesses caused by exposure to certain substances.
Stolen Tools
Tools are indispensable to a tradesman, so if they get lost or stolen, it can be expensive to replace them. Taking out tool insurance is a sensible idea, Cleddau Insurance includes tool cover as standard, in which the policy covers you for tools left in your van, especially overnight, not many providers offer this kind of cover.
Contract Work
If you’re working on a project or contract where something is damaged before the end of the term, contract works insurance can offer you the vital cover you need to ensure the damage is repaired, or that you’re paid what you’re due up until the time of damage. This can cover a range of scenarios, such as if construction work is damaged midway by flooding.
Making Mistakes
If your work involves offering advice or consultancy services, professional indemnity insurance can offer you peace of mind. It will cover you for claims made resulting from errors in your work that cause financial loss for clients. This insurance can cover the legal expenses incurred as a consequence of compensation claims.
Hired Machinery Damage
Many tradesmen need to hire plant or machinery, such as diggers, concrete mixers, or forklifts, as part of their construction work. If these hired items get damaged or stolen, you could be liable for replacing them. Taking out hired in plant insurance cover protects you from having to pay these costs.
Want help with your insurance?
