For tradespeople, having the right insurance is essential for protecting yourself, your business, and your clients. Here are five key factors to consider when selecting a policy:
1. Public Liability Insurance
Public liability insurance is a must-have for trades. It covers claims if someone is injured or property is damaged due to your work. Without it, a single claim could be financially devastating.
2. Tools and Equipment Cover
Your tools are your livelihood. Theft, loss, or damage can be costly, so ensure your policy covers the replacement of essential equipment—whether stored in a van, on-site, or at home.
3. Income Protection
If illness or injury prevents you from working, income protection ensures you still receive a portion of your earnings. This can be crucial for covering bills and maintaining financial stability while you recover.
4. Workers Compensation Insurance
If you employ staff, even temporarily, this is a legal requirement. It covers claims if an employee is injured or falls ill due to their work, protecting both your business and workers.
5. Contractual & Professional Indemnity
Some jobs require indemnity insurance to cover claims related to faulty workmanship or professional errors. Check contract requirements to ensure you have adequate coverage.
Choosing the right insurance isn’t just about compliance—it’s about securing your future. Take the time to compare policies, understand exclusions, and ensure your coverage meets your needs. A little planning now can prevent big problems later.
Disclaimer: At Taskforce, we are not insurance brokers, so this general information does not take into account your specific objectives, financial situation or needs. It is not financial advice, nor complete, so we would suggest discussing your requirements with a qualified insurance specialist. Types of insurance issued by various insurers can differ.