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Business Insurance
Guide To Tradesmans Insurance
It’s the oldest online commercial insurance and the widest sold type of business insurance in the UK, but what exactly is Tradesmans Insurance?
If you own or manage a small business, you will require at least some type of liability insurance to protect your company against the various risks and possible claims, that your business will face.
Small businesses and tradesmen are required by law to have employers liability insurance at the very least in order to carry on business. Employer’s liability cover protects the workforce and allows the business to pay any claims against it which may be brought by a worker who was injured carying out his or her duties.
Public liability insurance is essential if you work with members of the public who may pursue claims against you and motor insurance or van insurance is also likely to be a necessity.
If the business has plant or machinery which must have a periodical statutory inspection, it will be usual to arrange for this to be done by a specialist engineering insurer under the terms of an engineering inspection contract, with or without insurance.
Tradesman’s insurance is more often than not sold online as a small business insurance package policy. A package will include all elements of cover required by a small business or self employed trader such as basic employers liability and public liability covers and theft of tools. Trademans insurance quotation systems allow you to vary the levels of indemnity required for liability insurance in a typical range of between £1 million and £10 million. The higher the levels of indemnity required the higher the premium. Tools cover is usually rated on a replacement new for old, sum insured basis, where you define the value of your tools.
Most trades and small business will have premises that need protection against buildings perils such as fire and flood. Small commercial property insurance is available to cover all buildings insurance risks and is often sold as a package for a particular type of trade. For example Shops Insurance, Dentists and Surgeries or Builders Insurance Packages.
Trademan’s premises packages contain commercial contents insurance for business premises, which covers office and business equipment including files and data processing against the common perils. For companies and trademan that keep stock, this type of business contents insurance can be extended to cover risk such as deterioration and damage.
INSURANCE QUOTES
For the small tradesperson who works from home these covers are often available with strict limits of indemnity, as a bolt on to a standard home buildings and contents policy. This type of cover is often only effective for self employed people with just a computer and a home office.
Other tradesman insurance covers
One of the largest problems faced by a small business or trades with premises is that of how to continue in business should a catastrophe happen, for example a fire that destroys the premises or machinery or stock. In order to deal with this Business Insurance companies have devised a cover called ‘Business Interruption Insurance’.
Premiums are based on your previous years annual turnover. BI covers your company against all losses caused by interruption to trading due to any of the perils mentioned on the policy and will pay out on a indemnified basis for the period of cover agreed in the policy. Most policies will also offer some type of alternative trading accommodation to enable you business to continue whilst the premises are being repaired.
Additional small business and trades insurance risks
Because commercial insurance is designed to cover all classes of business, there are many various trade or business specific covers available which can be added to a combined policy.
Examples of these covers include loss of licence to trade, book debts, hauliers cover, warehouse cover, and plant inspection services. Various people protection policies are also available for businesses including Keyman insurance which provides cover against the loss of key people within your organisation. Business mortgage protection provides a monthly payment for business premises should you suffer and accident or sickness. Group ASU policies are also available to protect your staff and employees.
Buying Tradesman Insurance Policies
Commercial insurance and tradesman risks covers for tradesmans insurance are widely available online today and it is a simple process to find a website where you can compare trademans insurance quotes.
INSURANCE
However, purchasing trademans liability insurance can be a daunting experience for the uninitiated small business owner or tradesman just starting off in business, and unless the risks are straightforward and can be underwritten online, it is advisable for all companies to approach the services of a local or regional commercial insurance broker who deals with speciifc tradesman liability insurance and covers for risks in your particular trade.
Readers that are searching through the web for more information about the sphere of website traffic, please make sure to check out the URL that was mentioned right in this passage.
Tips For Purchasing Small Business Insurance
When I leased the space that was to become my tea store, the owners of the building stipulated in the lease that I was responsible for insurance on the building to the tune of one million dollars. I was alarmed at what this small business insurance might cost, but the owners referred me to an insurance agent they knew well and I was surprised when I found out that this would cost only $500 per year.
I was dealing with an independent insurance agent who found me a small business insurance policy through one of the big national insurance companies. My agent, I’m sure, could have given me a bare bones policy, and I would have gone away happy; however, she did what all good agents should do and let me know that once a policy price has been established for what you need, companies will often let you add more coverage at no additional cost. With that in mind, she got me free coverage for all sorts of eventualities, such as having a car accident on the way to or from work, damage to shipped goods, and work done off site.
When purchasing insurance for your small business, you want to be sure that everything you might need is included. In my case, I didn’t even know what I might need, but luckily my broker did. Besides the obvious, such as the value of the leased or purchased space itself and the merchandise or other assets inside, here are some of the items to consider: business liability, including medical expenses, employment practices, and damage to premises rented to you.
Other items that can be included, probably at no extra cost, include
- computer fraud,
- employee dishonesty,
- outdoor signs,
- sewer and drain backup,
- unauthorized business card use,
and so on.
Whereas I got lucky, in that my landlords referred me to a good broker, my advice would be to do what I failed to do when starting my business: canvass your neighbors. By this I mean to visit neighboring businesses and ask the owners questions. Not only might this help you to find a reliable insurance broker, but it has many other advantages in that your knowledge of many business related issues in your area will be expanded.
Recently my sister decided to rent commercial kitchen space in order to bake goods for the tea store. The owners of the kitchen stipulated that my sister have insurance to cover damages to their property that she could potentially cause. Before calling my broker to find out what that would cost, I checked the store’s insurance policy and found out that my sister would be covered by our present policy to the tune of $300,000.
So here’s another tip: when things come up that demand coverage, check your small business insurance policy first; you may already be covered.
Roland Petrov is the owner of ExoticTeaStore.com an online tea store that ships a wide range of exotic teas to customers all over the world.
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