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Tradesman Liability Insurance

If you are self employed and require insurance cover to protect you from claims that might arise for damage to Third Party Property or Injury to the Public, then you may need a Tradesman or Contractors policy.

These insurance policies generally include Public Liability at the entry level of cover, Products Liability is normally included and policies can also be extended to add Employers Liability.

Tradesman Insurance covers are also referred to as Contractors Combined; insurers refer to them as Combined covers as you are able to add Contract Works, Own Plant and Hired In Plant Cover.

These policies are targeted at Builders, Plumbers, Plasterers and associated construction trades, but insurers do extend acceptance criteria for other non construction trades (who have reason to work away from their own premises), like Catering firms, Telecommunication companies, Carpet Fitters, Computer Engineers, Cleaners, Drain Cleaners.

Insurers will rate a policy in a variety of ways. For building and allied trades with less than 7 to 10 employees, insurers generally rate per person employed, so if your business expands or downsizes, the policy can be adjusted up or down – based on the number of people working.

The other option is to purchase insurance based on adjustable policy rating, meaning that the insurers charge a premium based on the turnover and wages paid – based on a forecast, or based on the previous year’s figures and then at the end of the policy year, the premium is adjusted based on the actual wage and turnover payments. This type of premium calculation is usually on a minimum and deposit basis, meaning that you pay 100% of the forecasted premium, yet as it is also the minimum, insurers will not refund any amount overpaid – if you do not achieve those figures. This method of calculating a premium is normally for larger contacting firms who’s turnover is in excess of £250,000 and/or the number of employees fluctuate substantially during the year.

Contract Works cover is generally for the building trade, where the policyholder is exposed to the value of a building contract whilst works are progressing and should a loss occur on the site, the insurance policy will reinstate the lost/damaged or stolen contract items.

If you would like professional advice on purchasing Tradesman cover, please contact us.

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