The Importance of Insurance in Trade Occupations
If you work in a trade, it is imperative that you have insurance in place to protect your business. Of course this is something that is critical across all businesses today, but most people would agree that this is even more critical when it comes to trade occupations. So, with that being said, let’s take a look at this in further detail.
From Flooring Experts to Plumbers; Insurance Is a Must
Of course, when we talk about insurance in trade occupations, we are referring to the importance of insurance for plumbers, electricians, HVAC, flooring, masons, drywall, kitchen & bath, and door & window professionals, among others.
These sorts of professionals all have their own specific aspects needing to be insured, and this is something that your insurance expert will be able to assist with. They will make sure that all of the risks pertaining to your job are covered by the insurance plan.
Some of the World’s Most Dangerous Jobs
The main reason why people working in trade occupations require insurance is that trade occupations tend to be incredibly dangerous. Some of the most dangerous jobs in the world are as follows:
- Commercial fishermen
- Roofer
- Airline pilot
- Semi-truck drivers
- Farmers
- Taxi drivers
- Steel workers
- Construction workers
- Police officers
- Telecommunications line installers
- Mechanics
- Painters
- Welders
- Carpenters
- Firefighters
- Security guards
- Plumbers
- Removalists
- Loggers
- Wastewater treatment workers
As you can see, a lot of the most dangerous jobs around the world fall into trade occupations. This is why insurance is so critical.
Different Insurance Policies Required in Trade Occupations
Firstly, it is vital to recognize that there are a lot of different insurance policies that you are going to require while in the trade industry. This includes employment-related insurance, property insurance, liability insurance, and much more. There are many facets to this, and that is why we recommend you hire an insurance expert.
What Will Tradesman Insurance Cover?
The level of coverage will depend on the specific policy you have and your provider. It will also need to be tailored to suit your specific needs. After all, every business is unique. However, some of the different areas that this type of insurance can cover are:
- Working on-site
- Working abroad
- Quoting
- Consulting
- Private jobs
- Public contracts
Working with an insurance adviser is critical, as they will help you understand the varying levels of coverage that are available to you. They will then be able to provide you with a bespoke quotation to suit your needs.
Some coverage options to think about are efficacy coverage, tools, personal accident, and jury service.
Efficacy cover is designed to protect you against an insurance claim whereby a customer has received a service that did not achieve the job they intended it to. For example, let’s say that you run a security firm and the installation was faulty. If the customer experienced a burglary because of this, they could hold you liable, so efficacy insurance will assist with this.
In addition to this, you can add on insurance for your tools to cover your business against the loss, damage, and theft of them. You can also have the ability to cover tools if they are left in your work vehicles overnight. This is an important add-on to consider if the tools you use are of a high value and would cause significant loss to your business if they were damaged or stolen.
Besides this, there is jury service, which protects your income should you be called up to be part of jury service during a contracted job.
Finally, you’ll want to consider personal accident insurance, which will cover you if there has been an accident that has caused serious injury or death on your property. More about this in the next section.
Protect Your Business From Accidents
One of the main reasons you need to have insurance in place is so that you can protect your business should there be any sort of accident that happens on your premises. If a person or an employee ends up getting hurt on your premises, you need to have insurance in place to make sure you can cover the cost of this.
After all, the person is going to need to be adequately compensated for the injuries that they have experienced as a consequence of the accident that has happened.
Accused of Treating an Employee Unfairly?
You also need to make sure that you have insurance in place if you have been accused of treating an employee unfairly. If you have terminated an employee without right, for example, this could be a reason for needing to have insurance in place to give your business protection.
Don’t Forget About Fleet Insurance
It is also likely that you are going to have a fleet of vehicles in your business, and this is something else that requires adequate insurance and protection. After all, you need to make sure that you are protected should your vehicle be involved in an accident or if someone steals one of your vehicles.
Insurance For Trade Workers Is Essential
As you can see, the benefits are plentiful when it comes to having insurance for your trade business. One of the greatest risks that any business owner can have is running their company without the required protection in place. This could result in thousands or even millions of dollars lost. In dangerous trade occupations, the importance of insurance is more critical than ever before.
If you would like to find the perfect trade insurance plan for you, please do not hesitate to get in touch with us today for more information. We will be more than happy to assist you and ensure you end up with the perfect policy for your specific needs.