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Protecting Your Trade: The Vital Importance of Public Liability and Tool Insurance
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Running your own trade business is extremely rewarding, but it also comes with a great deal of responsibility. To protect your livelihood from unexpected risks, having the proper insurance protections in place is vital.
Specifically, public liability insurance with tool and equipment cover should be considered essential covers for virtually any trade. Without it, your business could be in serious financial jeopardy if an accident occurs or your valuable equipment is lost or damaged. |
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Why Is Public Liability and Tool Insurance a Must-Have for Tradespeople?
Public liability insurance provides financial protection for tradespeople in case a third party, like a client or member of the public, suffers an injury or has property damaged as a result of your business activities.
For example, if a customer trips over your tools at their home and sustains an injury, public liability insurance could help pay for their medical costs, loss of income, and more. It also covers your legal costs if claims are made against you.
Public liability insurance isn’t mandatory in the UK. However, without adequate cover, you could face major expenses that might force you out of business entirely.
There are also a variety of optional add-ons you can choose from for more comprehensive protection, including tools and equipment cover.
Protecting Your Valuable Equipment
Tool insurance works hand-in-hand with public liability to cover the equipment you need to do your job, from hammers and saws to power tools. If your valuable tools are lost, stolen or damaged, it provides a lump sum payout to cover the cost.
Losing your tools could completely derail a small business. Not only would you have to swallow the cost of replacing them – which could be financially devastating, depending on your trade – but you’d also face lost income from being unable to do your job in the meantime.
Having adequate tools and equipment cover means you’re protected in case the worst happens. With tool theft on the rise in the UK, it’s something that every tradesperson should consider a necessary expense.
What Does Public Liability and Tool Insurance Cover?
Public liability and tool insurance together provide extensive protection for tradespeople and small businesses. The exact scenarios covered will depend upon your insurance provider, your trade, and the terms and conditions of your chosen policy.
As a general guide, public liability insurance with tool and equipment cover should encompass:
- Compensation claims: Your policy should cover any damages you’re ordered to pay if you’re held liable for property damage or personal injury to a member of the public.
- Legal costs: Your policy should also cover any court fees and solicitor’s fees that may arise if a member of the public makes a claim against you.
- Tool theft and damage: e.g. loss of tools in transit, theft of tools from your premises or site, damage to stored equipment due to fire or flood, and accidental damage.
- Theft from unattended vehicles: many policies cover theft of tools from unattended locked vehicles (a higher excess may apply).
It’s important to ensure that your policy provides an appropriate level of cover for your business. For example, if you carry out work both on your premises and in customers’ homes, you should ensure you’re protected both on-site and off-site.
Tool Insurance Costs and Cover Limits
The cost of public liability and tool insurance depends on several factors, including your trade, claims history, and business size.
For public liability insurance, sole traders may pay less than £100 annually – premiums for limited companies and larger business may be more. Tool insurance pricing, however, will vary based on the value of your equipment.
In terms of payouts, public liability cover usually starts from £1 million and can be increased to up to £10 million for larger businesses. Tool insurance policies generally offer up to £10,000 cover per person, though this may be raised if you have expensive equipment.
Additional Policies to Consider
As well as public liability and tool cover, there are many additional policies that you should consider as part of a comprehensive tradesperson insurance package. For example:
- Accidental death: This pays out a lump sum if you or one of your employees dies suddenly.
- Products liability: This covers you if someone is injured by goods you supply or manufacture.
- Financial loss: This covers you if you’re held liable for a third party’s financial losses that were not directly caused by an accident.
- Employer’s liability: This protects you from claims made by employees, and is a legal requirement if you employ staff.
- Professional indemnity: This provides protection if a member of the public suffers financial loss resulting from bad professional advice.
- Income protection: This covers lost income if you’re unable to work due to illness or injury.
- Legal expenses: This protects you if you need to defend your business in a legal case not related to claims made by members of the public (e.g. tax investigations).
At Tradesman Saver, our comprehensive liability insurance for tradespeople covers public and product liability, financial loss, legal expenses and accidental death as standard. We also offer a wide range of optional covers to choose from depending on the unique needs of your business, including tool insurance.
To find out how we can help you save on your insurance and get a free personalised quote, visit https://www.tradesmansaver.co.uk/.