Tradespeople are the backbone of the country, and are responsible for keeping infrastructure and developments moving on a daily basis. As such, they’re often open to risk if not insured, and need to take out the correct policies.
Failure to do so could mean high out-of-pocket costs and have an impact on their business. Here, we’ll take a look at several of the policies tradespeople require in order to continue operating effectively.
Contract works insurance is a simple undertaking for tradespeople, though it may seem difficult at first. It’s essentially designed to insure loss or damage to works that a contractor is currently involved in. In many policies, this also includes items on site.
Common event inclusions are listed below.
- Malicious damage;
Plant and equipment
Tradespeople often operate plants and equipment as part of day-to-day operations, also need effective business policies that cover these areas. Commonly, machinery such as trailers, tippers, dump trucks, scissor lifts and digging machines need to be covered.
Attachments, cranes and concrete equipment should also be considered. The key is to consider what events could affect your business and then assess all areas that require cover.
This cover is designed to indemnify the tradesperson for any amounts they come legally liable to pay as a result of negligent acts, errors or omissions in the conduct of their professional operations. An example might be where an electrician makes a recommendation for a wiring plan of a building, that is later found to be inadequate, causing a financial loss to the client.
The costs and expenses incurred to investigate, defend or settle any claim are covered. In some cases, these costs are even able to extend beyond the policy limit, otherwise inclusive of it.
Speak to the experts at MGA Insurance Brokers today if you’d like to take out comprehensive cover for your trades operations. In many cases, this cover could save you a significant amount of expenditure to your business.