Knowing what each type of insurance covers will help you start to understand what policies you might need to consider. A quick overview:
Public Liability
Public liability (PL) insurance helps cover legal liability for accidental bodily injury or property damage to third parties arising in connection with your work/business.
Professional Indemnity
Professional indemnity (PI) can cover against civil liability claims if a client sues for financial losses caused by your work – professional negligence, bad advice, missed deadlines etc.
Employers’ Liability
A legal obligation if you employ anyone, employers’ liability can cover legal costs and compensation if an employee gets injured or ill because of and during their employment.
Goods and Tools
Goods & tools cover can cover the cost to repair or replace tools that are stolen or accidentally damaged by theft or events like fire.
Owned Plant
Owned plant can cover plant machinery and equipment that’s owned by you/your company from theft, damage or destruction (vandalism or fire) while on-site, in transit or in storage.
Hired in Plant
Hired in plant can cover plant and machinery you’ve hired or that you’re responsible for against damage, vandalism or theft while in your care.
Contract Works
Contract works insurance can provide cover for property/construction projects while they’re being built.
All your policies in one place
Kingsbridge’s combined Trades Insurance policy includes Public Liability, Goods & Tools cover and Employers’ Liability (where required) all in one place, with perks like:
- Up to £2,500 Goods & Tools cover included as standard
- Cover for tools stolen from a secured van overnight (with signs of forced entry)
- Optional add-ons like Contract Works, Hired in Plant, Owned Plant, and Professional Indemnity
- Nil or low excess available for most trades
- Real support from in-house dedicated experts
- No hidden fees
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Deciphering What Cover You Need
The only insurance you legally need is employers’ liability (if you employ anyone) but other insurance types are good to consider depending on your circumstances. Simply answer the following questions to get a better idea of what insurance you might benefit from:
1. Do you work at clients’ homes or premises (or do they visit you)?
You should consider public liability Insurance.
Examples:
- A client is injured after tripping on a tradesman’s discarded tools.
- A decorator knocks over a ladder, damaging a client’s flooring.
- A carpenter drills through a water pipe, causing water damage to surrounding areas.
2. Do you employ anyone?
You’re legally required to have employers’ liability Insurance
Examples:
- An apprentice cuts their hand on a power tool due to inadequate training/supervision.
- An employee injures their back taking delivery of a business’ work materials.
- An employee develops health issues (asthma) from working on construction sites.
Note: Some business types are exempt from the legal obligation to hold employers’ liability insurance – check the GOV.UK website for more information.
3. Do you offer professional services or advice?
You should consider professional indemnity insurance
Examples:
- A builder recommends an incorrect type of insulation (results in delays and costs for correct insulation).
- An electrician wrongly assesses a business’ electrical installation as safe (business loses income due to inability to operate).
- A carpenter takes incorrect measurements, resulting in the wrong materials being ordered (leads to replacement costs and project delays).
PROTECT YOUR TRADE, YOURS TOOLS, AND YOUR LIVELIHOOD
All the trades cover you need in one affordable package. As a Powered Now user, you get an exclusive 10% off a Kingsbridge Trades insurance policy, as well as a bunch of extra perks.
These include:
- Up to £2.5k tools and equipment cover included as standard at no extra cost
- Next business day payout on accepted tool theft claims
- Nil excess on most professions covered
- Comprehensive core covers all in one place
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