Tradesman liability insurance And Why You Need It

Thursday, September 2, 2010

Are you in a service oriented business? If you're a tradesman then you know that there are many things that can go wrong from the service not being successfully completed, your equipment breaking or being getting stolen, and somebody getting injured during the job. These are the reasons why tradesman liability insurance is so important. It protects you from the worst possible situation. Tradesman liability insurance is basically a policy that protects you from different situation. Public liability is one of the biggest risks for services oriented businesses and professionals. What if one of your employees hurts himself during the job? What if something goes wrong with the job and a pedestrian gets hurt because of it? This can lead to serious consequences.

You'll have to cover the medical fees for your employee which can cost thousands of dollars. Pedestrians can take you to court and sue you for a large sum of money. Many professionals and businesses do not have the extra money to pay for these kinds of expenses if they are hit with a public liability case. That's why tradesman liability insurance is so important. Many businesses and professionals do not think that they need to be insured for these kinds of situations but you never know what can happen. There are different types of plans that you can protect you in addition to public liability insurance.

Indemnity insurance is another protection plan that is important if you are a tradesman. The ideal situation is that you do your job and the client pays you for your work. But in reality, it doesn't always go that way. You may have made a mistake on the job or something may happen and you could be liable for it. For example, let's say you are fixing a client's basement and trying to waterproofing it. After the job is done, there may be something that you may have overseen. It may lead to damages in the future and the client may want his money back or even take you to court. Indemnity insurance will compensate you for any damages incurred should this happen.

Do you work with expensive equipment or store inventory? If so, you need to be aware of the fact that equipment can break down or your inventory can get stolen/damaged. In this case, you should consider getting tools of trade insurance. This will cover any of your valuables that you are using for your job. Other policies you should think about are income protection and disability insurance.

If anything happens to you and you are not able to work, these two policies will help pay for your costs and cover you in times of need. Tradesman liability insurance is not a luxury but a necessity if you want to protect yourself from losing everything because of one unfortunate event.

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