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When you are in business it’s important to have the correct business insurance and this applies to tradesmen.  Whether you own a medium to large building company or you operate as a sole trader or you’re involved in a partnership, the right business insurance will provide you certainty for the future.

Business insurance can be as broad or as defined as needed by business owners, and it can be bundled or packaged to include business insurance products such as general property, public liability, tax audit, transit and statutory liability.Look for a Business Insurance pack that covers all of the above.

While most tradesmen are familiar with general property, public liability insurance, tools insurance and commercial vehicle insurance they may not be quite so familiar with tax audit or statutory liability insurance. We’ll get to those later…first we’ll recap on the others.Business Property Insurance is essentially insurance cover against loss or damage to buildings, contents and stock which might be the result of fire, storm and water.  Theft from your premises is also included for your contents and stock.

It includes breakage to glass from a fracture extending through the entire thickness of the external or internal glass.  It also covers buildings owned by you or for which you are legally responsible and this includes fixtures, fittings and underground or above ground services, walls, gates, fences and all other structures improvements at that location.Your Business Insurance property insurance will also cover alterations and additions to buildings, during the course of their erection and which are commenced during the period of insurance.

The Trades Business Pack property cover should also include contents used in the business and which are owned by the business owner, directors, partners or employees for which you as the business owners are legally responsible whilst they are contained within the building.Property includes building, contents and stock as agreed in the insurance policy.  Records and documents such as plans or drawings and any other documents which are used in the business, in the building location or are owned by the business owner or are in custody of the business owner are also covered.

However, there are exclusions which include but are not limited to items such as caravans or trailers (unless specifically noted in the policy), money, jewellery and watches, pets, livestock, stock-in-trade samples.  It is always recommended that you discuss the exclusions as well as the inclusions with your Business Insurance consultant and ask about a business insurance quote today.

Public Liability Insurance is an essential for all Tradesmen.  In fact, in some situations tradesmen are not allowed onto work sites without it.Public Liability provides financial protection for tradesmen in the event that you are responsible for damage to property other than your own or injury to others.  While Public Liability Insurance covers the general public and their property, as you would expect in workplace situations, the claims are often worker to worker.

If you’ve never been audited by the Tax Man, that’s your good fortune.  However, in these days of self-assessment the Taxation Commissioner has a team of auditors who ensure that everyone is doing the right thing on their tax returns.While audits can be as easy as answering a few questions, for others it can be a long and costly process of recovering archived records that could date back several years.  Responding to a tax audit may also require the involvement of professional service providers such as your accountant, which means extra expense.

Tax Audit covers you for fees and other expenses.  Talk to your insurance consultant and refer to your product disclosure statement for details of your policy.  When it comes to Statutory Liability Insurance, many tradesmen are left scratching their heads.  It is one of the lesser known business insurance products, but for many business owners and tradesmen it can be one of the most important.  

Statutory Liability insurance insures business owners against the cost and expenses associated with official investigations and inquiries; fines and penalties and pollution liability defence costs.Of course, your Business Insurance package would not be complete with out commercial motor vehicle insurance and tools insurance.  For business owners who rely solely on their business for income, injury and illness insurance is an important consideration to ensure income when you are able to work.

To find out more about business insurance and to organise a quote look on the web for an online quote or speak to your insurance consultant.Always refer to your Product Disclosure Statement for complete details.

Small businesses need insurance to protect them from the risks that are involved with running a business. Each business will have risks specific to what that business does and the industry it is in.

Obviously some businesses work in higher risk areas than others and some businesses may work in a seemingly less risky industries than others but take on more risks. A lot depends on what a business does.

If you are a small business you may think that you are not at risk from unforeseen events and that it might not be worth having comprehensive business insurance because it’s a risk worth taking.

This could prove to be a big mistake because unforeseen events do happen. For example if you owned a restaurant just a small event such as a road closure could stop your business trading for a period of time. In this period of time your restaurant could see a huge reduction in visitors if not a complete loss of trade.

Business insurance would cover your business for the amount of time your restaurant might have to cease trading for. Without this insurance your business could find itself in significant financial trouble and may even have to cease trading.

As part of your business insurance you could also buy Business Buildings Insurance. This would cover your businesses buildings for damage due to fire, flood or anything that has a devastating effect. Business buildings insurance can also cover you for fixtures and fittings within your businesses premises as well as stock and other contents.

Business Insurance has been developed to provide essential cover in the event of claims arising from loss or damage to property and injury to persons in the course of carrying out your business activities. For businesses with a professional service, protection from claims arising from professional errors and omissions is very important. If you value your business and livelihood then you should have effective insurance cover in place. Claims against your Business could potentially result in not just substantial cost to the company but to you personally – even Director’s of Limited companies are at risk – which is why Directors and Officers liability cover is also becoming crucial.

Here are the 10 ten most Frequently Asked Questions about business insurance:

1. DO I NEED TO TELL THE INSURERS EVERTHING ABOUT MY BUSINESS?

Your Insurers need to be aware of all the facets of your business in order to asses the risk and meet the needs and demands of your insurance requirements to ensure you are fully protected. Failure to advise your insurers of a material fact could invalidate your cover!

2. WHY DO I HAVE TO REVEAL MY WAGE ROLE?

Your Insurers need this information assess the size of your company and the potential liability you may have to other parties.

3. DO I HAVE TO TAKE OUT LANDLORD INSURANCE TO INSURE MY LANDLORDS PROPERTY?

This depends on the terms of your lease. If the landlord assumes responsibility for the insurance of the buildings you occupy then you do not need to insure these yourself. However you should ascertain exactly what the lease specifies. If for example your lease makes you responsible for the insurance of existing fixtures and fittings, shop fronts, etc… then you must insure these. You will no doubt decorate and improve the risk with your own fittings. These must also be insured as the landlord will not insure them.

4. DO I REALLY NEED PUBLIC LIABILITY INSURANCE?

In this litigious age every business needs to protect itself from claims from third parties for damage to the their property or for injury. The cover will protect the business from claims dealing with the legal costs and if necessary paying the damages awarded. Even defending a no win – no fee attempted claim, costs can run into thousands of pounds, which this cover will provide for.

5. I PUT UP DISCLAIMER SIGNS AND HAVE PEOPLE SIGN DISCLAIMERS SO DO I NEED LIABILITY INSURANCE?

Unfortunately yes. Signs may dissuade some claims but in law they have very little sway. The person injured may be blind or illiterate and cannot read the signs. They may well still attempt a claim even if they have signed a waiver on the basis that they did not know what they were signing and this claim would need to be defended.

6. I ONLY EMPLOY MY FAMILY DO I HAVE TO HAVE EMPLOYERS LIABILITY INSURANCE?

The Employers Liability Act 1969 does exempt family members from cover but if you trade as a limited company then you are legally required to have cover as per the Act.

7. I DO NOT HAVE MUCH STOCK SO CAN I ONLY INSURE MY LIABILITES?

Yes of course, but in protecting your business and continuing to trade you must consider the other aspects of cover that most business insurances provide. Business interruption (loss of profits), money cover, damage to fixtures and fittings, leased equipment, etc… Under the terms of most leases you are liable for these.

8. I SELL PRODUCTS TO THE PUBLIC, IF THEY CAUSE INJURY DUE TO SOME DEFECT BEYOND MY CONTROL AM I INSURED?

Public Liability policies can include liability arising from products supplied.

9. WILL MY PUBLIC LIABILITY POLICY COVER CLAIMS AGAINST ME FOR ERRORS AND OMISSIONS OR DEFECTIVE WORKMANSHIP?

A public liability policy will only cover injury to the public or damage to their property caused by negligent acts. Errors or Omissions such as wrongful advice is protected by professional indemnity insurance. With regard to defective workmanship, a public liability policy is not a guarantee that you know how to carry out your trade so defective workmanship is excluded.

10. WHY DOES MY BUSINESS POLICY RESTRICT THEFT COVER TO THEFT BY FORCIBLE AND OR VIOLENT MEANS?

As you can imagine, if the public are allowed unlimited access to business premises such as shops, offices, hotels, etc. then theft is very easy for the opportunist thief. Some restrictions have to be imposed hence the requirement for forcible entry.

How about these right… I think you’ll find the following nuggets of wisdom particularly insightful. Leave your comments below. Check out the second one in particular…

All About Business Liability Insurance

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Hey Readers! I’ve been comin across some crazy stuff the past few days from a few different blogs around the web which I just had to share with you. Check em out below…

Your Guide To California Car Insurance

Automobile liability amounts can be confusing. Sometimes you will see these numbers as 15/30/05; what does that mean to you as the insured? The first number (15) Read the rest of this entry »

Public liability insurance broker is in the business of helping a business owner through the process of knowing what they need to know in order to purchase the correct public liability insurance in order to protect their business. In today’s society the first call is made to an attorney When an individual is injured while in a business or on a business property. The Read the rest of this entry »