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The UK Tradesman's Insurance Market
It is imperative that small business owners have a Tradesman Insurance package that can meet the needs of their venture, covering the basics of public and product liability and going on to secure whatever other aspects of the operation need special protection. Not only is it required by law to meet basic insurance requirements as a small business owner, but also covering your investments and employees against harm is a cardinal principle of good proprietorship.
This portion of basic Tradesman Insurance covers you if the event that legal proceedings are filed against your business for any reason. While it may be considered a drawback that business owners should have to pay out monthly for this insurance, in the event that you are prosecuted (guilty or innocent) this insurance can save you a fortune in legal fees.
Tools and Equipment
For a tradesman, tools are one of his most valuable possessions, as they used every day to bring in profit for the business. Insuring your tools and business equipment can save you a fortune in the event of a mishap, as a majority of the business capital for any tradesman’s small business venture is tied up in the equipment and tools in his shop.
One drawback to this insurance is that, typically, you will need to prove that your negligence did not play any role in the damage or loss of your tools and equipment. For instance, if a burglar bypasses your alarm system, you will be covered but if you forgot to set the alarm one night before going home, that is an entirely different story and you will probably not be covered for your loss.
If your employees are
injured on the job, you may be liable to pay for their medical bills, lost
wages and even for pain and suffering. A single injured employee can
bankrupt a small business if your UK tradesman Insurance does not include
significant liability coverage for each of your employees.
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