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7 Things to Make Sure Your Insurance Covers

We all know how important getting the right insurance is. Still, there are particular things you need your contractor’s insurance to cover, whatever industry you’re in. Don’t skip this critical stage in your business planning, use our handy list to double-check you’re getting everything you need out of your contractor insurance.

  1. Tools and equipment: your tools are your livelihood. Without them, you can’t work! So make sure they’re protected against theft and damage. You can usually get this attached to your van or home insurance. You can read more about van insurance for contractors here. You definitely don’t want your tools going missing and ending up with no finance to replace them!
  2. Structural damage: make sure you are covered for any structural damage to buildings you own or have built. You can get some excellent cover for up to ten years, that will protect you from the effects of any structural damage. 
  3. Injury: always make sure you are sufficiently covered against any injury, whether it’s yourself, your staff, or members of the public. Injury-related lawsuits could cost you millions and run you out of business. 
  4. Worker’s Compensation: crucial if you have any employees. In the event they get injured at work, this will cover any medical bills and their lost wages, but they have to give up their right to sue. Check out the options your industry specialist provides, or have a look at a multiple industry insurance company like https://www.rhinotradeinsurance.com/trades-covered/building-contractors
  5. Legal aid: most business insurance includes some legal back-up. Should you get into a disagreement, you will need some finance to cover your legal costs. With a legal aspect to your insurance, you can run your business in peace, knowing that you have protection if something goes wrong.
  6. Public liability: one of the most important kinds of business insurance. In industries like contracting, it is a legal requirement to have public liability insurance in place, so make absolutely sure your policies are up-to-date. Public liability insurance is the easiest way to cover against injuries. It also protects you against accidental damage to client property. 
  7. Professional indemnity: this isn’t a legal requirement for contractors, but it is still useful. Professional indemnity insurance covers you against any harm done to a client through your advice. It usually comes with some legal aid insurance built-in. Make sure you get professional indemnity insurance from a provider who works with contractors and not just any provider. 

If you’re unsure what insurance you need, get some professional advice, preferably from someone with expertise in your field. It is crucial to be adequately covered and to have fulfilled everything you’re required to do by law. Laws are different in different countries, so if you work internationally, double-check. Your insurance won’t necessarily cover you abroad, so make sure you find out before attempting any work overseas. 

With all these things adequately covered, your business can flourish safely, and you can go to work knowing everything’s taken care of.