What is Public Liability Insurance for Self-Employed Tradesmen?

For most businesses, a public liability insurance is not mandatory. However, tradesmen are the exceptions to the rule. A public liability insurance is mandatory for tradesmen. The nature of their work requires them to work in dangerous environment, which might cause injury to themselves and others. More often than not, tradesmen work for themselves and do not have enough money to cover themselves should an accident occur or tragedy strike. Public liability is the most important type of insurance a tradesman should have. For some tradesmen, it is compulsory by law, but for some others it is just to protect themselves.

It is crucial that tradesmen speak to insurance advisors and discuss the types of insurance that are available, and which of those might suit their needs. They have to recognize and understand the kind of insurance that will provide the tradesman with complete peace of mind. Moreover, it is absolutely necessary to take into account the insurances that would be required for other sites where they work. In the work of a tradesman, there are a lot of things that could and would go wrong. This makes a public liability insurance policy absolutely indispensable for them.

The public liability insurance policy for a tradesman covers a lot of trades like Plumbers, Electricians, Carpenters, Cleaners, Handymen, Gardeners, Painters, Builders, and many more. It is also a prerequisite for getting many contracts and a job with public sectors. If you have a public liability insurance, it would also provide a sense of relief to your employer or prospective employer and increase your chances of getting contracts and businesses.

A tradesman mostly works alone, but in those rare cases that they do have a business, an employer liability insurance policy also becomes mandatory. This insurance policy helps a tradesman to cover compensations claims made against them by their own employees for injuries or illness caused to them at the worksite.

How much does public liability insurance cost?

The cost or premium fee for public liability insurancefor a tradesman can start from as little as 40 euros. However, in its actuality, the cost or the premium for a public liability insurance depends on a couple of factors like

• ·         The nature of business- A builder might be required to paint a higher premium than a cleaner.
• ·      The size of business- If you are self-employed then you might have a lesser premium than a business.

However, mostly, these premiums are dependent on how much risk your business poses, your work locations, your claims history, the level and amount of cover you need and the other factors of your job profile they might need cover. The easiest way to understand the cost would be to have a detailed discussion with an insurance advisor. When they have a better idea about your business, you might get a better deal. However, the most important thing to remember is that in the end saving a few hundred bucks would not matter if someday you were handed a big hefty fine. Better spend now and save for the future!