5 Tradesman Insurance Tips That Will Save You Time and Money

Tradesman insurance is a type of insurance that covers a contractor’s personal property. When you have your own business, you are liable for the costs related to your livelihood.

You don’t want to be left with nothing should a mishap occur and your business fails. That’s where tradesman insurance comes in handy. Here are 5 tradesman insurance tips that will save you time and money in the long run.

1. Take care of your tools

If you have tools that are part of your business, don’t underestimate the importance of maintaining them. Tools are a primary part of any trade and must function properly for you to make money. In addition to this, tools should be covered by tradesman insurance too. If your tools break or get stolen or if they’re damaged in any way, it’s important to take care of them right away so that they don’t cost you more in the long run. It is also important to ensure that all of your tools are up to date and regularly maintained.

Tools aren’t just used for work either – they can also be used as an investment.  The ultimate guide to tradesman insurance begins in looking after your trusted tools, and covering your tools for most situations you will find yourself in! If your tools are lost, stolen or damaged, you won’t be able to do your job, and as a self-employed tradesman, you’ll most likely lose money. You should take care of them with the same level of dedication as you would a stock portfolio.

2. Vehicle Maintenance and Insurance

If you use a work vehicle, you need to care for that too. For vehicle maintenance, you should always have a roadside emergency kit with you. This includes items like jumper cables, an air pump, and a first-aid kit. You should also invest in getting your vehicle insured to protect yourself from loss or damage.

You should also consider getting uninsured motorist coverage if your vehicle isn’t under warranty. With this type of coverage, you’ll get reimbursement for losses that occur because of another driver’s lack of insurance or because the third-party liability limit is exceeded. Regularly maintaining and servicing your vehicle can save money in the long run and make sure you get to jobs on time.

3. Tool Storage Solutions

The first thing you should do is implement a safe and secure storage space for your tools. You don’t want to see your company’s most important assets being ruined by using old, rusted tools. Instead, invest in a tool shed or shop.

Depending on the size of your business, you can choose from a variety of options for where to store your tools. Consider investing in a  tool cabinet which offers multiple compartments that are easy to access when working on projects around your property or office. Another option is purchasing an outdoor shed that has a strong steel frame and comes with an attached power source and lighting system for nighttime use. If you’re worried about theft, consider purchasing an anti-crack coating for the exterior of the shed.

4. Review your Business

Reviewing your business insurance is an important step towards having a successful and profitable business. January is a good time to review your business and look at what’s happened in the past year. See if there are any direct debits that need updating/cancelling or outstanding bills that need chasing. It’s all about using what you have and buying less. You may find areas where you can save some money and buy that tool you’ve been wanting to get your hands on. Your business insurance needs to cover you for the following:

– Business liability

– Property

– Equipment breakdowns

– Floods, fires, or other natural disasters

– Medical payments when injured on the job

 Photo By Marco Verch/Flickr

5. Keep Up to Date with Expert Advice

The most important tradesman insurance tip is to stay up to date with expert advice. There are plenty of online resources available to help you, such as YouTube.

You can’t afford to be caught off guard when an accident happens. Of course, there are other things you can do as well; for example, you could set up a business credit card or get an additional policy for your home insurance.

But getting the best tradesman insurance tips from a reputable source is the easiest way to stay on top of your coverage. So keep yourself in the loop with the latest tools, advice and tradesman tips. You never know, they might help you to save some pennies this year!