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You may require tradesman insurance if you are a tradesman who works in clients homes or offices.

Running your own business is hard work – from managing your paperwork to dealing with clients and fulfilling your projects, it’s all down to you so it’s crucial to have insurance you can rely on, here’s what you need to consider.

What is woodworking insurance?

It’s a type of tradesman insurance designed to cover the risks you face at work. Policies can cover you for a range of incidents including theft of tools and damage to your workshop as well as cover the cost of legal fees or compensation claims if you need to defend yourself in court.

Without a policy in place you run the risk of covering these types of costs yourself – which could spiral into the thousands of pounds.

What does insurance for woodworking business include?

Policies combine a number of different types of insurance to give your business all-round protection. In most cases, you’ll also be able to add on extra features based on what your business needs. Typical policies include a combination of these types of insurance:

• Public liability insurance – pays your legal fees and covers compensation if a member of the public blames you for injury or damage to their property and takes you to court.
• Employers’ liability insurance – covers compensation if an employee is injured or becomes ill because of work. You’ll need this by law if you have any members of staff.
• Product liability insurance – covers compensation if something you make causes injury or damage to someone or their property.
• Stock insurance – covers the cost of damaged or stolen stock you keep.
• Tools and equipment insurance – covers the cost of damaged or stolen tools and equipment.
• Personal accident insurance – compensates you for lost income and pays your medical expenses if you have an accident and can’t work.
• Legal expenses – pays legal fees and court costs if you need to settle a dispute.
• Business buildings and contents insurance – covers the cost of repairing, rebuilding or replacing your business premises and contents if they’re damaged because of an insured event.
• Contract works insurance – compensates you for incomplete work that’s destroyed and that you have to re-do.

What level of woodworkers insurance do I need?

Levels of cover vary depending on the type of insurance. For example, public liability varies from between £1 million all the way up to £10 million and it’s up to you to assess what your business might need. Similarly, cover for tools and equipment or for your commercial premises is based on the amount you’ll need to pay for repair, rebuild or replacement, so you’ll need to think about what this amount is. If you’re not sure, then your insurer will be able to help you.

On the other hand, the level of employer’s liability is set by law. If you need cover, you must have at least £5 million. If you’re caught without it, you could face a hefty £2,500 fine for each day you’re uninsured.

How much is business insurance for woodworking?

Policies are tailored to your needs so price can vary considerably depending on what those needs are. For example, if you undertake large woodworking projects for commercial clients and have an extensive workshop area or showroom, you’re likely to need more comprehensive levels of protection compared to someone who makes wooden component parts from home.

Whatever policy you choose, it’s vital to check it gives you the protection you need so always compare the features included as well as the exclusions (events that aren’t covered). Cheaper policies might look like a bargain, but they could contain numerous exclusions and have particularly high excesses which is the amount you have to pay before a claim can go ahead. In contrast, expensive policies might give you more comprehensive levels of protection and work out better value.

Search for woodworking insurance

At Quotezone.co.uk, we work with a panel of leading and trusted UK insurers to bring you a range of quotes so that you can find the cover you need at a price that fits your budget.

All you need to do is tell us what you’re looking for and we’ll do the rest. With a network of more than three million happy customers, we’re confident we can help you too – so start your search today.