Securing an insurance policy is one of the most important facets in the life of a tradesman. As you handle equipment and machinery every day, you are more prone to accidents and mishaps. The best way you could save yourself is by buying the best insurance policy for yourself. But often, people forget what is most important- reading the contract. Not reading the terms and services has become a widespread joke on the internet. However, you should be content in letting it remain just that, and not making it spill out to real life. Why you may ask? Because of the simple reason that you may never know what clause or term will prevent you from taking out your claim. You may have spent months in filling your insurance regularly. However, if you have not been aware when the time comes, you may find yourself on the deep end of things.
Here are a few things you should absolutely keep in mind before signing on the dotted line once again:
(Disclaimer: All opinions suggested are that of the author alone, and may not be relevant to your market)
Check whether the policy covers everything that you want it to
You would obviously want to check that your insurance policy covers everything that you want it to. This includes all accidents or natural diseases. In case of untimely death, you would want to make sure that your family can get the insurance money with the least amount of hassle possible. However, there is always a hidden clause or two in the policies, which always tend to mess up the claim that you or your family should receive. Hence, it is most prudent to read everything thoroughly at least once. Furthermore, you should also ensure that any questions or problems that you have are addressed by the company as soon as possible.
Remember to answer all questions truthfully
Be upfront about any ailments or issues that you may have so that your insurance company is aware of any problems which may occur. In addition, always ensure that your insurance company is continually aware of any kinds of issues you may have. If you withhold information from your insurance company, they may reserve the right to outright reject the claim when it comes to them, thus you will be left in the lurch.
Know the rights that you have
One of the most important things that you should know is that there are many more reasons for your policy to get rejected than to get accepted. The most popular way this happens is when you don’t understand all the rights that you are entitled to. For example, you could have the right to merge your insurance policy with your spouse’s in case of a medical emergency. However, if you are not aware of that fact, you will not ask for it, ultimately resulting in you paying out of your pocket. In such a scenario, having an insurance policy seems rather redundant, doesn’t it?
In addition to personal insurance, there are a bunch of liability programs that you should consider as well. It does not matter what sort of tradesman you are- a liability is a must. Whether you work for a company or as a sole trader, you should be aware of the liability programs that you sign up for. Read all offers and documents carefully before agreeing to anything. Whether you are under the employ of a company or a sole trader, there are three liability programs that you should consider.
Public Liability Service
The public liability service is a saviour for every tradesman. While on the job, there are a number of accidents that could take place. For example, imagine that you are working at a customer’s place, with heavy and hazardous equipment by your side. For some reason, your client decides to check in on the progress that you have made. They walk over to you without looking at the equipment and somehow manage to trip and fall on it, getting some very serious injury. The client will obviously decide to sue you and take away every dollar which you are worth. However, the public liability service is here to help protect against that. With amounts ranging from $1 million to $20 million depending on your cover, you are sure to scrape out of any issues.
Employer’s Liability Service
An Employer’s Liability Service is mandatory for you if you are the owner of your own company, or own more than 50% of shares of a particular company. This liability will protect you from claims made by your employee against you, owing to any injury or illness which they may have claimed while in your employment. Obviously, this also means that former employees can sue you as well. But with an Employer’s Liability Service, you can be sure to defend claims up to $10 million, depending on the type of cover that you have purchased. However, in addition to the claims, you should be able to produce your “Employers Liability Certificate of Insurance.” Failure would do so would mean that your cover would legally become null and void. Thus, you would have to pay for everything out of your pocket, which would result in a serious disaster for you.
Professional Indemnity Service
This is important for you if you have the job of an advisor to the tradesman. Sometimes you could be sued by a handyman because some advice that you gave turned out to be incorrect, resulting in serious damages. They could state that your advice was the one that caused them the irreversible damages. However, with a professional indemnity service, you could protect yourself against a variety of claims, ranging up to an amount of $5 million, depending on the cover that you have purchased. Unlike other liability services, the professional indemnity service cannot be renewed again and again. It is a one- time purchase, liable for a fixed number of years or till a claim is filed against you.