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You may require tradesman insurance if you are a tradesman who works in clients homes or offices.
From knocking over valuables, scuffing walls or spilling paint on carpets, maintaining other people’s properties can be fraught with hazards which is why it’s crucial to have insurance you can trust. But with so many options, it can be tricky to know what you need – to help you choose what’s right for you, here’s our guide to property maintenance insurance.
Who needs property maintenance insurance?
If you’re a handyman or own a home management company, then property maintenance insurance is there to cover you for the risks you face at work. Policies can compensate you for a range of insured events such as theft of equipment or damage to your business premises.
Some policies will also cover the cost of legal fees and compensation if you’re involved in a dispute or need to defend yourself in court.
Without insurance, you’d have to cover these costs yourself, which could place your business at financial risk.
What does property management insurance cover?
Like other types of business insurance, property maintenance policies cover you for a number of events. Most insurers are flexible and will provide a basic package with the option of adding on extra features so that you can create a plan that reflects your business needs. Typical policies usually combine two or more of these types of insurance:
- Public liability insurance – covers legal fees and compensation if a member of the public decides to sue you for injury or damage to their property. For example, if a client wanted compensation for paint you accidentally spilled over their carpet. Cover levels range from £1 million up to as much as £10 million – as a general rule of thumb, the greater the risk of an expensive claim, the more cover you’re likely to need. If you’re hoping to be a contractor for a local authority, you’ll usually be expected to have £5 million worth of cover.
- Employers’ liability insurance – covers compensation if an employee is injured or becomes sick because of work. If you have any employees, you’ll need a minimum of £5 million worth of cover by law.
- Tools and equipment insurance – compensates you for damaged or stolen tools and equipment.
- Personal accident insurance – compensates you for lost income and pays medical costs if you have an accident and can’t work.
- Legal expenses – covers legal fees and court expenses if you need to settle a dispute.
- Business buildings and contents insurance – covers the cost of repairing or rebuilding your office and its contents if they’re damaged or destroyed by an insured event like a fire, flood or theft.
Can I get landlord property maintenance insurance?
You can buy standalone landlord insurance policies which cover you for a host of incidents including home emergencies, boiler breakdown, malicious and accidental damage.
Landlord insurance is well worth considering if you do let out property as policies cover you for more than just home maintenance. Not only can you protect the property itself and any contents you provide, you can also safeguard against loss of rent as well as cover alternative accommodation costs for tenants.
How much is insurance for property management companies?
Price varies considerably depending the policy you choose and whether or not you decide to add on any extra features. Premiums can also be affected by your claims history, the size of your company and the exact nature of the maintenance you do.
Ultimately, the greater the potential risk of a claim being made, the more you can expect to pay but first and foremost, it’s vital that you opt for a policy that covers your needs. If you want to get costs down without comprising on levels of cover, think about:
- Paying for your policy in one go to avoid admin and interest fees.
- Investing in additional security such as CCTV on business premises to minimise the chances of burglary. Some insurers may give you a discount based on the type of security you have in place.
- Only claiming for what you need. The more claims you make, the more you can expect to pay so think carefully about making lots of little claims which can push up premiums at renewal.
Search for property management company insurance
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Simply tell us what you need and we’ll do the searching for you. We work with dozens of leading UK insurers and have helped more than three million happy customers find the protection they need.