Why your business needs trade insurance

Insurance can be a minefield full stop. These days there are so many different types of insurance available, it can be really hard to figure out what you need and what is overkill, don’t you think?

With regards to life in general, this is the case, but what about if you have your own business or you are self employed – what do you do about insurance then?

Types of insurance

If you are self employed, there are a number of possible insurances that you could take out, such as:

  • Public and Employers Liability Insurance – this covers any damage, injury or death caused to members of the public by you or your employees.
  • Professional Indemnity Insurance – this covers you if you give advice or produce designs as part of your work.
  • Legal Expenses Insurance – this covers you if you face a legal claim.
  • Tax Inquiry Insurance – this covers you in case you are subject to an enquiry.
  • Gadget and Mobile Phone Insurance – this covers you work-related phones and gadgets, useful if you have to take your laptop out and about frequently for example.
  • Tools In Transit Insurance – if you are a tradesperson this is likely to be important as it will cover your all-important tools as you carry them from A to B.
  • Personal Accident Insurance – this will cover you for accidents at work, important to consider if you have a risky job.
  • Income Protection – this will cover you if you can’t work due to sickness.

Looking at the above list, how many of these apply to you? Would you benefit as a small business or tradesperson from one or more of these? It can be really hard to part with the money to cover things like this, especially when you are self-employed. However, it is sensible to imagine the what if scenarios before dismissing all of these.

One tip would be to take out what you consider to be the essentials and then add any others as the business brings in more money. This seems like a reasonable starting point to me.

Who might need trade insurance?

There are tons of people who might need trade insurance, here are a few examples. Is your trade/profession on the list?

Tradespeople keep the country ticking along, they have very specific expertise and knowledge that many of us don’t have. These people might be: electricians; plumbers; joiners; builders; painters and decorators; carpenters; landscaping experts; tree surgeons; tilers and even handymen (and women).

Whatever your trade, you are likely to need some quite comprehensive tradesman liability insurance to protect you, your business and your customers. It just isn’t worth scrimping on your tradesman insurance costs and leaving yourself vulnerable should the worst happen. No matter how careful and professional you are things can go wrong, that’s just life. Give yourself the piece of mind by investing in a decent insurance policy.

Once you’ve got your policy, make sure you list the fact that you are covered on your website. Customers often feel reassured by that. If you don’t yet have a website for your business, look up websites for tradesmen to get you started with a site that can help your business to thrive.

Getting started


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