Running a trade business can be extremely rewarding, but it also comes with its own set of challenges and risks. Trade insurance can help protect against unexpected loss, damage or injury, and the financial impact that this can have on your business.
What is trade insurance?
Trade insurance can be tailored to your specific business needs.
It is made up of different types of business insurance covers, relevant to your specific business needs. It gives those working in the trades the financial and expert support they need, in the event that something goes wrong, and leads to legal action against your business.
What does trade insurance cover?
One of the best things about trade insurance is that it isn’t just one particular type of cover, or even a specific set of covers. It’s whatever relevant selection of covers you choose to protect your business.
The cover you need will vary, depending on the nature of your work. It’s important that you properly assess all the risks involved to ensure that you only take out the cover you need.
Is trade insurance a legal requirement?
Employers liability is the only type of business insurance that is a legal requirement in the UK, and this is only mandatory if you have employees.
Although trade insurance isn’t often a legal requirement, unfortunately things can go wrong unexpectedly, and insurance tailored to your business needs can help give you peace of mind.
It’s also worth keeping in mind that some professional bodies and trade associations do require you to have it in order to be a member.
What’s included in trade insurance?
Every tradesperson will have different needs depending on their business, but the following covers could be most relevant when working in the trades:
Public liability insurance
Public liability insurance covers claims made by members of the public. It can cover compensation and legal costs if a member of the public sues your business because they’ve been injured, or their property has been damaged, as a result of your business activities.
Tools and equipment insurance
Tools insurance is particularly useful for those working in the trades. Tool theft is one of the biggest problems facing tradespeople in the UK, and specialist equipment can be expensive to replace.
Tool insurance will give you peace of mind that you’re covered for the cost of replacing your tools if they’re lost or damaged, for example due to fire, flooding or theft.
Plant insurance
Plant insurance covers equipment such as diggers and forklifts. This type of machinery is some of the most expensive equipment tradespeople deal with and is often essential for completing a project.
Plant Insurance can cover both your own plant and hired-in plant equipment.
Employers liability insurance
If you employ just one person, it is a legal requirement to have employers’ liability insurance. Employers’ liability insurance can cover you to meet the cost of compensation if your employees are injured on or off site.
Contract works cover
Contract works insurance covers you if something goes wrong relating to a specific contract or project. If an accident happens during the project that damages your work, contract works cover can help pay to redo or rebuild the work.
This is particularly important as things that are beyond your control, like a fire, theft of integral equipment, or storm damage, can occur at any time and having to pay to redo the project could be extremely expensive and damaging for your business.
Stock cover
Stock cover, also known as inventory cover, can protect you if your materials are damaged or stolen. It covers things like wood, paint and tiles – but it’s important to remember that you must keep your materials secured at all times.
Personal accident cover
Personal accident cover is designed to pay out compensation if you suffer from a serious injury as the result of an accident. Given the physical nature of work in some trades, an accident can mean you may be out of work for just a few days, or potentially a longer period of time, so it’s important you’re covered for all eventualities..
Flexible tradesman insurance with Superscript
Tradesman insurance can be tailored to your specific business requirements, but having flexible, monthly cover will allow you to adapt your policy to include what’s right for your business at the time.
Superscript’s cover runs on a monthly basis, allowing you to flex what you need when you need it. Get peace of mind with Superscript’s tradesman insurance:
- Flexible cover on a monthly basis, so you don’t have to worry about overpaying for cover you don’t need
- Cover for portable tools and equipment that can be extended to include cover for tools stored in vehicles overnight too, if you can’t secure them in a securely locked building or compound
- Contract works cover that pays overtime and holiday pay so you can work around the clock to get the project back on track
- Personal accident cover that may pay a cash benefit of up to £5,000, if you’re injured and unable to work
About Superscript
Superscript’s flexible monthly cover gives small businesses and self-employed professionals the freedom to adjust cover as things change. Get cover in as little as 10 minutes.
