Whether you’re a self-employed contractor or running a small trades business, having the right insurance cover is crucial. Insurance isn’t just about meeting legal obligations – it’s a necessity to safeguard your future in the sector.
In today’s environment, with the rising costs of projects and materials and stricter regulations to comply with, insurance has never been more critical. And with more people set to join the trades industry due to a rising demand for workers, fully understanding your insurance needs is essential to protecting both yourself and your business.
Industry challenges highlighting the need for quality cover
Economic pressures are mounting across the board, and tradespeople are feeling the effects. Rising equipment costs and supply chain disruptions have made replacing tools and materials extremely costly. For tradespeople who rely on their tools to earn a living, replacing these items after theft or damage can lead to significant out-of-pocket expenses without proper insurance.
The combination of rising labour costs and challenges in staff retention also means workforce considerations have become riskier. Many businesses are operating with less experienced workers or relying more heavily on subcontractors. This situation increases the risk of accidents, mistakes, and liability issues, making comprehensive insurance coverage even more important.
Must-have insurance for tradespeople
While the specific insurance needs of tradespeople vary depending on the size and nature of the business, there are some elements of insurance that everyone in the sector should have. Firstly, Public liability insurance is a must-have for anyone in the sector. This covers costly claims that might be made by members of the public following accidental injuries or property damage.
Secondly, if you employ staff, even on a casual or temporary basis, you are legally required to have Employers’ Liability (EL) insurance. This is non-negotiable, as it protects your business in the event that an employee is injured or becomes ill as a result of their work. Without it, not only could you face substantial fines, but you also risk the financial fallout of a compensation claim and you are breaking the law.
Another type of cover that can prove invaluable to tradespeople is contractors’ works insurance. This protects you against accidental loss, damage, or destruction to any permanent or temporary work you’re currently responsible for, including all the materials. For example, if you are in the process of building an extension on a client’s house and the structure you’ve built is destroyed or damaged before it is finished.
What can we do for you?
At Starpeak, we fully understand the importance of insurance in the trades industry. That’s why Protectivity, a Starpeak brand, now offers all of the above through the Protectivity Tradesman Insurance policy. We provide access to the essential liability coverage you need to protect against potential claims, ensuring you can operate securely and avoid financial losses. Our offering is also entirely customisable, allowing for flexibility. Whether you’re a builder, painter or plasterer, our policy can be tailored to the specific needs and size of your business.
In a sector where risks are unavoidable, having the right insurance in place is a vital step toward protecting your business and securing your future. Whether it’s safeguarding against legal claims, equipment loss or accidents, our comprehensive coverage gives you the confidence and peace of mind to focus on providing a quality service to your customers.
Want to find out more? Head over to https://www.protectivity.com/product/tradesman-insurance/
