Why It's Important to Review Your Trade Insurance Regularly
When starting a new business, one of the most important things is getting the right level of trade insurance. Once your insurance policies are in place, and you are concentrating on the day-to-day operations of your business, it is very easy to forget about the cover you took out. Ignoring your insurance policy could put your business at risk of being underinsured, which would be a huge mistake.
Never fear. There is an easy fix. You will always be fully protected if you review your insurance policies annually. Here are various reasons why you should reconsider your policies in case you still need more convincing. Rhino Trade Insurance is a great place to start if you haven't reviewed your trade insurance policy for some time.
Your trade business has grown since your original policy.
Assuming your business has expanded, then so has your liability. If your company has grown such that you work on bigger projects or more jobs at any given time, then you most likely have more materials, equipment and staff. Therefore, it's imperative to ensure everything is covered.
Notwithstanding your expanded income or supplies, you must have sufficient cover for any employees working for you. At Rhino Trade Insurance, we offer Employers' Liability Insurance for trade businesses with up to £10 million in liability available.
If you wish you explore your insurance options and get a taste of what level of coverage you need, give our experts a call our team on 0116 243 7904 or take a look at our options here:
Don’t forget that your business can be underinsured. To get a better understanding of this and how it may affect your business, read our latest post here.
Have you added more strings to your bow?
As a fledgling trade business that wants to maximise its growth, you could have bought newer tools and equipment to take on larger jobs or offer more services to your customers.
With this in mind, an insurance review is critical, as your original policy (especially with Rhino) will have been tailored to suit the needs of your trade at that time. If you started out as a fencing contractor but have ventured into the garden room design game, then a policy update should be on the cards for you.
Consider your Tools Insurance or Personal Accident Insurance policies as an example; with more tooling or different work on offer, your risk level changes and should be sufficiently protected against.
You may be interested in learning more about your business's trade insurance. Find out what Rhino protects against in our blog post here.
Your business has made fundamental changes.
Things constantly change in the trade world, and if you last reviewed your insurance a number of years ago, you can bet your bottom dollar that things need to be updated. Your trade business as an Electrician, Plumber or Carpenter could have been updated to offer a more seamless service to your customers. Having different technological advancements such as online invoicing, data storage, and customer records could leave you open to a data leak.
If you haven't got the correct type of cover in place, then a problem arising from your new processes could hold your business liable. If you hold Public Liability Insurance, it may be worth speaking to your insurer about your options. For example, Rhino offers Professional Indemnity Insurance that can protect against data leaks whilst also covering you for design advice, expertise and guidance services.
Wondering what Professional Indemnity covers? Find out more here.
Has your location changed?
Building on your business growth, perhaps your company is now in a different location or has purchased a new unit to work from. With the increased demand for your expertise, the extra space you utilise for your work could change how your insurance policy works.
At the very minimum, you should check with your insurer, as a larger building unit could now see your insurance policy voided or not at an adequate level of cover. More space could mean more machines, employees or tools, so it's best to be safe than sorry.
Why choose Rhino Trade Insurance?
In the market for trade insurance? The team at Rhino Trade Insurance has everything you need. We offer fantastic policies for tradesmen and women looking to get tailored protection.
You can cover your entire business if you want. Our service offers a full suite of cover that can ensure your business is safe in any circumstance. You can take insurance out for Tools, Employers' Liability, Public Liability, Personal Accidents, and more at affordable prices.
Call our staff now on 0116 243 7904 to get a speedy quote, or head to the Rhino website and utilise our superb insurance shop, which will produce a price in just 60 seconds.