Starting Out as a Tradesperson – What Insurance Do I Need?
So, we’ve recently launched an ‘Ask us Anything’ via our Instagram channel where (as the name suggests) we invite our followers to quite literally ask us anything. It’s been great engaging directly with tradespeople and we’ve had some interesting questions from our followers that I’d love to share with you.
One of the questions that recently caught my eye was from someone who was just starting out on their journey as a tradesperson. Taking the leap into self-employment can be daunting and understanding your insurance requirements, and the potential risks you face, can cause confusion even to the most well researched of professionals. This individual wanted to know what policies we offered that suited someone starting out in the trades, and it’s this that I’d like to briefly address.
Technically you aren’t legally required to carry insurance as a one-man band, but you run a risk of significant financial loss by not having the right cover in place. We offer a range of policies that would cover anyone starting out in the trades.
Public liability insurance is the most common policy we offer and covers you in the event you cause injury or death to a member of the public, or damage to third party property whilst at work. It’s often a contractual requirement when taking on a job, and many accreditations and trade associations require will proof of public liability insurance before you can apply.
Tools in transit insurance covers your all-important tools when they’re kept in your van, even overnight. Tool theft is a real concern for tradespeople, so tools in transit insurance gives you peace of mind that if your tools (or van) are nicked then you’re covered. We cover tens of thousands of tools up and down the country.
Now you’re self-employed and you have an accident in or out of work that means you must rest up for an extended period, your wages will soon dry up. You can hardly charge fees to customers when you aren’t able to do the work can you? We offer personal accident Insurance that will help ease this financial burden. Personal accident insurance provides a lump sum cash pay-out if you have an accident that means that you’re out of work and can’t continue earning. You can also add on income protection insurance that gives you a monthly pay-out in place of your standard wages if you’re seriously ill and can’t work as a result.
Remember, if you’re ever looking to grow your business and look at taking on any employees, in this instance it is a legal requirement to hold public liability insurance for anyone operating as a limited company. Employers’ liability Insurance can be easily added on to your public liability cover here at Rhino and covers you if any of your employees ever have an accident whilst at work and hold you responsible.
We offer a whole range of additional policy add-ons, including legal cover, tax enquiry insurance and even gadget insurance, so if you’re interested in perusing the full Rhino suite, you can do so via our online quote engine.
Right, thanks for reading. Hopefully you now have a better understanding of the insurance you might want to consider if you’re starting out in the trades. If you ever have any further questions or need anything clarifying, give our fantastic team a call. Before I go let me just add one more thing. You may have seen some of our signature Rhino merchandise whilst out and about. We offer van stickers, car air fresheners, t-shirts, mugs and water bottles to our Instagram followers via weekly giveaways. If you don’t already follow us, then make sure you give us a follow on our socials and look out for our many giveaways!