How Insurance Can Help Tradespeople Grow Their Business
There are many hazards and uncertainties in this world. Even though it is not always possible to stop bad things from happening, insurance was created to help shield people and companies from losses by making up for them with compensation coverage.
In addition to protecting people and businesses from a variety of potential risks, trade insurance can boost your business's prosperity by attracting new customers, too.
Let's find out more about why insurance is good for your business.
Protects your reputation in the trades
It takes a lot of work to establish and maintain a professional reputation, so it goes without saying that you should endeavour to protect yours. Many clients won’t work with uninsured tradespeople, due to the level of risk they pose. Think about it - an uninsured tradesperson is unlikely to be able to foot the bill should something go wrong on the job.
This could be anything from accidents, injury, property damage, theft, natural disasters or even bad advice from your end.
Even a minor error could cause your company to incur significant legal fees and damage its reputation. Public Liability Insurance is probably the most popular policy for self-employed people, for good reason.
Helps your business survive a setback
Potential legal troubles and liabilities are risks that come with working in the trade industry. Each trade business, no matter how big or small, runs the risk of causing injury, damage, giving advice that has a bad outcome, falling victim to theft, being investigated by the taxman… the list goes on.
As a small business owner, you should take active measures to manage, prevent, and/or control these risks. Having robust business insurance is part of this approach, as making sure you have the correct liability protections is an essential step to ensuring your business stays afloat should something happen during the course of your work.
Public Liability Insurance, for example, is the best place to start. By providing a financial cushion to cover charges for property damage, injury to a third party and claims made against you, this policy will safeguard your company and assets against some of the most common things that can go wrong when running a trades business.
You can relax knowing that you are covered financially by Public Liability Insurance and that any compensation claims from third parties will be handled financially on your behalf. Find out more about how Public Liability Insurance can benefit your trade business by reading our blog here.
Allows you to focus on your objectives during a disruption
The post-pandemic years have taught us that business disruptions and disturbances do occur. How your own business copes with unexpected issues depend on the foundations you’ve laid during better times.
Although some disruptions may be unavoidable (not to mention unexpected), one way to safeguard your business is by purchasing trade insurance.
Having Public Liability Insurance in place for your trade business will cover incidents involving customers, partners, vendors, or members of the general public. Your public Liability Insurance policy will pay the expenses if a claim is made against you by any of these parties. Whenever possible, tradesmen and women should have Public Liability Insurance in place from the moment they start their business.
Not sure if you need Public Liability Insurance? You do if your work falls under any of the following:
- You use potentially dangerous equipment at work, which could result in accidents or property damage.
- You rely on potentially dangerous chemicals while working.
- Regular visitors come to your company's shop or offices.
- You frequently interact with customers either on-site or at their homes.
Rhino Trade Insurance makes getting Public Liability protection simple. Our team has developed premium insurance coverage with indemnity ranging from £1 million, £2 million, and £5 million - these can be selected and tailored for practically every trade. All of these are available through Rhino at some of the most affordable prices on the market.
Why Choose Rhino Trade Insurance?
You won’t find a better trade insurance provider, with more than two thousand UK tradespeople giving our policies five stars on reviews.com. Our team can construct a personalised policy for your business and have you covered in minutes. Why not see what Rhino Trade Insurance can do for you?
For all the information you need, contact our friendly team at 0116 243 7904, or visit our website and use our user-friendly online price builder. The time it takes to get a price is just 60 seconds!