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What Is Handyman Insurance?

Rhino Trade Insurance 18 December 2023

In the world of skilled trades, every job comes with its own set of risks and challenges. This is why being prepared for the unexpected is crucial. Whether you're a seasoned handyman or a budding tradesperson, one aspect of your business that should never be overlooked is insurance. Today, we will delve into the intricacies of Handyman Insurance, exploring what it is, why it's essential, and how it can safeguard your livelihood.

What is Handyman Insurance?

Handyman Insurance, also known as tradesman insurance, is a common type of coverage specifically designed to protect individuals and businesses in the skilled trades industry. This umbrella term encompasses various policies tailored to the unique risks faced by tradesmen and women. These policies typically include Public Liability Insurance, tools and equipment coverage, and sometimes additional options such as Professional Indemnity, Personal Accident cover and more.

The Cornerstone: Public Liability Insurance

The backbone of Handyman Insurance is public liability coverage. This policy is designed to shield you from financial losses arising from bodily injury or property damage that may occur during the course of your work. Here's a closer look at the key components:

  1. Bodily Injury:

Imagine a scenario where a client or a bystander is injured on the job site. Public Liability Insurance would cover medical expenses, legal fees, and potential compensation/ settlements, ensuring that you're not personally responsible for the financial fallout.

  1. Property Damage:

Accidents happen, and sometimes they result in damage to a client's property. Whether it's a broken window, damaged flooring, or another mishap, Public Liability Insurance steps in to cover the costs of repairs or replacement.

At Rhino Trade Insurance, Public Liability Insurance is our bread and butter. To get the right cover, our trade experts will make sure you get the perfect protection. With policies that offer £1 million up to £5 million in liability cover, we are sure that you will be thrilled with the service we have to offer. 

Safeguarding Your Tools: Tools and Equipment Coverage

For tradesmen and women, tools are not just instruments of the trade; they are valuable assets to your business. Tools and equipment coverage is a crucial component of handyman insurance, offering protection against theft and damage. This coverage ensures that if the tools you own are stolen or damaged and unusable, your business can carry on working smoothly, even if a significant piece of equipment is compromised.

Imagine the scenario where all your tools are nicked; you wouldn't be able to work unless you have a few thousand pounds lying around to replace them all. Fortunately, with Rhino, for a low-cost payment, you can protect your vital tools up to a value of £50,000. 

Looking After Number One: Personal Accident Insurance

There are clear advantages to having Personal Accident Insurance in place, even though it's not required by law. You may rest easy knowing that in the event of an accident, you will get a lump sum payment to help with your bills and other financial expenses owed. This is particularly valuable for independent contractors in the trades. Because of the hazardous nature of the work you do, accidents can occur, and you will not be able to make money if you are unable to work.

With Rhino's policies, you don't have to be concerned about the cost of recovering after an accident. When an injury prevents you from working, our affordable insurance policy kicks in and pays out a tax-free lump amount of up to £50,000. Perfect if you are unable to work for a specific period of time!

Beyond the Basics: Additional Coverage Options

While Public Liability Insurance, tools and equipment cover, and Personal Accident Insurance form the core of Handyman Insurance, there are additional coverage options worth considering with Rhino Trade Insurance, depending on the nature of your work. These may include:

  1. Professional Indemnity Insurance:

Especially relevant for trades that involve consultation or design work, Professional Indemnity Insurance protects against claims of negligence or mistakes in your professional services.

  1. Employers' Liability Insurance:

If you have staff members, Employers' Liability Insurance is essential - especially as it is a legal requirement - without it, you would face considerable daily fines. It provides coverage for medical fees and lost wages if an employee is injured on the job. This not only protects your employees but also shields your business from potential legal claims and compensation.

Determining Handyman Insurance Premiums

The cost of Handyman Insurance with Rhino Trade Insurance varies based on several factors, including the type of coverage you opt for, the size of your business, your location, and your claims history. While it may be tempting to opt for the cheapest policy, it's crucial to strike a balance between affordability and comprehensive coverage. Consulting with one of our experts and carefully reviewing the terms and conditions of your policy will ensure that you're adequately covered. Here are some tips to guide you through the process:

  1. Assess Your Risks:

Conduct a deep risk assessment to identify potential hazards and liabilities specific to your trade. This will help you determine the type and amount of coverage you need.

  1. Work with Rhino's Experienced Agents:

Call our experienced trade insurance brokers, who have worked with tradespeople for years. They can provide valuable insights, help you navigate the complex landscape of insurance options, and get you a quote in just under a minute. Our team is based in Leicester, so if you need any questions answered, we are easy to get hold of at 0116 243 7904.

  1. Review Policy Limits:

Pay attention to the limits of your policy and ensure that the coverage aligns with the scale of your business and the potential risks you may encounter. If you grow your trade business, don't forget to review the level of cover you have and make sure you aren't underinsured. 

  1. Bundle Your Policies:

Even though the policies at Rhino are already fantastically cheap, why not consider bundling your insurance policies to get a better deal? Get a quote now by visiting our website and using our easy quote engine.

Invest in Your Business's Future With Rhino Trade Insurance

In the fast-paced and dynamic world of the trade industry, where each day brings new challenges and opportunities, securing your business against potential risks is a smart investment. 

Handyman Insurance is not just a safety net; it's a proactive measure that allows you to focus on what you do best - delivering quality work to your clients. 

By understanding the nuances of insurance and tailoring coverage to your specific needs, you can build a resilient foundation for your trade business, ensuring its longevity and success in the ever-evolving marketplace. Get your next policy sorted with Rhino Trade Insurance today. Simply call us on 0116 243 7904 or get a quote

About The Author Phil McCormick

Experienced in brand marketing and content. Most of that lovely communication you see online will be from Phil. social media, emails, videos, how to make a bacon sarny? You get the gist!

Trade most identified with: Electrician - It’s our Phil’s job to map out all our communications and make sure the signal works! Also, he’s one of the cockiest blighters in the team so electrician fits perfectly!

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