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New Year, New Insurance: Why It's a Good Time to Reevaluate Your Policy

Rhino Trade Insurance 26 December 2023

As the calendar flips to a new year, tradesmen and women find themselves at a crossroads - not just in terms of resolutions and fresh starts but also with their business insurance. Whether you're a seasoned bricklayer or a fresh-faced plumber, the beginning of the year presents a golden opportunity to reassess your insurance policies. In this blog post, we'll delve into the reasons why reevaluating your insurance policy is a wise move and explore the key aspects that trade professionals should consider for optimal coverage.

Industry Dynamics and Emerging Risks

The trade industry is constantly evolving to adapt to new technologies, materials, and methods. With these changes come new risks and challenges that may not have been addressed in your current insurance policy. As we step into a new year, it's essential to stay up-to-date with emerging trends in your trade and consider how these may impact your business.

For instance, if your trade involves cutting-edge technologies or specialised equipment, you may need coverage that specifically addresses the risks associated with this. Reevaluating your policy allows you to ensure that you are adequately protected against the unique challenges posed by the evolving landscape of your industry. It's worth remembering that being underinsured is a big problem in the trades, which we wrote about here

Business Growth and Asset Accumulation

As your business expands, so do your insurance requirements. New equipment, additional employees, and increased project sizes all contribute to a changing risk profile. The beginning of the year is a good time to reassess the value of your assets and liabilities, ensuring that your coverage aligns with the current state of your trade business.

Take a look at your tools, machinery, and other assets. Have you acquired new equipment over the past year? Are there any tools that have become obsolete or redundant? By updating your insurance policy to reflect the current value of your assets, you can avoid the risk of being underinsured and facing financial setbacks in the event of a loss.

Reviewing Coverage Limits

Insurance policies are not one-size-fits-all - especially at Rhino Trade Insurance, where we tailor each and every policy to the individual tradesperson. This means that the coverage limits that were suitable for your trade business a year ago may no longer be sufficient. Take the time to review these aspects of your policy, considering factors such as the size and complexity of your projects, contractual requirements, and potential legal liabilities.

Increasing your coverage limits may be necessary to adequately protect your business against higher-value projects or to meet the requirements of certain clients. On the other hand, considering our excess protection cover can have a direct impact on the cost of your excess. For example, every claim made on Rhino's insurance will see a standard £500 excess (barring those made due to the use of heat). With our Excess Protect, you can reduce this excess when making a claim. Finding the right balance between coverage limits and your excess is crucial for managing both risk and budget effectively.

Evaluating Liability Coverage

Liability is a significant concern for trade professionals, given the potential for accidents, property damage, or injuries on job sites. The liability landscape is continually evolving, with new legal precedents and regulations influencing the level of insurance protection required. Reevaluating your liability coverage to ensure that it aligns with the current conditions of your business and your industry is key.

Consider whether your current policy adequately covers risks such as third-party property damage, bodily injury, and even death. In some cases, specialised liability coverage may be necessary, especially if you operate in a niche or high-risk segment of the trade industry. Being proactive in reassessing your liability coverage can protect your business from unforeseen legal and financial consequences. Fortunately, we at Rhino Trade Insurance offer a host of fantastic cover options for almost every individual trade. Find out more by reading our public liability page here and how you can get protection from £1 million to £5 million. 

Employee Considerations

If your business has experienced growth over the past year, whether in terms of the workforce or the scope of projects, it's crucial to ensure that your insurance policy adequately addresses the needs of your employees. This includes coverage for injuries, compensation, and employee liability. This is where adding Employers' Liability cover comes into play.

Review the number of employees covered under your policy and check that your coverage aligns with the legal requirements in the UK. Additionally, consider whether any changes in job roles or responsibilities may necessitate adjustments to your coverage. A comprehensive insurance policy not only protects your business but also safeguards the well-being of your team members. At Rhino, you can add Employers' Liability Insurance to your insurance plan with ease. Decide on the perfect level of cover for your trade business up to a maximum of £10 million. 

Check Whether Your Business Can Survive Interruption

Could you keep trading if your tools got stolen? What about if a partially-built project burned to the ground? 

The unexpected can happen at any time, and business interruption can have severe consequences for trade professionals. Whether it's due to natural disasters, equipment breakdowns, or other unforeseen events, disruptions to your operations can result in financial losses. 

Take the opportunity at the beginning of the year to reassess your business coverage and spot any weak areas. Adding or adjusting your coverage to account for these factors can provide valuable peace of mind and financial protection in the face of unforeseen challenges. Find out everything you need to know about our trade insurance here

Review Your Trade Protection With Rhino Trade Insurance

As a trades professional, your business evolves with each passing year. The start of a new year provides a natural checkpoint to review and reevaluate your insurance policy. By considering the points we have spoken about in this blog post, you can ensure that your insurance policy remains a shield against the vast risks inherent in the trade industry.

Don't let outdated or inadequate insurance coverage expose your business to unnecessary risks. Take the proactive step of reassessing your policy at the beginning of the year, providing you with a solid foundation for success, growth, and resilience in the face of challenges. If you need any help with your current trade insurance policy or fancy getting yourself a new (affordable and reliable) quote, then get in touch with our trade experts on 0116 243 7904. Alternatively, head to our website for a price in 60 seconds. 

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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