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8 Trade Insurance Myths & Common Misconceptions

Rhino Trade Insurance 02 April 2024

If you're reading this, chances are you've heard your fair share of myths about trade insurance. In the dynamic world of hammer-swinging, pipe-fixing, sawing, screwing and whatever else you get up to during the day, it's crucial to cut through the noise and get the facts straight. So, buckle up your tool belts because we're about to debunk some common trade insurance misconceptions and set the record straight!

Myth #1: "I Don't Need Insurance - I'm Too Good at My Job!"

Let's start with a classic misconception: the belief that skill alone is enough to protect you from potential risks. While your expertise and craftsmanship are undoubtedly top-notch, accidents can happen to even the most skilled tradespeople. What if a ladder slips, a tool malfunctions, or a client claims a mistake that wasn't yours? That's where insurance steps in to be your safety net.

Trade insurance is not a reflection of your abilities; it's a proactive measure to safeguard your business and financial well-being. Accidents are unpredictable, and having insurance is like having a trusty part in your toolbox - you may not need it every day, but when you do, you'll be glad it's there.


Myth #2: "Insurance is Too Expensive - I Can't Afford It!"

Let's address the elephant in the room - the cost. Many tradespeople shy away from insurance, fearing it will drain their hard-earned coffers. However, the truth is that the cost of insurance varies, and Rhino Trade Insurance has options tailored to fit different budgets.

Think of it this way: the expense of insurance is a tiny investment compared to the potential financial devastation a legal pursuit or property damage claim could cause. With the right insurance policy, you're not just paying for peace of mind - you're protecting your livelihood and your financial stability.

Moreover, when choosing to insure your business with Rhino, we offer affordable insurance plans specifically designed for tradespeople. So, don't fall victim to the myth that insurance is a luxury only the big corporations can afford. There are options out there that won't break the bank for everyone!


Myth #3: "I'm a Sole Trader - I Don't Need Insurance."

Some tradespeople mistakenly believe that being a one-person show exempts them from the need for insurance. In reality, being a sole trader doesn't make you immune to risks; it just means you bear the full brunt of those risks on your own. Yikes!

Insurance for sole traders is just as crucial as it is for limited companies and larger businesses. Accidents, injuries, or property damage can happen regardless of the size of your operation - just think, what if someone steals your bag of expensive tools? By having insurance, you're not just protecting your business - you're safeguarding your personal assets from potential financial ruin.


Myth #4: "My Clients Will Cover Any Damages or Injuries."

While it's great to have trustworthy customers, relying on them to cover damages or injuries is a risky game. Clients are in no way, shape or form obligated to foot the bill for accidents that occur on the job - that's why trade insurance exists in the first place.

Even the most loyal clients who would rather sort an issue quickly can become disgruntled if an unexpected mishap occurs. By having quality trade insurance, you're demonstrating professionalism and responsibility. It also adds an extra layer of trust between you and your customers, as they'll know you're serious about protecting both parties in case the unexpected happens.


Myth #5: "I've Been in the Business for Years - I Don't Need Insurance Now."

Experience is valuable, but it doesn't make you invincible. Just because you've been mastering your trade for decades doesn't mean accidents won't happen. In fact, the longer you've been in the business, the more you have to lose.

Trade insurance is not just for rookies; it's for seasoned professionals who understand the unpredictable nature of the job. The longer you're in the game, the more assets you accumulate - and the more you have at stake. Protect your years of hard work by securing the right insurance coverage today


Myth #6: "I Only Need Public Liability Insurance - Nothing Else."

Public Liability Insurance is undoubtedly essential for tradespeople, covering third-party injury and property damage claims. However, it's not a one-size-fits-all solution. Depending solely on Public Liability Insurance might leave you exposed to other potential risks.

It's for this reason you should consider additional coverage options such as Tools Insurance, Professional Indemnity Insurance, Employers' Liability Insurance, Income Protection, Personal Accident cover and others. Tailoring your insurance protection to your specific needs ensures comprehensive protection against various risks.


Myth #7: "I Can't Get Insurance Because of My Past Claims."

If you've had previous claims, you might think it's impossible to get trade insurance or that the premiums will be astronomical. While a history of claims can impact your insurance options, it doesn't mean you're forever barred from coverage.

We understand that accidents happen - it's the trade industry after all, it's a risky business! Our team is willing to work with tradespeople who have had past claims, ensuring you get the proper protection you need. It's crucial to be transparent about your history and work with our brokers to design a comprehensive policy that suits your needs and budget. Don't let past claims myths deter you from seeking the protection your trade business deserves!


Myth #8: "Insurance Claims Are a Nightmare - It's Not Worth the Hassle."

Lodging an insurance claim may seem like a daunting process, but it's not as nightmarish as some make it out to be. In fact, insurance is designed to help you recover after an unfortunate event. Choosing a reputable insurance provider like Rhino is a surefire way to get your claim sorted in no time. Our team is here to guide you through the claims process, providing support and assistance every step of the way. Find out all about our claims processes here


Let The Team At Rhino Trade Insurance Sort Your Trade Cover

There you have it, fellow tradespeople - a guide to debunking the myths and misconceptions surrounding trade insurance. Remember, insurance is not a luxury; it's a necessity for protecting your business, your livelihood, and your peace of mind.

To conclude, Rhino Trade Insurance is the go-to choice for tradespeople seeking top-notch cover. With unbeatable coverage, competitive rates, and a commitment to understanding the unique needs of your trade, we've got you covered. Don't settle for less - make the smart choice and build your business with Rhino today - 0116 243 7904.

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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