Choosing the right insurance for your trade

If you’re one of the UK’s many tradespeople then you need the right insurance to protect your business. But what are the options?

There is a huge range of trades in the UK – from skilled agricultural workers, metal workers and electrical tradespeople, to those working in construction or as textile professionals. 

Regardless of the sector they work in, most will need to have some kind of insurance in place to ensure that they are protected, along with their business, their employees, the public and their customers. 

If you are a tradesperson looking for the right insurance for your business, where should you begin? Here is our quick guide to some of the most common kinds of insurance you might need to consider.

1. Insurance for tradespeople who deal with the public

Most tradespeople will have some direct interaction with the general public. If you do, then public liability insurance is a vital part of making sure that if any injury or damage does occur to a third party or their property, then you’re covered. 

It’s not always mandatory, but for most tradespeople, it is essential – the potential risks to you and your business of not having it are simply not worth taking. 

2. Insurance for tradespeople who employ others

While public liability insurance isn’t compulsory, employers’ liability insurance is, for anyone who is an employer. Of course, if you’re a sole trader then this won’t apply to you – but if you do take on anyone to work for you then you must take out employers’ liability insurance or risk a fine. 

It generally covers any financial loss you might experience due to a worker suffering a work-related injury or illness.

3. Insurance for tradespeople who have valuable tools 

Having the right tools is a basic for most trades. They are often one of the most valuable assets any tradesperson will own. Tool insurance will cover your tools, as well as those of anyone else who is working for you. If you need to hire plant for a particular job then you can also buy ‘hired-in plant’ cover to protect it. 

4. Insurance for tradespeople who have their own premises

If you are working out of your own building or have premises where you store items that are essential to your trade, then you will also need to have some form of business buildings cover. 

5. Insurance that will support you if you have an accident

Many tradespeople work in environments that are potentially dangerous. Having personal accident insurance can give you the peace of mind that if anything unexpected does happen to you and you need to spend time in hospital or at home off work, then you’re covered. 

6. Insurance that will help your business to survive the unexpected 

The unexpected happens. Whether you have suffered freak damage to your premises, or you are forced to close your business due to an unprecedented event like the COVID-19 pandemic, sometimes you are temporarily unable to continue trading. Business interruption insurance covers you for any losses you suffer when you need to close and your business is suspended.

Every trade is different and our experts will be happy to talk you through the best insurance options for you and your business. Call us today on 01274 515 747 or email us at mail@lwood.co.uk to find out more.