Being a sole trader or owning a limited company is hard work. Balancing the books, marketing the business, and communicating with clients takes time. And that’s on top of carrying out the work you’re paid to do. An injury on site, or damage to a customer’s property needs to be dealt with quickly, so you can get on with what you do best. That’s why builders’ insurance should be your first priority.
The construction industry is a high-risk, high impact profession that sees over 74,000 injuries a year. Over half of these injuries have a long lasting effect on tradespeople’s careers. In some cases, an injury can put you out of work for good. With the correct insurance policy you will have the financial security you need to make sure you stay afloat when the unexpected happens.
What should your insurance cover?
Buying an off-the-shelf, one size fits all, insurance policy will offer you a broad range of cover. However, adding additional protection that’s specific to your trade will minimise risk more effectively. For example, if you’re a builder who works at height it makes sense to beef up your cover in that area. If you’re storing equipment in a lock-up, you probably want to add extra cover to protect high-value items. The number of employees you have also plays a role in how much cover you need. Personal accident, professional indemnity, and employer’s liability cover will add an extra layer of protection to your limited company.
How much will my insurance cost?
Policies with Tradesman Saver can be tailored to meet the demands of your business, meaning you will never pay more for what you need. Tradesman Saver’s standard builders’ insurance policies include:
- Up to £5 million for public and products liability
- £10,000 for financial loss (£50k cover is optional).
Builders’ insurance cover starts at £58.76 a year for sole traders, and as little as £85.50 a month for limited companies. You can also save up to £75 with Tradesman Saver’s public liability insurance. Public liability gives you the financial support you need when you are the cause of an accident. If your customer or a member of the public is injured on site, a claim against you can be made. Legal fees and advice can cost a packet and leave you bankrupt. Close to 40 years experience has taught us two things. If you’re not insured and something goes wrong, it’s too late. And, our customers don’t want to pay for the basic cover they need. So we don’t charge them for it.
A public liability policy with Tradesman Saver starts at £59 a year, and includes the following, at no extra cost:
- £10,000 accidental death for you or any of your employees
- Work abroad cover for up to 14 days
- £250,000 legal expenses
- 24 hour legal, business and counselling helplines
It takes minutes to get a tailored quote online, and once purchased your policy documents will be with you the same day.