What insurance do tradesmen and women need?

You may well be the most caution person on-site or at a customer's property, but that doesn't mean you're immune from something going wrong whilst at work. The trades industry is fraught with risks, and accidents do happen - just ask our claims team!

Is being uninsured, or even underinsured, worth the risk? Would you really want to find yourself in a position where you'll have to fork out for the cost of the repairs? What's that old adage, 'it's better to have insurance and not need it, than need it and not have it.'

Do I need insurance?

Well, yes - but we're bound to say that, aren't we? But the likelihood is that your customers would say the same, too. As would any local councils and other businesses looking to employ you for your skills.

In short, by buying insurance, you're paying for the financial protection of your business should something go wrong. Without the correct cover, your business would be left to foot the bill.

We're sure it'll come as little surprise to hear that we've encountered claims here at Rhino that run into the hundreds of thousands of pounds, remember our liability insurance covers up to £10million in damages. We're not into scare tactics here; we'll allow you to make educated decisions regarding your business. However, it doesn't take Einstein to work out that damages of that level would be enough to put most businesses under.

So, whether you're a self-employed plumber, electrician, builder or belong to another of the trades we cover at Rhino, you'll be doing your business a favour by getting the correct cover in place.

Ok, you've piqued my interest. What insurance do I need?

Now we're talking. Firstly, plenty of insurance options are available to you, and it's easy to become overwhelmed by the complexities of insurance. There are various types of cover you can take out, then there's levels of cover, 'what insurance suits my needs?' for example. Suddenly, trying to work out what you're covered for starts seeming a little complicated, and that's before you work out just how much protection your business needs. But a safe place to start is with Public Liability Insurance.

What is Public Liability Insurance?

Public Liability Insurance is your bread-and-butter policy. It covers your business should you cause damage to a third party's property, or a member of the public suffers an accident, injury or illness due to your work. 

Why do I need Public Liability Insurance?

Firstly, it helps to protect your business. Claims can cost thousands, hundreds of thousands, even millions of pounds, but having the correct cover in place ensures that your business could survive should the worst happen on site.

Secondly, it helps to build trust with your clients. Many customers (especially commercial clients) expect tradespeople to have insurance in place before work begins. Being insured can give you an edge over the competition.

Thirdly, it gives you peace of mind that should something go wrong, your business is protected, and you can focus on the job at hand without additional worry.

Finally, it might be a requirement. Trade associations, councils, commercial businesses or job posting boards can require you to have proof of Public Liability Insurance.

What we're saying is, on top of the valuable protection public liability insurance provides, having cover in place also gives your business, regardless of whether your a limited company or a sole trader, that added air of legitimacy.

Public Liability Insurance Examples

In this instance, you're a bathroom installer, and you've been working on a new bathroom for a customer. Everything's going swimmingly and you think that tomorrow will be the last day on the job, but you get a call from a customer late that night letting you know that water is coming through the ceiling above their kitchen. You rush around to inspect it and see that you've left a fitting loose and have caused significant damage to your customer's property. The first port of call is to stop the leak, otherwise the job will turn out a little too swimmingly for the customer but despite this stopping the flow, the damage is done, the repair job will run into the thousands, and the job you thought you were finishing soon, has been extended and pushed your other jobs back, frustrating those customers. Without insurance, not only will you have to stump up the costs to repair the damage but your reputation has taken a hit as well.

However, had you had the correct insurance in place, your Public Liability Insurance would have covered the costs of the damage leaving your business finances in a significantly healthier place. You may well still have had to push jobs back, but you won't have the added stress or anxiety of having to stump up the money to pay for the damage caused.

What other insurance options are available to me?

Rhino offers Tools In Transit Insurance to help protect your tools from theft, loss, or damage. We even cover your tools when left in your vehicle overnight (subject to security conditions being met).

Recently, we ran a survey with our customers and found that 30% of Rhino customers had been a victim of tools theft themselves, and over 80% knew somebody who had also been a victim. Tools theft is a menace to the trades industry, and our aim with our insurance is to help get you back on the tools as quickly as possible. Billy Boardman, a Rhino customer and gas engineer from Leicester, had his tools stolen overnight, but fortunately he had Rhino's Tools In Transit cover in place. Hear what he had to say below.

Anything else?

Of course! Alongside your Public Liability Insurance and Tools In Transit Insurance, it's worth considering what would happen to you if you were unable to work for a prolonged period of time.

Being self-employed has many perks, but one of the pitfalls is what happens if you're ill or injured and are unable to work. The reality is, if you can't work, you won't get paid.

Fortunately, Rhino offers two types of insurance to help cushion the blow if you're forced off work. Income Protection Insurance offers a monthly payment of up to £2,500 per month (or 60% of your income), and Personal Accident Insurance gives you a lump-sum payout up to £50,000.

In a recent survey, we asked, 'How many months would you be able to pay your bills?' Over 25% of Rhino customers responded with 'zero,' and 47% responded between '1-3 months.'

So, if you find yourself concerned about what would happen if you became injured, sick, or god-forbid, dead, Rhino offers insurance that will help cover your families finances.

Is that it?

Not quite. If you employ others, in most cases, you're required by law to hold Employers Liability Insurance, which protects your business should an employ make a claim against your business.

There's Professional Indemnity Insurance too, which protects you if you offer advise, design or expertise and will protect you from the cost of claims arising from professional negligence.

Contractors All Risks Insurance, sometimes known as Contract Works Insurance, provides protection against the loss of, or any physical damage to, a construction project or site. This includes damage to the actual building or extension under construction and/or any plant, materials and machinery that are on site for the purpose of the construction.

Legal Expenses Insurance covers you against legal disputes and court costs, and offers you up to £50,000 with no excess. And Tax Enquiry Insurance will protect your business should you find yourself the subject of a tax enquiry or dispute.

Finally, there's Gadget Insurance - which does what it says on the tin - and covers the cost of repairing or replacing your electronic devices.

You've charmed me. Where do I sign up?

That's what we like to hear! The quickest way to protect your business is to get a quote is by entering your details into our quote engine here. Or, you can give our team of experts a call on 0116 243 7904. Our office hours run from 08:30 to 17:30 throughout the week. We look forward to having you on board as a fully fledged member of #TeamRhino!