Tradeswoman Insurance, Tradeswoman Insurance UK

If you’re one of the increasing numbers of professional tradeswomen currently operating in the UK, let us assume two things. One – you’re busy, so you don’t have time for jargon, waffle and fuss. And two – you want a safety net that’s as strong as you are should anything adverse happen on the job.

Luckily, at Rhino we understand these things all too well. This is why we created our trade insurance packages, which are specially designed to offer solid protection for small businesses where you need it most.

What is tradeswoman insurance?

Tradeswoman insurance is a form of business insurance designed for people running trade businesses – whether they’re doing so as sole traders, limited company directors or members of business partnerships.

Don’t let the name fool you. There is no difference between the insurance offered for tradesmen and tradeswomen – it’s the same high-quality and comprehensive cover.

So, why do you need tradeswoman insurance? This type of cover will protect your business against common issues which can end up costing you a lot of money – from public liability claims to missed income due to sickness and accidents.

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Why is tradeswoman insurance important?

Female trades insurance is so important because running your own business leaves you unprotected when it comes to several areas. Think about the perks of being on someone else’s payroll – things like sick pay, company protection for professional mistakes and free replacements if kit is damaged or stolen come as standard.

Working for yourself (despite all the amazing benefits) doesn’t come with these securities. This means, as a self-employed tradeswoman, you need to cover these bases yourself.

And that’s where tradeswoman insurance comes in.

At Rhino, we offer insurance packages specially tailored to countless trades, including:

All our insurance packages can be personalised to suit the individual needs of you and your business. Speak to our friendly, expert team today and we will answer any questions you might have – or check out our quick quote engine for an estimation in just a few moments.

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Types of insurance coverage for tradeswomen

It’s important to remember that insurance for women in trades is not just one single policy. There are in fact several types of insurance policy that tradespeople might need to get themselves fully protected. It’s up to you as the tradesperson to pick and choose which policies you want to include in your insurance protection, as well as selecting the level of indemnity cover you require to ensure that whatever happens, your business is protected.

Some of the key types of insurance coverage for tradeswoman include:

Public Liability Insurance

If you deal with customers or encounter members of the public in the course of your work as a tradeswoman, you need public liability insurance.

Public Liability Insurance will protect you if you accidentally or inadvertently cause physical harm to a customer, member of the public or other third party while you’re working.

Many companies require you to have Public Liability Insurance in place before they’ll hire you for work – as you’re seen as too risky otherwise.

Employer's Liability Insurance

Similar to Public Liability Insurance, Employers Liability Insurance covers claims made by people for injury or property damage, but only if they’re working for you.

Employer’s Liability Insurance is a legal requirement in the UK for any tradeswoman who hires staff. You can get massive fines (of £2,500 per day!) if you’re not covered, so it goes without saying you need this one.

Van Insurance

If you use a van or work vehicle in your tradeswoman business, you’ll need to protect it.

Remember, a normal auto insurance policy doesn’t cover the use of vehicles for commercial purposes. Having an accident in your work van, or it being stolen, will result in a very expensive month for you if you don’t have a van insurance policy covering your back.

Professional Indemnity Insurance

If your tradeswoman business involves offering designs or advice, then professional indemnity insurance will be your best friend if somebody takes issue with work you’ve done after the fact.

If your client isn’t happy with the way something turned out and you look to be at fault, then they can bring a claim against you and seek compensation and damages from the court. It goes without saying that this will cost you a fortune (unless you’re insured – in which case your insurer will cover it).

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Tools Insurance

Where would a tradeswoman be without her trusty tools?

If your tools are stolen or damaged, you’re going to be the one who has to fork out for a whole new set. And you won’t have any time to wait around for invoices to clear or for you to save up. They will need to be replaced as soon as possible, otherwise you won’t be able to carry out your booked jobs and earn that cash. This is why tool insurance is so important – your insurer will foot the bill for repair or replacement when something happens to your precious kit.

Tool theft is increasing in the UK which is why tool cover is more important than ever for anyone self-employed. A good policy should cover the tools while they’re being housed in your vehicle, so you can sleep easy at night knowing they’re covered.

Income protection insurance

As a self-employed tradeswoman, you don’t get sick pay. Instead, this policy will cover your income should something happen to you which means you’re unable to work for a time. Think accidents – on the job or otherwise – or injuries.

This will take the pressure off things like paying the mortgage and bills and supporting your dependents while you’re unable to earn your usual income.

If you die as a result of an accident, the policy will pay a lump sum of 12 times your monthly benefit amount to your dependents (or nominated person) which will ease the financial pressure for your loved ones.

Personal accident insurance

If you have an accident -whether you’re on the job or not – this type of cover will pay you a lump sum up to a limit chosen by you, up to £50,000.

This cover is similar to Income Protection Insurance in that it helps replace lost income while you’re unable to earn it. However, having an accident serious enough to keep you off work is likely to come with other costs, too, such as increased childcare costs or even taxis if you’re unable to drive. This is why it’s a good idea to have both types of insurance – as it will really ensure you don’t have to feel a financial pinch on top of the stress of being off work ill or injured.

For this reason, Personal Accident Insurance is often taken out as an add-on to Income Protection Insurance.

Tax enquiry insurance

It might not be on your mind as you carry out your day job, but the tax and accounting side of running your own business is just as important as the practical work you deliver. Did you know that your tax status could be looked into by HMRC at random? That’s why it’s a good idea for tradeswomen to take out Tax Enquiry Insurance.

Whether you’re a sole trader or director of a limited company, HMRC can take a look back at your tax affairs going back at least six years and can present you with a huge bill if it deems that you’ve been operating outside IR35 rules or crossing any other type of tax regulation. If HMRC incorrectly classify you and say you owe them thousands (or more), will you be able to pay for the right legal defence to help fight your corner?

This insurance will cover the costs of legal representatives and dedicated accountants working on your behalf to resolve a dispute with HMRC up to £50,000.

Contractors all risks insurance

Contractor’s All Risks Insurance is a valuable policy for any woman who works in building, construction or on larger projects (including things like bricklaying). This cover provides a financial safety net for any work under construction, including partially completed buildings, temporary structures and the materials included in the construction project. It also covers loss, theft or damage to tools, machinery and equipment either owned or hired by yourself – and those of any employees you may have.

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Factors that affect the price of tradeswoman insurance

Risks

The riskier your line of work, the more your insurance will cost. This is because you’re more likely to make a claim with a riskier job than with something considered ‘safer’.

The trade

The trade you’re in will come with its own likelihood for accidents happening. For example, roofers are at a significantly higher risk of falling from height and becoming injured than a person who restores antique cabinets, for example.

Your companies size and number of employees

The size of your operations will have an impact on the risk level, and how high your premiums will be. Also, having more employees (rather than just you) increases your risk factor, meaning your cover may cost more.

Location of your company

The location where your business operates out of is likely something your insurer will ask. This is because they can assess some risk based on this. For example, businesses based in high-crime areas will probably see an increased premium when it comes to things like theft cover.

Your turnover

A high turnover often means more customers, more jobs and therefore increased interactions with suppliers, customers, contractors, and the general public, which can increase the likelihood of a claim being made against you.

Your claims history

Just like with any insurance, if your history is riddled with claims then you’ll likely pay a higher premium in the future as your insurer assumes you’re more likely to make further claims on your policies.

Contact us here at Rhino and get a quick quote now.