Why You Should Get Trade Insurance
This is a collaborative post
I’m a freelancer so I work for myself, as do a lot of people working in the trade industry. Like me, you represent yourself and your business and ultimately if you make a mistake or have a mishap, you’ll want to ensure that you are covered by insurance for it. So in this post, I’ve covered the key points on why you should get trade insurance.
There are lots of areas that people who run their own businesses are responsible for. You have to be a jack-of-all. Sometimes wearing the marketing hat, sometimes the accountant hat, sometimes sales and sometimes PR. But getting appropriate insurance means that you won’t have to make a big deal about wearing the legal hat. It’s a quick job, and to be honest, you may never need it. It’s just there in the background – if and when you do. You’ll need to make sure you think about your coverage requirements before agreeing to any policy though, as you’ll want to make sure that your chosen policy meets all your individual business needs.
Property Damage
Trade insurance is a great idea for those working in lots of industries including plumbing, gardening, decorating and more. It is possible that whilst you are working, you may accidentally damage either the client’s or someone else’s property. Say for example you are painting a room for a client and you accidentally spill the paint on their carpet. By getting appropriate liability insurance to cover this, you can relax knowing that if a mishap does occur, your trade insurance will cover this.
Injuries
Of course, you never want anyone to get hurt whilst you are working in or around a property, but there have been occasions where the client or a member of the public has been injured due to the work that is happening. If this is the case, good trade insurance will help you address any sticky situations without leaving you out of pocket. That way you can do right by the person who has been injured, without harming the business that you have worked hard to build up. It just makes sense, doesn’t it?
Most trade policies, like for example, handyman insurance will not only cover any compensation but will also handle any legal expense that may occur as a result of property damage or an injury. So it’s smart to consider what kind of trade insurance you might need for your business. Insurance isn’t usually a huge cost and it will leave you with peace of mind to get on with your job without worrying about what if!
I’d love to hear what kind of situations indemnity insurance has covered you for. Often situations occur through very strange circumstances and can’t be foreseen. That’s the beauty of insurance – it covers you for the unexpected. There are some areas you can save a few pennies on when you are building up your own business, but insurance shouldn’t be the area that is sacrificed as it is so important to cover yourself and your business. Make sure you find a policy that covers your business needs and will have your back as your business grows.
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