Financial Loss Insurance

Protect your business if you inflict financial losses on a third party, for less than £59* per year

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Tradesman Saver’s financial loss insurance is activated from the moment you purchase your policy, immediately covering you up to £10,000 for a single claim. However, the nature of your work or the size of your clients could mean you need a more substantial indemnity limit. For this reason, we are happy to extend your policy to £50,000 if this is better suited to your business. Please get in touch so we can arrange the appropriate insurance for you.

When you take out financial loss insurance with Tradesman Saver, you also receive public liability cover as part of your policy. While financial loss insures you against incidents that don’t involve harm to a person or possessions, public liability guarantees that any compensation claims or legal expenses are paid for if you damage property or cause an injury.

Product liability insurance comes as part of our standard package too, protecting you against accidents resulting from products you sell, supply or install. Finally, a Tradesman Saver insurance policy also covers accidental death befalling you or any employees, and provides up to £250,000 legal expenses, as well as a 24-hour helpline to help you with questions you have any day, any time.

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What’s included with our Automatic Cover

Most savvy tradesmen consider taking out insurance against accidents which result in property damage or personal injury to another person, but not all of them think about the impact that significant financial loss could have on their livelihood. If a third party loses money as a result of your business activities, they could make a claim against you, even if you haven’t caused any physical injuries or damage. However, with our financial loss insurance, we cover the cost of all claims like these, so you don’t need to foot any hefty bills yourself.

Why do you need financial loss insurance?

As a tradesman, there are many instances where financial loss cover could protect your business from huge compensation demands. An example of a financial loss insurance claim could involve a builder making repairs to a venue which an events team plans to use. If the builder mistakenly undermeasures the area, additional materials will need to be ordered and delivered. This means the job will no longer be complete by the agreed date, so the events team will be forced to pay for a new location at short notice. A claim covering this cost would then be brought against the responsible builder. So, rather than risk paying expensive fees to another business, financial loss insurance takes care of any compensation or legal fees you’d otherwise be made to pay.

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Why Us?

Online & Anywhere

We like to keep things simple. Your quote, purchase, and documents are all available online whenever you need to access them.

Instant Cover

Your policy comes into effect from the moment you purchase financial loss cover with us, so there’s no need to wait for documents to arrive.

Added Protection

Products liability, legal expenses, and accidental death are all covered as standard on every policy.

Monthly Instalments

Cashflow is important to every business, which is why you can spread the cost of your financial loss insurance with easy, monthly payments.

Do I automatically get financial loss insurance with any Tradesman Saver policy?

Yes, financial loss insurance is part of Tradesman Saver’s standard package, so you will automatically receive this along with public liability, product liability, legal expenses, and accidental death cover. However, you may also decide to take out some additional cover such as employer’s liability if you employ a team of staff, or income protection for a lump sum payment if you’re left temporarily unable to work.

What does financial loss insurance cover?

Here at Tradesman Saver, we offer a £10,000 indemnity limit if you cause financial losses to a third party without any property damage or personal injuries—in these cases you’d be automatically covered by the public liability insurance in your package. However, we are able to extend our financial loss insurance up to £50,000 if that’s the indemnity limit your business needs.

What if I need financial loss insurance higher than £50,000?

Should the nature of your work means that potential compensation claims are likely to exceed £50,000, you may need an even higher indemnity limit. This could be because your job is particularly high risk, or perhaps you have a number of sizeable clients. Whatever the reason, we’re happy to accommodate you if this is the case. Simply contact us so we can arrange a policy that provides you with the cover you require.

Does this cover include pure financial loss?

Yes. Pure financial loss refers to any losses which are not brought on as a result of a physical injury or property damage. This is different from consequential economic loss, where the harm caused to a person or property is the reason that a third party loses money. Therefore, if a company sustains financial losses because of your business, independent of any physical damage, Tradesman Saver has you covered.

Why do you offer financial loss insurance as standard when other tradesman insurance companies don’t?

We believe that financial loss insurance is a core part of a comprehensive business insurance package, and deserves to be part of an automatic cover policy. Even if you have public liability, you’ll still have to pay for any financial losses that occur without any physical damage. These compensation claims are likely to be expensive and could have disastrous consequences for your business’s future. Arranging this policy means that here at Tradesman Saver, we’ll always protect your livelihood by taking care of all expenses.

flooring contractor installing wood flooring

Why do you need financial loss insurance?

Without a financial loss insurance policy, you will be liable to pay any claims yourself.  This could have disastrous consequences for your business.  Remember that your public liability will protect you against claims of injury or property damage BUT if there is not injury or damage but a customer suffers a financial loss nonetheless, you would need cover for financial loss to settle the claim.

An example of where financial loss insurance was a life saver was in the case of a flooring contractor who was contracted to lay a new floor in a warehouse.  The contractor did not follow the spec and laid a floor which was not fit for purpose.  As a result, the floor needed to be re-laid which delayed delivery of a new machine.  The client was liable for additional storage costs and transportation costs for the new machine due to the delays.  The public liability insurance did not pay out as no damage had occurred and these additional costs were met by a financial loss insurance policy.

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*This indicative price is for £1m public and products liability, £250,000 legal expenses, £10,000 financial loss and £10,000 accidental death insurance cover for a sole trader. The price includes insurance premium tax and our admin charge. 22% of new customers paid less than £59 between 1st January 2019 and 31st August 2019. The actual price you pay will depend upon your specific business requirements and will be affected by your trade, your claims history and the optional covers you select which are all priced separately during the quote process. This website is intended for customers based in the UK and is therefore subject to the UK regulatory regime(s) © Copyright 2019 Tradesman Saver | Tradesman Saver and Henry Seymour & Co. are trading names of Barkdene Limited which is authorised and regulated by the Financial Conduct Authority (FRN 303965) for our insurance distribution and credit broking activities. Barkdene Limited is a credit broker not a lender. You can check this on the Financial Services register https://register.fca.org.uk/.
Registered in England No 1842617. Registered Office – Chancery House, St Nicholas Way, Sutton, Surrey, SM1 1JB. All rights reserved.
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