Protect your business if you cause financial losses for a third party, for less than £55 per year
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Included as standard with our public liability policy
Our standard cover is:
Tradesman Saver’s financial loss insurance is activated from the moment you choose your policy to start from, covering you for a minimum of £10,000 for a single claim from a customer. However, the nature of your work or the size of your clients could mean you need a more substantial indemnity limit. For this reason, some insurers can extend your policy to a higher limit if this is better suited to your business. Please get in touch so we can arrange the appropriate insurance for you.
Our financial loss cover will protect you in the event that a customer loses out financially as a result of something you have or haven’t done.
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 the accidental death of you or any of your 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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Trusted for over 40 years We’ve been providing insurance to businesses since 1984
Financial Strength All insurance policies provided by Standard & Poor’s A rated insurers
Our Tradesman Saver Insurance (Covea) has been independently rated 5 Stars by Defaqto – the highest possible rating, awarded to excellent products with a comprehensive range of features and benefits.
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.
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.
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.
* Total number of live policies as of 31/10/2025
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.
Here at Tradesman Saver, insurers offer a minimum of £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, some insurers can extend financial loss insurance and offer higher limits if required for your business.
Should the nature of your work mean that potential compensation claims are likely to be costly, you may need a 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.
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.
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.
From only£55per year 
From only£55per year 
From only£55per year 
From only£55per year 
From only£55per year 
