Financial Loss Insurance
Protect your business against unexpected financial losses from just £53* — automatically including:
- Public Liability
- Financial Loss
- Products Liability
- Legal Expenses
- Accidental Death
What is financial loss insurance?
Sometimes, in the trade business, accidents happen – they’re an unfortunate part of life in the business world. But injury or damage to a customer, their property or a member of the public isn’t the only unintended consequence of an accident – sometimes, you might be faced with another business suffering financial loss as the result of the actions of your business. These types of claims can easily run you into the tens of thousands without the proper insurance in place.
Why do you need financial loss insurance?
Financial loss insurance is designed to protect businesses against financial loss caused to a third party NOT as a direct consequence of accidental physical loss of, or damage to, material property. This means that, in the event your business were to be faced with a claim for financial loss, these costs would be met by your insurer.
If a customer suffers a financial loss as a result of an injury caused to them or damage to their property, this would be covered under your public liability insurance. But, if there is no injury or damage, you would need cover for financial loss to settle the claim.
Online & Anywhere
We like to keep things simple. Your quote, purchase & documents are all available online, anytime.
No need to wait for your documents. You’re covered from the moment you purchase.
Public Liability, products liability, financial loss, legal expenses and accidental death cover as standard on every policy.
Cashflow is important to every business. Spread the cost & pay in easy, monthly instalments.
Tradesman Saver’s Financial Loss Cover
Our standard cover is:
- £10,000 financial loss cover (with an option to increase to £50K)
Our financial loss insurance is automatically activated from the moment you purchase it. This provides cover with an indemnity limit of £10,000, which is the most we will pay out in a single claim. However, you have the option to increase this to £50,000. Please contact us if this sum will not be enough to meet your requirements, and we will arrange appropriate cover.
Tradesman Saver’s financial loss insurance is included as standard with every public liability insurance policy. The public liability insurance will provide protection against financial losses resulting from injuries and property damage caused by your business and the financial loss insurance will cover financial losses inflicted on a third party that haven’t been directly caused by an accident. This means we will meet any costs if another business claims they have suffered financial loss as a result of your actions.
We also offer up to £250,000 free cover for legal expenses with every policy, in addition to a 24-hour legal helpline waiting to address your queries, and a wealth of useful online legal resources. You can also seek help with tax and VAT investigations as part of your policy.
Financial Loss Insurance: Frequently Asked Questions
How much does financial loss insurance cost?
Financial loss insurance is included as standard when you take out your Tradesman Saver insurance policy.
Why do you offer financial loss insurance as standard when other insurance companies don’t?
At Tradesman Saver, we believe in offering our businesses a complete package for their insurance, and financial loss insurance is an integral business insurance requirement.
What if I need a limit higher than £50,000?
Should you need a limit higher than £50,000, please give us a call and we’ll be happy to arrange the cover you need.
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.