How much is Handyman Insurance in the UK?

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If you’re working as a handyman in the UK, you’ll need to make sure you have handyman insurance to protect your business against unexpected losses.

Thankfully, this insurance tends to be relatively inexpensive, although the actual cost will vary depending on a number of factors. It’s important to remember that although cutting corners when you’re buying insurance might save you a small amount of money, in the long run that can prove to be a bad decision because you could find that you’re not fully insured if you need to make an insurance claim.

The two main things that affect the price of your insurance are your previous history, and what you need to insure.

 

How you affect your insurance premium

Your insurance company will want to know how likely it is that they’ll have to pay an insurance claim and much of that comes down your previous history.

If you’ve been trained or have qualifications, it’s less likely that something will go wrong. Similarly, someone who has many years of experience is less likely to do something that will lead to an insurance claim.

If you’ve made insurance claims in the past that will also increase your premium. An insurance company might turn a blind eye to a single claim on the basis that accidents do happen even if you’re as careful as you can be, but if you’ve made a number of insurance claims in the past, most insurance companies will feel that it’s more likely that you’ll be making another claim in the future and the price of your insurance will be adjusted upwards to reflect that.

 

How what you need to insure affects your insurance premium

What you need to insure affects your insurance premium in a number of ways.

First, if you buy more insurance there’s clearly more opportunities for you to make an insurance claim and so it will be more expensive. If you only buy public liability insurance, it will be cheaper than if you decide to add cover for your tools or add personal accident and sickness cover to protect your income, for instance.

Also, if your turnover is higher or the value of the property you’re insuring is higher, your premium will be higher because the likelihood of you having to make an insurance claim and the potential cost of any claim that you make will be increased.

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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 2020 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/.
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