For many tradesmen, making a decent living can prove to be something of a tricky balancing act (no, not the sort that’s going to violate health and safety). You’ll want to do the best job possible for your clients while trying to keep margins tight to make the work worthwhile in the first place.
But while it’s best to leave cutting corners to a joiner, there are ways you can reduce your operating costs while still providing a high standard of service.
No tradesman should work without the safety net of tradesman’s insurance, but if you’re prudent, cover doesn’t have to hammer a hole in your profits. Cheap public liability insurance for tradesmen doesn’t have to leave you exposed and can provide a sound foundation for your business to flourish.
What is public liability insurance?
Public liability cover is essential when working in any service industry and, in some cases, clients may ask for proof that you’re covered before taking you on. Public liability covers you for damage to a client’s property or injury to the client themselves or another third party. It, therefore, protects you for claims brought against you by customers or members of the public.
Liability insurance will come with an indemnity limit, and that is the maximum amount an insurer will pay out for a claim. Standard indemnity limits are usually around £5 million, but that figure can be higher or lower depending on your level of risk. Of course, a higher limit means a higher premium so it’s easy to see that this is an area you can look at to get a cheap public liability quote.
How can I reduce my public liability insurance quote?
In order to cut the cost of your public liability insurance, you can reduce your risk by not taking on work which is too hazardous. A tradesman with a good deal of experience can be attractive to an insurer as they’re less likely to need to make a claim.
If you have worked as a tradesman for a number of years and not made a claim on your public liability insurance, you could also qualify for a no claims bonus which will shear another few quid off your cover.
Getting the best job done requires focus, care and attention and the same goes for getting affordable public liability insurance. Optional covers, for example, may be great in terms of providing optimal, all-round business protection, however, they can seriously drive your quote up, so it’s best to avoid them if you want to keep that premium low.
All in all, the easiest way to find a cheap public liability insurance quote is just to search around and try out lesser known companies, as they have much more of an incentive to keep costs down and keep customers happy than larger insurance companies do.
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