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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