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As financial pressures rise across the UK, many self-employed tradespeople are looking to cut costs wherever possible. Unfortunately, this often means reducing or removing vital insurance protections. Recent data shows over 6 million people cancelled insurance products like home, health and motor policies within 6 months alone.

While dropping your tradesman’s insurance may seem like an easy way to save money, it exposes your finances and livelihood to hidden dangers. At Tradesman Saver, we strongly advise thinking carefully before reducing covers that could save you thousands if the worst happens.

Why Cutting Insurance Seems Tempting

Times are extremely tough financially across all sectors, so it’s understandable why insurance is on the chopping block for many traders right now. Public liability, professional indemnity and other tradesman policies also represent a major regular outlay.

However, always remember that accidents and mistakes can and do happen, even to the most experienced operators. Tradesman insurance exists to protect you when disaster strikes. Removing this safety net leaves you and your business vulnerable at the worst possible time.

Over £1 Million at Risk by Skimping on Cover

Let’s say you choose to cancel your public liability insurance to put £100 back in your pocket each month. This seems like an easy saving initially. But even a single minor claim from a customer falling over a misplaced toolbox can easily exceed £5,000 in compensation and legal costs.

For context, the average tradesman liability claim comes to around £14,000. More serious claims involving property damage, long-term health impacts or disability often reach six figures.

Without insurance, just one major claim could instantly force your business into bankruptcy and destroy your personal finances too. This disastrous outcome is why paying a few hundred pounds annually for public liability insurance is only sensible.

Why Specific Tradesperson Covers Are Vital

As well as general tradesman’s policies, more tailored insurance products protect you against specialised risks:

Public Liability Insurance – Legally, customers can claim compensation if your work leads to property damage or personal injuries. This insurance covers any damages and legal bills.

Employers’ Liability Insurance – Legally required if you have staff or apprentices. It covers workplace injury and illness compensation for employees.

Professional Indemnity Insurance – Specialist work like designs and consulting advice require this cover. It protects against negligence claims from customers if your expert input causes them losses.

Tools Insurance – With trade tool theft rising over 25% in parts of the UK, this cover has become almost mandatory. It protects against having to replace stolen or damaged equipment.

Don’t Risk Your Business and Reputation

Attempting to save a few hundred pounds annually may seem tempting in tough financial conditions. But removing vital tradesman’s insurance leaves your business finances and professional reputation wide open to situations that could completely sink your enterprise.

Here at Tradesman Saver, our message is don’t risk it all purely to reduce outgoings. We’ll work with you to tailor covers and payment plans to suit your budget without compromising essential financial protection against a major claim down the line.

Our team is ready to help via phone on 0800 121 8748 or email and live chat. Get in touch today to discuss your insurance needs.

This website is intended for customers based in the UK and is therefore subject to the UK regulatory regime(s) © Copyright 2024 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 our financial services registration status on the Financial Services register.
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