Reducing risk with insurance

By Grant Barnfather, Client Executive, Marsh Commercial

With Britain’s cost of living crisis continuing to hammer many businesses, tradespeople could be at even further risk due to being underinsured.

As budgets are squeezed, kitchen, bedroom and bathroom installers may be tempted to cut back on insurance. But having the right personal accident and income protection insurance could make all the difference if something unexpected happened.

Like others in the trade, you can get vital protection for yourself, your family, and your business should the worst happen. Regardless of your years of experience and expertise, no one is safe from the risk of having an accident or injury at work.

Equally, a theft, flood or fire could also significantly affect your finances and impact your livelihood if you are self-employed. Suffering from a slip or a fall on the construction site, or a serious illness that stops you from doing your job can have devastating consequences.

Personal accident insurance offers financial support if you are temporarily unable to work through illness or injury. This would pay out a lump sum or help to replace your monthly income if you have a nasty illness or are hurt—even if the accident happens away from work. So, suppose you are injured in a serious road traffic accident or enjoying some leisure time at the gym, doing DIY at home or on the golf course. In that case, you will be covered for most eventualities.

Contractors insurance protects you and your family against the loss of income due to unforeseen circumstances, helping with bills and expenses and keeping your business afloat.

Similarly, the right insurance cover could also give you peace of mind by protecting your tools and equipment if they are damaged, lost or stolen.

Worryingly, a fire in a storage unit, a flood on a job, or a break-in could have a disastrous impact on your business at any time.

Replacing equipment can be expensive, especially as inflation has increased the cost of tools and materials. Without the money to purchase or hire tools or machinery, it could stop you from working on a customer’s kitchen or bathroom.

The interruption to business could be financially damaging and prevent you from being able to cover your monthly bills.

In some cases, it could even have a lasting impact on the business, for example, if it harms your reputation because you cannot complete a job.

You can obtain specialist trades cover to avoid reputational damage and financial loss—something more important than ever after the challenges of the pandemic, and the current economic issues in the UK.

Arranging the right insurance to protect from all these risks would be as crucial as investing in the right equipment.

Still unsure which insurance is right for your business? Use Marsh Commercial’s handy two-question tool to determine the insurance you need to protect your business.

Marsh Commercial

Marsh Commercial is part of Marsh, a global insurance broker and risk adviser, specialising in tradespeople/contractors insurance solutions for BiKBBI registered businesses.

Get a quote online or call 0330 818 6589 for a free insurance health check.

Marsh Commercial is a trading name of Marsh Ltd. Marsh Ltd is authorised and regulated by the Financial Conduct Authority for General Insurance Distribution and Credit Broking (Firm Reference No. 307511). Copyright © 2023 Marsh Ltd. Registered in England and Wales Number: 1507274, Registered office: 1 Tower Place West, Tower Place, London EC3R 5BU. All rights reserved.
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