Insurance is currently another significant development impacting numerous trades businesses.
Several leading business insurance providers have declared pricing changes due to increasing claims and stricter underwriting standards. Premiums and coverage limits for public liability, tools cover, and employer’s liability policies are undergoing modifications.
Therefore, tradespeople should take time this summer to:
Review existing policies to ensure coverage meets current client requirements
Check for exclusions, particularly when using subcontractors or engaging in high-risk work
Compare quotes from various insurers to secure competitive rates and appropriate terms
TradeWatch UK will release a practical guide next month to assist members in navigating the insurance landscape and selecting coverage that provides real protection without excessive costs.