Public liability insurance for tradesmen is becoming increasingly popular. With the economic crisis as it is, you would think it would be the opposite by you’d be wrong. Unemployment at a record high and businesses trying to save every penny they can due to a reduction in work for contractors all point towards a reduction in liability policies being taken out.
In fact, what seems to have happened is that more and more tradesmen are worried that if things do go wrong, they would not be able to afford the consequences and are taking out the protection that they may not have done 12 months ago.
It’s a strange scenario but the “credit crunch” if anything else, is making everyone think about their money more and it seems that the logical thing to do is to protect yourself financially if anything goes wrong.
I would guess that the income protection market has gone through the roof along with the premiums that they are probably charging for it. Public liability insurance has remained one of the most cost beneficial policies out there with premiums as low as £45 for cover as much as £1,000,000! If you are a tradesman, insurance is a must so go and get it now.