No matter what profession a person has: Accidents or damage can happen anywhere! The risk is particularly high and varied in craft businesses:
Dangers lurk for tradespeople not only on their own premises, but also at the customer's premises or on the way there.
If the worst comes to the worst, insurance can save the economic existence of your business: either because it covers the payment of damages, defends against claims for compensation or compensates for losses.
Cover against accidents, theft and damage to buildings as well as damage caused by you or your employees is particularly important. In other words: all the risks that could threaten the existence of your business. For example, through high claims for damages or the loss of expensive machinery.
This cover is the most important. All other types of insurance depend on your individual business. Ask yourself:
→ What extra can, should and do I want to pay?
This is really the most important insurance for tradespeople. Regardless of your trade and whether you are self-employed or have employees.
Business liability insurance covers you against personal injury, property damage and consequential financial loss caused by you or your employees. It also defends you against unjustified claims for damages.
The sum insured determines the maximum amount of money your insurance will pay out. Don't choose the sum insured on impulse, but carefully: it depends on your industry, your service, your company size and your order values.
A burst water pipe destroys expensive machinery or there is a break-in and building materials are stolen: Contents insurance protects tools, machinery and materials in your business premises or on the construction site. It covers burglary, vandalism, fire, lightning, explosion, storm (from wind force 8), hail and mains water, among other things.
For comparison: machinery insurance protects the stationary machines in your business premises. There is also electronics insurance: this covers the costs of electronic damage (for example: lightning strikes destroy servers and computers, burst water pipes flood tablets).
Disputes are never nice. Legal expenses insurance ensures that you don't have to worry about costs for legal representation or expert opinions that could threaten your existence. It takes effect in the event of legal disputes: For example, if someone defends themselves against termination without notice or you are in dispute with your customer over a claim.
This includes the vehicles that are part of your business assets or that you use for your business trips. This is usually fully comprehensive insurance.
This insurance protects your business premises: it covers damage caused by fire, burglary, hail, lightning, storm (from wind force 8) or mains water.
You can also take out extended natural hazard cover if flooding, landslides or earthquakes pose a risk in your region.
Forced breaks are financially tricky for trade businesses: No money comes in. However, costs - such as wages - continue to run. If you have to interrupt your business after fire or storm damage because you can no longer work in the building, business interruption insurance comes into play. It pays your costs and compensates for the profit you lose. And for up to one year.
The name of this insurance sounds modern and very far removed from the day-to-day work of tradespeople. However, companies that are already well advanced in terms of digitalization should consider taking out this type of insurance. It protects you in the event of a hacker attack.
Hacker attacks are not only a danger for authorities. Sometimes all it takes is to carelessly open an email attachment from an unknown sender. It may contain a Trojan, for example, which makes all your customer data unreadable. Now you have to dig into your pockets to get the data back. The insurance will then reimburse the costs of damage to yourself, third parties or consequential costs.
Which insurance is important for you depends on many factors, such as trade and company size. Our checklist will help you prepare and make a decision.
