If damage is caused to a customer by the executing company, the company's liability insurance will cover it. (Photo: © kuzma/123RF.com)
Read aloud:
For those starting their own business in the skilled trades, launching a company is an exciting time full of opportunities. However, in addition to craftsmanship and entrepreneurial skill, the right insurance coverage is crucial for success.
An unforeseen event can quickly jeopardize the dream of owning your own business . Signal Iduna , a traditional insurer specializing in tradespeople, highlights the most important insurance policies specifically tailored to the needs of those starting out in the trades and shows how you can put your business on a solid foundation from the very beginning.
Those who take the plunge into self-employment in the skilled trades bring, above all, courage, expertise, and a great deal of passion . But despite the focus on the core business, financial risks lurk that can quickly jeopardize the dream of owning their own company. Insurance is therefore not a cost factor, but one of the most important investments in the future of the business. But which policies are essential, and which can founders perhaps do without at the beginning?
Business liability insurance is absolutely essential for every trades business. A small mistake can have enormous consequences. If the painter's apprentice spills paint on a customer's expensive designer sofa, or the plumber hits a water pipe while drilling and floods the apartment, the resulting claims for damages can be financially devastating. Business liability insurance protects you from the financial consequences of such personal injury, property damage, and financial losses that you or your employees cause to third parties. It reviews the claims and, if necessary, defends against unjustified demands, even in court.
Contents insurance for workshops, warehouses, or offices often represents significant value. Expensive machinery, tools, materials, and all business equipment are the heart of the operation. Contents insurance protects this inventory against risks such as fire, burglary, water damage, or storms. If a workshop burns down overnight or valuable machinery is stolen, it means immediate ruin for many entrepreneurs without insurance.
Operations management
Operations management
Operations management
Business interruption insurance covers disruptions after major damage, such as a fire or flood, as operations can often be shut down for weeks or even months. Fixed costs like rent, lease payments, and salaries continue to accrue. This is precisely where business interruption insurance comes in. It not only covers ongoing expenses but also lost profits, thus securing the company's liquidity until normal operations resume.
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Cyber insurance is essential , and digitalization is now indispensable in the skilled trades. However, with increasing connectivity comes a greater risk of cyberattacks. A hacker attack can compromise customer data, cripple systems, or lead to extortion. Signal Iduna 's SI Cyber Protection , for example, offers not only financial protection but also provides 24/7 expert support to quickly restore systems and limit damage in the event of an attack.
"We support founders so they can boldly and safely put their vision into practice."
Dr. Matthias Albrecht
Target group director at Signal Iduna
Owner default insuranceFor founders, their own labor is their most important resource. They mustn't forget about themselves. A prolonged absence due to illness or an accident can cripple the entire business. Owner's business interruption insurance covers ongoing operating costs if the owner is unable to work. In the long term, disability insurance is essential to secure one's standard of living should one become completely unable to work.
signal-iduna.de
For decades, Signal Iduna , a traditional insurer for the skilled trades, has cultivated a deep and collaborative relationship with trade organizations. This comprehensive understanding of the sector has led to the development of exclusive and tailored solutions through the pension fund, such as the MeisterPolicePro and the SI-Meisterstück. These concepts, developed jointly with the trade associations of numerous crafts , combine the most important insurance coverage for skilled trades and are specifically designed to meet the real needs of businesses. This is more than just insurance – it's a true partnership built on mutual respect.
Weighing the options: Which insurance is absolutely necessary for which company can vary individually.
Basic insurance: The insurance policies listed in the article cover the most important risks for founders.
digitization: Increasing digitalization creates new risks for businesses.
Protecting values: Machines, tools and materials should be protected against hazards.
Stagnation: In the event of a business interruption, the business interruption insurance applies.
Absence due to illness: For self-employed individuals, their own labor is the driving force of their business. It's essential to insure against downtime!
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