At a glance
- Sole traders have intricate and complex liabilities
- Brokers can bring a wealth of knowledge in helping to protect the trades, professions and skilled worker sector
- We’ve teamed up with Insurance Age to discuss how brokers can support sole traders in choosing the right cover
Broking for sole traders in the trades, professions and skilled worker sector is intricate and liabilities are complex. Sole traders and SMEs with up to 15 employees are the engine room of the UK economy and they provide the vast majority of the country’s employment.
Insurers are keen to grab a share of this market and competition is stiff in the trades, professions and skilled workers sector. The number of insurers offering cover creates welcome choice, but that in itself creates an issue that business owners have to deal with, as Jim Wilkes, senior technical underwriter at Zurich explains: “It is a very competitive
market. There is a lot of choice and that can cause an element of confusion. I think sometimes buyers need some assistance.”
The understanding brokers have of their clients’ businesses makes it easier for them to pinpoint exactly where their
exposures lie and to make sure they have the insurance they require.