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  • FIRST POST
    • Annie1960
    • By Annie1960 19th Apr 17, 5:55 PM
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    Annie1960
    Insurance backed guarantee
    • #1
    • 19th Apr 17, 5:55 PM
    Insurance backed guarantee 19th Apr 17 at 5:55 PM
    Is it possible for me to get an insurance-backed guarantee for plumbing work?

    I've tried phoning a couple of insurance companies that came up on a google search, and they only deal with Ltd companies, not sole traders.

    Does anyone know of an insurance-backed guarantee scheme that will deal with sole traders?
Page 1
    • phill99
    • By phill99 19th Apr 17, 6:28 PM
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    phill99
    • #2
    • 19th Apr 17, 6:28 PM
    • #2
    • 19th Apr 17, 6:28 PM
    I'm assuming you are a sole trader?


    Try Trustmark.
    Eat vegetables and fear no creditors, rather than eat duck and hide.
    • Annie1960
    • By Annie1960 19th Apr 17, 6:49 PM
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    Annie1960
    • #3
    • 19th Apr 17, 6:49 PM
    • #3
    • 19th Apr 17, 6:49 PM
    I'm assuming you are a sole trader?


    Try Trustmark.
    Originally posted by phill99
    I'm the customer. i would like an insurance-backed guarantee for some of the work that is being done for me.I'm happy to pay reasonable fee for this, but can't find where to get it.

    I realise the trades are supposed to do this but they don't like doing admin so i said I would try to find out where it can be purchased.

    Trustmark site is not of any help as my trades are not members.
    Last edited by Annie1960; 19-04-2017 at 6:58 PM.
    • Doozergirl
    • By Doozergirl 19th Apr 17, 7:11 PM
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    Doozergirl
    • #4
    • 19th Apr 17, 7:11 PM
    • #4
    • 19th Apr 17, 7:11 PM
    You usually have hoops to jump through to be able to offer one. Certain FMB members are able to offer based on time trading etc.

    You won't be paying a small fee for it. Most sole traders simply aren't set up for the admin to deal with, erm, much at all. The business of being a 'sole trader' plumber, with some exceptions I'm sure, is being a plumber and putting your receipts in a box. And then being hounded by your accountant in January.

    You are very much heading into the land of the business run by people with business heads and an office. And the overheads that match, as well as the % fee for the guarantee itself.
    Everything that is supposed to be in heaven is already here on earth.
    • Annie1960
    • By Annie1960 19th Apr 17, 7:18 PM
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    Annie1960
    • #5
    • 19th Apr 17, 7:18 PM
    • #5
    • 19th Apr 17, 7:18 PM
    But if a sole trader wanted to get one, how would they do it? I spoke to a couple of insurance companies, and they would only deal with limited companies.

    Do you have any idea how much it would cost? Could a sole trader take out such a guarantee for my job only, or would they have to sign up for the year?
    • Doozergirl
    • By Doozergirl 19th Apr 17, 7:55 PM
    • 23,264 Posts
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    Doozergirl
    • #6
    • 19th Apr 17, 7:55 PM
    • #6
    • 19th Apr 17, 7:55 PM
    I'm not a sole trader or an insurance provider, but my view would be that insurers are unlikely to provide a guarantee based on the quality of workmanship without some idea of the quality of the person carrying it out. Looking at the FMB membership criteria, it seems to hint at Ltd Co status being required to join, but doesn't say outright.

    As much as people on this board malign the FMB, there is much more due diligence carried out than other places you might find tradespeople. They don't allow just anyone to join and of those, don't allow everyone the opportunity to offer an insurance backed guarantee.

    I presume that your plumber carries PL insurance, doesn't he have a broker providing that to him? They would be the best people for him to ask about offering additional products.
    Everything that is supposed to be in heaven is already here on earth.
    • Doozergirl
    • By Doozergirl 19th Apr 17, 7:58 PM
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    Doozergirl
    • #7
    • 19th Apr 17, 7:58 PM
    • #7
    • 19th Apr 17, 7:58 PM
    From memory of the FMB policies, you pay membership and inspection fees which come somewhere near to £1000 in the first year and then policies cost a small percentage of the job value depending on the insurance package. It does take time and effort to get up and running too.
    Everything that is supposed to be in heaven is already here on earth.
    • vansboy
    • By vansboy 19th Apr 17, 8:01 PM
    • 6,058 Posts
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    vansboy
    • #8
    • 19th Apr 17, 8:01 PM
    • #8
    • 19th Apr 17, 8:01 PM
    Doesn't your water supplier offer some form of insurance against leaks and damage, from issues within your side of the meter.

    And British Gas will offer central heating cover, so there are various types of insurance, for different aspects and levels of cover.

    VB
    • Annie1960
    • By Annie1960 20th Apr 17, 9:20 AM
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    Annie1960
    • #9
    • 20th Apr 17, 9:20 AM
    • #9
    • 20th Apr 17, 9:20 AM
    Doesn't your water supplier offer some form of insurance against leaks and damage, from issues within your side of the meter.

    And British Gas will offer central heating cover, so there are various types of insurance, for different aspects and levels of cover.

    VB
    Originally posted by vansboy
    This is not what I am seeking.
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