Enhancing our digitally-traded Self Employed product

We’re continuing to evolve and adapt our product based on your feedback and the data we receive, which is why we are expanding several areas of our Self Employed product.

What’s new?

The following changes are effective 29 April 2024 for Fast Trade and Etrade:

Employee numbers

• Non-construction risks
  • Increased to up to 15 employees
• Construction risks
  • Increased to up to 15 Clerical employes
  • Increased to up to 15 Manual employees including Labour Only Sub-Contractors
  • Increased to up to 15 Temporary employees including Bona Fide Sub-Contractors

Public Liability

• Current limits of £1m, £2m and £5m Limit of Indemnity will still be available but we’re also offering £10m Limit of Indemnity to certain Professional Trades

Contract Works

• We’re moving away from 4 levels of cover and allowing you to input a sum insured for Contract Works up to £1m maximum

Hired in Plant and Own Plant

• We’re moving away from 4 levels of cover and allow you to input a sum insured for Hired in Plant and Own Plant for up to £250k maximum
• Contract Works must be insured in order to get Hired in Plant and Own Plant cover and there is an any one item limit of £100k

Contractors Tools, Business Equipment, and Stock

• We’ve removed set cover limits, and you can input a sum insured up to £50k

Business Interruption

• Non-construction trades:
  • Loss of income: Increased to 4 limits to choose from - £100k, £150k, £200K, £250k
• All trades:
  • Increased cost of working: Increased to 5 limits to choose from - £10k, £20k, £30k, £40k, £50k

These changes are a result of the data we receive where we can see that there is an appetite for higher limits in the digital space for our Self Employed product. We’re also aware that with inflation and the cost of living continuing to rise there may be higher demand for increased limits and that the previous limits may have been inadequate for a lot of businesses.