I still don't yet have the money that I can justify spending on a trailer - but several years ago, I acquired a home built utility trailer from my Dad. It is not an ideal trailer, but has the decided benefit of existing, in my possession. The lights were sketchy, and I managed to knock one apart while backing the trailer up at one point. So I bought a new set of LED boat trailer lights, and a pair of steel light protectors from Agri-Supply, along with a new wiring harness. I stripped all the wood from the trailer, replaced the deck and tailgate with new treated 3/4 plywood (additionally treated with some Thompsons water seal from the clearance rack), and the side rails with new treated 5/4 decking. Stainless hardware was used everywhere, and I sanded, primed and rattle-can painted what I could easily access of the trailer frame in the process.
I wanted to add a couple things to the trailer light protectors - since they were going to stick out away from the trailer, I knew I would be brushing up against them frequently, and the sharp corners on the outsides looked like Greek Sirens - begging pant legs and flesh to come just a little closer. So I welded a section of 1/4" rod over them, taming their teeth. I also welded a pair of 3/8" coupling nuts in a vertical orientation to the back of the mounting plate. These are exactly the right size for the ubiquitous fiberglass marking poles available at your local hardware store for $2.50 apiece to slide right in place. A couple wraps of electrical tape keep them from falling any lower, and gravity holds them quite well in place. I've put many miles on these and never had them fall out even with lots of bumping (LOTS of bumping, more on that later) around. These provide the only reference that the trailer is behind the tow vehicle, and until I got cars with backup cameras, was the only possible way to back the trailer up. These were bolted to the frame with the same stainless bolts that hold on the top rails in the back of the trailer.
The lights were wired with a dedicated ground run along with the signal wires. Yes, the chassis is grounded at the tongue, but a soldered, sealed and shrink wrapped splice (as indeed all of the splices are) adds a ground wire for each side. The lights are boat trailer LED style, and as such come with a ground wire, rather than hoping, praying, or making sacrifice to whatever indifferent deity light manufacturers think will keep chassis grounds functional. The wires were run inside either split tubing, or where possible, flexible plastic conduit, which was fastened regularly on the underside of the trailer while replacing the deck. While I had the welder out, I added a brace to keep the front side mount of the aluminum sheet metal fenders approximately 90 degrees to the trailer. This had the added benefit of being a form of brush guard, a step, and another handy tie down location.