All trades come with their individual risks which is why it’s important to ensure that you have a tailored package for you flooring contractor business. Whether that flooring is tiling, carpet installation, or flooring layers such as vinyl or hardwood. To the untrained eye flooring may look all one and the same, and the same goes for insurance policies. We are here to help you see that not all insurance policies are created equal and what you need to look for to make sure that you are not ripped off by a bad package.
The Essential Insurance for Floor Contractors
The most recommended and the most essential insurance for flooring contractors is Public Liability Insurance. This insurance can be mandatory before entering onto certain worksites and also in some Australian states. The reason it is mandatory in some instances is because it covers the situation where you may injure a third party or cause damage to third party property. To ensure that the property can be replaced or repaired, or the person’s medical bills paid for, Public Liability Insurance is used.
For example if you were to spill glue on your clients carpet and ruin it, you would be required to replace this or pay them the costs so they can choose an equivalent carpet. Public Liability Insurance would come into play here where it would pay for this costs, of course minus any excess, to protect your back pocket. Not only does this mean less costs to you for replacement but also means your client is guaranteed that if something does happen, they are safe.
If your actions cause an injury to a third party, for example if you were tiling and left a bucket out which caused a passer-by to trip and break their wrist, you might have to bear the brunt of the medical bills for the person. The third party would lodge a claim and then you may be found liable to pay for their doctors bills, their specialist appointments, any testing, and also possibly loss of income if they cannot work due to the injury. These expenses can add up into the thousands and this is just a small case of a broken wrist.
In serious circumstances where your actions have been found to cause fatalities or severe disability, the costs can add up to millions of dollars. This is why many regulations require a minimum $5 Public Liability Insurance cover before commencing work. Without it, there would be no way for a third party to look after themselves or seek compensation after an insured event.
Instant Insurance Quote for Tile, Carpenting and Flooring Layers
We have no doubt you have helped people fix their flooring after attempting to do it themselves. Likewise if you try to find your own insurance policy you may choose the wrong one, choose one that isn't good enough, or choose one with added extras that you just don’t need. Make sure you are covered correctly by using and insurance broker. You can ask them any questions or clear up areas you are unsure of.
If you need an instant insurance quote for your flooring business you can get one by visiting the All Trades Cover website. If you are unsure which insurance you might need for your business, contact All Trades Cover today and we will be more than happy to help you set up your policies. Or give us a call at All Trades Cover on 1300 826 850 to speak to a friendly expert. All information provided above is of a general nature, if you need specific advice we recommend speaking to a broker.