• What Insurance Do Tradies Need to Get?
  • There are plenty of insurance companies out there ready to take your money. So where do you put it? When it comes to protecting your business you want to ensure that if something does happen you are protected fully and that you are not paying an arm and a leg for it. We’ve compiled a list of the top insurances which your peers are getting and why to help you decide.

    1. The most popular insurance amongst tradies is Public Liability Insurance. This is partially because most work sites require a Certificate of Currency before entry and work on site. It’s also a great idea as you can face to lose a lot if you are not protected. Public Liability protects you from third party property damage and third party injury claims. Instead of paying for these associated fees (such as medical bills or repairs) yourself, you will be covered as per your policy for insured events.
    2. You’ll also need to pick up some Tool Insurance to make sure that you are not left without tools and appointments to make. The last thing you want to do is pause work and not make any money. If your tools are stolen, damaged or lost Tool Insurance will protect you as per your policy. Just ensure you update that policy when you buy more tools.
    3. Product Liability will protect you in the case that your work falls apart after you have long gone. It might be from faulty products or something might come apart and it’s likely it wasn’t your intention for this to happen. With Product Liability if you’ve missed something and it’s insured – your financial loss will be covered for the replacement or repair of the work.
    4. Workers Compensation is also important if you employ anyone or have people taking your direction. If one of your workers is injured on the job (think falls or cuts) or becomes ill as a result of the work (think dust or asbestos) you can be faced with serious bills for their treatment if you are found responsible. Not only this but this Workers Compensation is mandatory all over Australia. You will face penalties if you don’t have this in place.
    5. And finally what happens if you get sick or injured and can’t work? Personal Accident and Injury will protect your back pocket if you do find yourself stuck and unable to work. It’s designed to pay a portion of your income each week so you have something to live off whilst you are off. And the payments cease once you go back to work or for the agreed duration.

    After all this

    After looking at the different types of insurance you should have a clearer understanding of what is needed to cover your bases. Of course each business is different and operated differently and what suits you will not be applicable to someone else. That is why it’s beneficial to speak to a broker about your insurance. They can find an insurance package with unbiased opinion for you.

    If you are not sure which way to turn, chat to our friendly brokers at All Trades Cover today. We’ve got the knowledge to answer all your questions and find you the appropriate cover quickly. Call us or fill out our quick online form here and you’ll get a call shortly.