Insuring your business is actually a lot easier than you think. You can do it from the comfort of your home or office whilst surfing the web. There are a few different products that you'll need to look at first, and decide what will suit you and your business, then you can get started on obtaining a quote and get a certificate in place so you can start work. Let's go over what kind of insurance products you can find online right here.
Let's start with Public Liability. This insurance product is the most common for tradies. It covers damage to third party property and injury to third parties that might occur as a result of your work. For example if you drop a hammer on somebodies car, or if you drop that hammer on somebodies foot (let's hope not!) then you would be liable to pay for the damages to the car, or the recovery costs for the individual.
The insurance would step in and cover these costs for you, so that you can protect your business or personal savings. Meaning you can keep on working and stress less. These types of claims can sometimes stem into the thousands and even millions in some cases such as fatalities or disability cases, therefore having public liability in place is vital. Not to mention it can also be mandatory on most work sites.
Getting public liability online means you can get a quote fast and get a certificate of insurance straight away so you can start working and making money.
Workers compensation is also required by regulation in most Australian states. This insurance product is important as it protects those people working for you. And as their employer you have an obligation and responsibility to keep them safe. If they were to become sick or injured whilst working for you, you can be held liable to pay for any damages, rehabilitation, recovery costs, medical bills, or loss of income.
Personal Accident and Injury
Personal accident and injury is a great insurance product for yourself. If you were the one to become sick or injured as a result of your work, this insurance pays you up to 85% of your regular income until you are fit to return or until the policy period runs out. There are no sick days when you work for yourself, so it's an important insurance product to consider, however it is not mandatory.
Tool cover will help you with the costs to replace stolen, damaged, or lost tools and equipment. This might include theft from your locked work vehicle or secure work site, damage whilst in a collision or from a storm, or general loss. Your policy can also be tailored to include theft from unlocked cars and insecure work-sites, increasing the premium. It's worth considering and comparing the insurance product online.
Get Your Insurance Products Right
Having the right insurance products in place means you don't have to bear the full costs of any losses and claims. This is important especially for small businesses, sole traders, and contractors as even a small dent in finances can ruin a business. Paying a monthly or yearly premium can be a lot more affordable than a serious claim will cost you.
If you are unsure about what type of insurance you might need for your tradie business contact All Trades Cover on today to discuss a policy and package to suit your business. You can visit the All Trades Cover website as www.alltradescover.com.au today and obtain a quick quote and compare 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.