Why do Tradesmen need it?
Don’t be a ‘hero’ and rock up to your next job without your insurance. With BizCover you can get multiple competitive quotes from leading insurers online quicker than you can say “smoko” and grab yourself a feed from the tuck shop!
Did you Know?
Most commonly Tradies purchase a Public Liability Insurance policy which covers them to a level of $10 million.
Insurance for Tradies
Even if you can talk your way out of a pile of rubble, you’re not going to be able to talk your way out of a Public Liability claim. Don’t let yourself get into strife by not protecting yourself, your employees, or your business against legal liability for injury or damage to other people or their property. Consider the impact if a roof or floor collapsed that you’d been working on, or you accidentally knocked a 100 year old antique vase off your customer’s mantelpiece. Even worse, what if you forgot to turn the power mains off and electrocuted someone? This could have a huge impact on your business, not only financially, but also to your company’s reputation.
Public liability insurance will protect you and your business from claims made against you when unwanted accidents happen, whether it’s at a construction site or you’re working on a home renovation. If you’re working as a contractor, don’t forget to check what the minimum amount of Public Liability you’re required to have is. You also might be required to hold Public Liability as a member of a particular trade association.
Insuring your tools, and your business against an instance when you have to down tools will ensure you still have a business,
- Tools – it’s likely you’ve accumulated a lot of tools over several years of work. If they were lost or stolen could you turn up to work the next morning and keep working? She’ll be apples with Tools Insurance – you won’t be left out of pocket and having to wear the expense of replacing them.
- Business Interruption – what would you do if you woke up in the morning to discover your ute had been broken into and all of your tools have been stolen? What impact would this have on your ability to run your business? Business Interruption provides cover if you were out of business for a period of time.
Personal Accident & Illness Insurance
As a tradie you rely on your body to bring in the dough – but have you stopped to think about how you would keep on paying the bills if you were to injure yourself or fall ill and had to take time off work to recover? And we’re not talking about Manflu! Accidents can happen anywhere, anytime. It could be at work, doing a bit of DIY around the house in your spare time, or playing game of footy on the weekend. Personal Accident and Illness Insurance can help by paying a benefit of up to 85% of your income, up to $3,000 per week if you are unable to work temporarily due to an accident or illness so you’re not left cactus. Not only will you be able to keep paying for essential bills, you’ll still be able to shout your mates a beer or two down at your local.
If you are investigated by the ATO it can be a stressful and time consuming event. Do you have an accountant at the ready to help you through?
Tradesman insurance covers a broad range of modalities, including:
- Carpenters & Woodworkers
- Garden & Lawn Maintenance
- Lawn Mowing Service
An unwanted trade
A tradie working on a commercial building locked up his tools before leaving the worksite at the end of the day. The next morning when the site was opened his tools were nowhere to be seen. A double whammy – no tools and potentially a contractual penalty for delaying the work. The insured’s claim was dealt with quickly and he was able to replace his tools in time to avoid all penalties.
3 questions to ask yourself when buying insurance
- Are you required to have a particular level of Public Liability cover for a particular contract or worksite?
- How much are the tools of your trade worth? Do you have cover for theft and damage?
- Would you be able to afford to take time off work to recover if you were to injure yourself or fall ill?